Turning 50

For many, turning 50 is a time to begin shifting emphasis from college planning to thinking about retirement planning. Now may be a good time to evaluate your plan for preparing for retirement and may actually be a great time to boost your retirement savings via catch-up contributions.

Fidelity can help you create a plan to help you in preparing for retirement, including evaluating your target retirement date, current savings rate, and determining if you will have enough savings to last through retirement. Additionally, we can help you maximize your savings between now and retirement.

• Getting ready
• Catch-up contributions

Getting Ready

• It's not too early to start thinking about when to retire. Preparing for retirement begins with thinking about when you want to retire. Will you have enough to retire when you want? Will it last? We can help you understand how much you may need to meet your retirement goals and if you are currently saving enough.

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Catch Up Contributions

When turning 50 you have the opportunity to make additional contributions into either your qualified retirement plan¹ or individual retirement account (IRA).

Our Retirement Quick Check tool can help to determine your basic retirement requirements and if you are saving enough (log in required). And our IRA Center can help answer your IRA questions and even how much you might be able to contribute.

If you decide to make catch up contributions, for 2008 and 2009 you can contribute up to $5,000 for certain qualified plans and $1,000 for Traditional or Roth IRAs.

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