It's Always The Right Time To Review Your Retirement Accounts

July 25, 2012 12:00 AM
It's Always The Right Time To Review Your Retirement Accounts
" BOSTON (CBS) – The contribution limits for 2012 for a 401(k), a 403(b) and a 457 plan is $17,000. The limit increases with the rate of inflation.

And if you are 50 or reach that magic age this year, you can use the catch-up provision and contribute an additional $5,500 to your account if your employer has instituted a catch-up provision in the plan. Also, both the 403(b) and 457 plans have an additional catch-up provision as you near retirement age.

For most individuals it is impossible to come up with $17,000 to stash away in a retirement plan annually. Less than 10% of workers are able to do so and most of them work in Silicon Valley in California.

If you are not contributing the maximum to your retirement account, consider increasing your contribution level to at least what your employer may be matching.

Then consider increasing your contribution level every six months or share every raise with your retirement plan. By increasing your contributions slowly, you learn to live with the smaller take home pay. And if you don’t have it in your pocket, you are not apt to spend it "

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