Consider making a catch-up contribution to your retirement!
If you contribute $7,500 each year from age 50 to age 67 (17 years), you can make a big impact on your future.
*This example is intended for illustrative purposes only.
When am I eligible to make a catch-up contribution?
If you turn age 50 anytime in the calendar year, you are eligible to contribute an additional $7,500 into your plan as a catch-up contribution. This is in addition to the $22,500 annual limit.
Is the catch-up contribution pre-tax or Roth?
Currently, either type of savings are available for your catch-up contribution. Depending on your income, the Secure Act 2.0 may require a change for your situation to Roth. This change will not go into effect until 2025 however, so there is plenty of time to make catch-up contributions to your situation, regardless of whether it is pre-tax or Roth.
What does this all mean?
If you wish to save an additional $7,500 per year, you could accumulate over $250,000 in the next 17 years, depending on the rate of return! As the limits to saving increase, you may be able to save even more each year.
For more information, Contact MCF today!
Schedule a meeting
IMPORTANT DISCLOSURE INFORMATION
MCF Advisors, LLC (“MCF”) is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. More information about the adviser can also be found by visiting: https://adviserinfo.sec.gov/firm/summary/130372. The above commentary is for informational purposes only. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. This is not intended as an offer or solicitation with respect to the purchase or sale of any security. MCF may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this blog/newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog/newsletter serves as the receipt of, or as a substitute for, personalized investment advice from MCF. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. MCF is neither a law firm nor a certified public accounting firm and no portion of this content should be construed as legal or accounting advice. A copy of MCF’s current written disclosure statement and customer relationship summary (“Form CRS”) discussing our advisory services and fees continues to remain available upon request. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. If you are a MCF client, please remember to contact MCF, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.