Wisdom to Wealth- Monday, Jan. 11.
John Halterman: Are you over the age of fifty and want to put more money away for your retirement? Well, let me give you some great news. It’s called catch-up contributions. And what I mean is, in a normal 401k, you could put up to nineteen-thousand-five hundred of your money into a retirement plan. But if you’re over the age of fifty, you could put an additional six-thousand-five hundred. Now if you have an IRA or a Roth IRA, normally you could put in six-thousand dollars. But if you’re over the age of fifty, you could put in an additional one-thousand dollars. And so if you’ve been in a situation where you haven’t quite saved as much as you could, but now you’re making good money and you want to catch up, this provides you a great opportunity to do so. For more answers, call or visit my website today.
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