Overview

  • If you are 50 or over consider making additional contributions to your IRA or qualified plan.
  • Calculate how many more years you have until retirement - the extra contributions can make a significant impact on your savings.

Turning 50 is a huge milestone, especially when it comes to saving for retirement

In a recent BlackRock study, more than 50% of investors surveyed expressed concern that their retirement savings may not be enough to support them through their lifetime. If you fall into this category, here's an easy way to get that much closer to a comfortable retirement.

Catch-up Contributions

Did you know that when you turn 50 you have the opportunity to make additional contributions into your IRA or qualified plan? In an era where retiring comfortably on Social Security and a company pension is practically impossible, the importance of personal retirement savings cannot be overstated. As retirement nears and you move into your peak earnings years, take every opportunity to build your retirement assets and max out all of your contribution options. In this new world of retirement with people living longer, every bit of savings will make a difference in the long run.

A catch-up contribution is a special IRS provision that allows individuals age 50 and older to defer more money to retirement plans – giving a boost to retirement savings while deferring taxes.

Work with your financial professional to establish a retirement plan suited to your needs.

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This material is provided for educational purposes only and is not intended to constitute “investment advice” or an investment recommendation within the meaning of federal, state, or local law. You are solely responsible for evaluating and acting upon the education and information contained in this material. BlackRock will not be liable for any direct or incidental loss resulting from applying any of the information obtained from these materials or from any other source mentioned. BlackRock does not render any legal, tax or accounting advice and the education and information contained in this material should not be construed as such. Please consult with a qualified professional for these types of advice.

USR-3533