Tips To Remind Boosting Up Contribution For Retirement
Mon May 3, 2010, 7:11 am | 4 Comments
I have followed some finance experts who tell me to boost up contribution to my retirement account.
They have been saying almost the same things since I turned 55. For some, it might seem ages ago and for others, probably yesterday. I just turned 62.
You decide whether the following reminder applies to you or not. If it does, take action and benefit from it.
I hope you have taken advantages of these benefits already. If not, consider it a reminder to do so.
The consensus of almost all finance experts
Examine your family state of finances and take some action if you can afford it. Talk to your financial adviser if you feel you should.
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Max-out your contributions
The maximum allowable contribution any employee may make to a 401(k) in 2010 is $16,500. Many companies offer to match a percentage of your contribution. That’s free money by the way.
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Catch-up contribution benefit
If you are 50 or over, you can contribute $5,500 more for a total of $22,000 in 401(k).
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Saving account like Roth IRA
Unlike regular IRAs, Roth IRA allows already-taxed contributions to grow tax free.
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Hold off taking Social Security
You can start drawing Social Security payments as soon as you reach age 62 [I am thinking about it] if and when you need the money. But in case where you don’t, then hold off your social security. Your full benefits start somewhere between 65 and 67. That would depend on the year you were born.
In a Nutshell
When you are over 50, chances are your kids are probably on their own, have moved out. So, if the lightening of joblessness has not fallen on your head and your sanity is still intact, then you might want to take advantage of trying to boost up contribution to your retirement. It will do you some good when you get to be a lot more wiser and be able to enjoy life.
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4 Responses to “Tips To Remind Boosting Up Contribution For Retirement”
As everyone knows, the earlier you start saving for retirement the better off you will be. Compound interest is a beautiful thing! The goal is to be able to fully supplement your income with the same amount of money you made while you were working. I’m not sure I am allowed to recommend books, but ‘The Wealthy Barber’ is an interest read and shows ways to make that dream into reality.
Thanks for the post!
great post as usual!