Possible Benefits of Increasing Contributions
We all wish we could invest the maximum amount possible and enter retirement with more money than we know what to do with. Then, for most of us, reality sets in and we go with what we can afford.
Even if you can't contribute the max, consider increasing your contribution a little each year to potentially move closer to your retirement goals. Even small increases can help. Remember though, investing involves market risk, including possible loss of the money invested.
The need to save more
Don't cut yourself short when deciding how much you'll need to invest for retirement. Consider your goals and factors that may affect how far your money will go.
A little goes a long way
Increasing your contribution each year, even a little, can help you reach your retirement goals. You might be surprised at the difference even a small increase can make, and Ohio DC makes it easy with the SMarT Plan. With SMarT, Ohio DC allows automatic deferral increases every year by an amount that you specify, and this can be adjusted at any time.
Enroll in the SMarT Plan today!
For those approaching retirement, you may also have higher limits for contributing to your account.
- Age 50+: This is a great opportunity if you are 50 or older. A maximum of $6,000 can be contributed to your account–in addition to your annual $18,500 contribution limit.3
- Traditional Catch-up: If you are within three years of normal retirement age, and if you have not contributed the maximum amount every year in the past, you might be able to defer up to two times the normal contribution limit for a total of $37,000.
Get the help you need
Talk with Ohio DC for more information about planning for your retirement by calling 877-644-6457. An Account Executive will assist you in making changes to your contribution amount.
1 Historical Inflation, Inflationdata.com (accessed 02/19/2018)
2 National Health Expenditures 2016 Highlights www.cms.gov
3 IRS.gov - IR-2017-177, Oct. 19, 2017
Account Executives are Registered Representatives of Nationwide Investment Services Corporation, member FINRA.