Catch-up Contributions for Your Retirement Plan [Video]

The Power of Catch-up Contributions

How much are you contributing to your workplace retirement plan each year?The maximum contribution that you can make in 2024 is $23,000 if you’re 49 or younger. However, if you’re 50 or older, you have an opportunity to contribute an additional $7,500 in 2024 via a catch-up contribution.

If you feel like you’re behind the 8 ball with saving for retirement, catch-up contributions offer a potential solution to accelerate your savings. We’re going to illustrate the difference that annual catch-up contributions can make for your retirement plan.

Maxing Out 401(k) Contributions

For this case study, we aim to illustrate how much you potential savingsyou could create by …