Health & Fitness
Do You Need to Catch Up on Retirement?
What's the best thing about hitting the big 5-0? Retirement is getting closer. What's the next best thing? You can save more money!
$225,475: Potential additional savings by using catch-up contributions
What's the best thing about hitting the big 5-0? Retirement is getting closer. What's the next best thing? You can save more money! If you play "catch-up" by adding an extra $5,500 to your 401(k) contribution (assuming a $25,000 account balance) beginning at age 50, you can potentially save more than $200,000—or a total of $1M by age 70. That's assuming, of course, that "life" issues—such as poor health, disability or downsizing—don't get in the way of working. That's why it's best to start early, before the big 5-0 turns into the big "Uh-Oh!"
No matter where you are on your retirement journey, you can use these BlackRock resources to help you navigate the new world of retirement.
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Source: BlackRock
*For illustrative purposes only and not indicative of any investment. This illustration assumes your ability to continue to make contributions on a monthly basis. Assumes starting balance of $25,000 with 7% annual return compounded monthly and no distributions.
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Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, Financial Planner, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, jgrams@212capitalgroup.com
The foregoing discussion is general in nature and not intended as specific advice.
New England Financial nor its representatives are engaged in rendering tax,
accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
For information on New England Financial insurance or other financial products and services, please contact Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com
New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies. L0313314836[exp1213][OH]