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5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
November/December 2018
Catching Up
Family life is expensive. Housing, medical, education, food, utilities all take a toll on your budget each month. So it’s no surprise when your retirement savings fall short. The good news is that you may be able to boost your savings when your kids get older, especially if your retirement plan allows you to make catch-up savings once you reach age 50.
To be eligible for catch-up contributions in any given year, you first must meet the maximum annual contribution IRS limit, or that for your organization’s retirement plan (if it includes a catch-up provision). For those who qualify, catch-up contributions may provide an opportunity to reduce their income tax burden and save more for retirement at the same time.
Generally, 401(k), 403(b), and most 457 plans may allow participants to make up to $18,500 in contributions in 2018, plus an additional $6,000 in catch-up contributions for those 50 and older. For SIMPLE IRA plans, the corresponding limits for 2018 are $12,500 and $3,000, respectively.
Catch-up contributions are also available to individual retirement account (IRA) owners. For 2018, IRA owners may generally contribute the lesser of their taxable compensation or $5,500, plus an additional $1,000 if they are 50 and older.
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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
For additional information on services, disclosures, fees, and conflicts of interest, please visit www.vanderbiltfg.com/disclosures
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