Take advantage of the catch-up $5,500 that is available when you are 50. You can max out at $17500 and then add $5500 to that number. Over a period of 15 years this $5,500 will grow to over $146,000 compounded at 5%. It is not too late to start…….
If John continues to make this $5,500 catch-up contribution for the next 15 years, through regular monthly payroll contributions and compounded monthly at a rate of 5%, he will have an additional $146,165 at age 65.
Retirement in America is reverting back to the pre-pension, pre-Social Security era . There are tax-preferred vehicles to help us save for retirement, but we have to do the heavy lifting marketwatch.com
