retirement

8 ways to accelerate retirement savings

Play catch-up
Next
5 of 8
Back
Play catch-up

Individuals can contribute a maximum of $5,000 to traditional and Roth IRAs combined. But for those who are 50 and older, the Internal Revenue Service allows an additional catch-up contribution of $1,000.

Assuming a 6 percent annual return, putting in that extra $1,000 for 10 years will add more than $13,000 to your retirement fund, Kiernan says.

The combined traditional and Roth 401(k) contribution limit is $16,500. Those 50 and older may make a catch-up contribution of an additional $5,500 in 2011 if their employer plans allow.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Time to share the bounty

When the family gets together for the holiday, it's a good time to make plans.  ... Read more

advertisement
Partner Center
advertisement

Connect with us