We begin each year by making solemn New Year resolutions. Want to get fighting fit? Or kick a bad habit? Make a New Year resolution. The tricky part is sticking to these resolutions. The stricter the New Year resolutions, the tougher it is to hang on to them. Now is a great time to make commitment that is easy to keep; a commitment to your financial future.
Are you maximizing the retirement savings options available to you through the 457 deferred compensation plan? In 2011 plan participants can contribute up to $16,500 in pretax dollars to their 457 account. Participants who are age 50 or older are eligible for a catch-up provision which allows them to contribute an additional $5,500, for a total of $22,000 in 2011. Although you are automatically eligible for the catch-up provision if you are 50 or older, you will need increase your contributions to utilize the higher limit. Payroll deductions will stop automatically once you hit the annual limit.
To increase your contributions, sign up for an account review, or learn more about retirement planning call the local Nationwide office at 858-569-0295 and ask to speak to a Retirement Specialist.