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How much do you need for retirement? According to a new study by Northwestern Mutual, many people think the number is $1.46 million.1
If your retirement assets aren’t quite on track to meet that goal, there are two financial strategies that can help – and they both have additional tax benefits. We take a close look at the IRS’s catch-up plan for those 50+ and Health Savings Accounts.
Thanks to what the IRS calls the “catch-up” contribution, employees 50 and over are allowed to contribute an additional $7,500 per year to a 401k plan. That additional money invested over time has a significant impact on the total value of a retirement plan invested from age 50-70.
A $5,000 contribution results in retirement savings of $194,964 over 20 years. However, the maximum gets you to $857,104 – and the... ...
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