Unlock opportunities to speed up retirement contributions

Retirement contributions can be complex. Unsure about your options? Most common questions are answered below. For more guidance, schedule a call with a Facet expert to get help boosting your retirement savings and making smarter financial choices.

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Increase your 401k, IRA, and HSA contributions after 50.
Unlock $30.5K and $1K catch-up limits*

Secure Your Future Beyond 50

If you’re 50 or older, it’s prime time to accelerate your retirement savings. Catch-up contributions allow you to add an extra $7,500* annually to your employer-sponsored retirement plans like 401k, 403b, and 457 plans. This means instead of the standard limit, you can significantly boost your savings, paving the way for a more comfortable and secure retirement.*

Why Consider Catch-Up Contributions?

  • Enhance Your Retirement Nest Egg: Take advantage of the opportunity to increase your retirement savings, ensuring you have the funds you need to enjoy your golden years to the fullest.

  • Tax Benefits: Catch-up contributions can also offer tax advantages, potentially lowering your taxable income.

Turning 50 opens the door to an additional $1,000 you can contribute to your Individual Retirement Account (IRA) annually. It’s a simple yet effective way to ensure your retirement savings are on solid ground.*

HSA Contributions After 55

Healthcare costs are a significant consideration for retirees. If you’re 55 or older, boosting your Health Savings Account (HSA) by an extra $1,000 each year can help cover these expenses, giving you additional peace of mind.**

How A Certified Financial Planner Professional Can Help

Maximizing your retirement contributions is just part of the journey. We believe integrating this into a personalized plan designed to help you with every important financial decision is the best next step.

What you need to know: Taking action now will maximize impact. Every month you wait means less opportunity to lock in the value of these catch up contribution programs.

Sources:
* https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions
** https://www.irs.gov/publications/p969 

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** Nerdwallet review conducted in October of 2023 based on the time frame of August – October 2023. Nerdwallet’s independent assessment includes data collection, interviews and testing which results in star ratings from poor (one star) to excellent (five stars). Nerdwallet was not paid for this review however does receive compensation based on referrals.

How we’re different.

At Facet, we never earn commissions, so our success is only measured in terms of your satisfaction and financial security. We achieve this through personalized financial advocacy that’s changing expectations, industry-wide. Here’s how we set ourselves apart:
What am I actually getting?
What are the minimum assets required?
How is my planner qualified?
How will we meet?
How will technology be used?
How will my fees be calculated?
What am I actually getting?
Personalized, jargon-free advice for everything money impacts in your life + help executing your plan
What are the minimum assets required?
$0
How is my planner qualified?
Always a CFP® Professional (the highest possible certification)
How will we meet?
Up to 4 virtual meetings (year 1) and varying sessions based on membership tier (years 2+)
How will technology be used?
Easy-to-use platform with key info in one place
How will my fees be calculated?
One fixed fee based on your needs
Traditional financial advisor
What am I actually getting?
Usually a 30-60+ page report that mostly focuses on your investments
What are the minimum assets required?
Typically $100K or more
How is my planner qualified?
Titles are unregulated and misleading - not always a CFP® Professional
How will we meet?
Typically one or two meetings/year, usually in-person, during business hours
How will technology be used?
Technology is usually not a central part of the service
How will my fees be calculated?
Varies; typically a % of what you invest, plus fees. Cost increases as your money grows
Robo-advisor
What am I actually getting?
A “robot” or algorithm, that manages your investments; sometimes can ask a person one-off questions for an additional fee
What are the minimum assets required?
Varies
How is my planner qualified?
No, or limited access to, a financial planner
How will we meet?
No--or only ad hoc--meetings
How will technology be used?
Technology is typically the only service offered
How will my fees be calculated?
A % of what you invest, plus fees. Cost increases as your money grows
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What Facet members are saying.

"Facet has completely changed my outlook on how I handle my finances and my confidence in my financial stability and strength in the future. My planner and the team are incredible, and just as excited as I am about building a strong financial future for me."
Steven E   |   Massachusetts
"Having a plan that works for US is such a relief, and for such a very decent price. I have already recommended my whole family and my closest friends."
Kinsey B   |   Virginia
"We were talking last night about how effective our relationship has been with Facet and we are so grateful. Thank you for your patience and diligence in working with us. It's truly been one of our biggest positives of 2020 and we look forward to many years ahead. "
Andy J   |   Illinois
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Testimonials were provided by current members of Facet ("Facet Wealth, Inc."). Members have not been paid for their testimonial and there are no material conflicts of interest that would affect the given testimonials. These testimonials may not be representative of the experiences of other members, and do not provide a guarantee of future performance success or similar services.