One of the best ways to increase the odds of a comfortable retirement is investing in your retirement plan. This fall the IRS announced that for 2017 you'll be able to contribute the same as you could in 2016. For those under age 50, the limit remains at $18,000, and the additional catch-up for those age 50 and up remains at $6,000.
Even if you can’t make the jump to the maximum contribution level, we encourage you to make any increase you can. You most likely won’t notice the difference in your paycheck, but it will make a big difference over time in your retirement account! So this year, you should not only pay yourself first but also give yourself a raise. When could you increase your contributions?
- How about as a New Year’s resolution?
- Or as an annual birthday gift to yourself?
- When you receive a raise.
- Set up a calendar reminder to increase contributions!
Remember, small steps now can make a big difference through the years. Do you have a minute? It doesn’t take much more if you use these tools to gauge where you are today and where you could be tomorrow: