Many people adopt a set-it-and-forget-it mindset when it comes to retirement savings. In most cases, this is a great strategy. However, not paying attention to updates can create missed opportunities.
Each year, the contribution limits for retirement accounts are adjusted, increasing the amount that can be saved. It is advantageous to adjust the amount being withheld from our paychecks and take advantage of increased limits.
This is especially true in 2025. The Super Catch-Up was made available to those between 60 and 63 – creating a small window of opportunity. The Super Catch-Up allows an increased limit of $11,250 for those who fit this age group.
The existing catch-up for those ages 50 to 60 and 64 and over is $7,500.
Retirement planning is important for all ages, but as we get closer to retirement age, we generally have more discretionary income to direct to retirement savings. Whichever age group you find yourself in, make sure you’re taking full advantage of your window of opportunity.
