September 2023 - Are you over age 50?

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?

Either type of savings is available for your catch-up contribution. Depending on your income, the Secure Act 2.0 may require your situation to change to Roth in 2027, more information to follow.

What does this all mean?

If you wish to save an additional $7,500 per year, you can accumulate over $250,000 in the next 17 years!  As the limits to save increase, you may be able to save even more each year.  Please access your retirement plan provider’s website or contact FPP at (833) FPP- 401k or email us at info@fiduciarypp.com.