Contribution Limits

Are you saving enough?

71% of Americans say they are not saving enough for retirement.*

One of the best ways to boost your retirement savings is to increase your contribution each year. In fact, increasing your contribution by just 1% or 2% can really add up over time.

And if your employer offers a company match, you don’t want to miss out on that. Missing the match by just a percentage point or two can make a big difference down the road.

Just a little bit more can make a big difference

Let’s say you make $40,000 a year. You get paid twice a month and you plan to keep working for 30 years. Simply increasing your contribution by a few percentage points can make a big difference.

Account savings in 30 years

Mark

Contributes 4%

$130,409

Kristy

Contributes 6%

$195,614

Alison

Contributes 8%

$260,818

After 30 years, Alison ends up with two times what Mark saves. That’s a lot of money!
Update your contribution today

Assumes 6% annual earnings.

These results are hypothetical and for illustrative purposes only and do not reflect the performance of any specific investment.

*Source: Experian, 2016

The 2018 annual maximum contribution to a 403(b) plan is $18,500. If you’re age 50 or over, you may be able to make a catch-up contribution up to $6,000 in 2018.

WBIP-0016 (May 18)

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