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Make increases while time is still on your side

For investments to work efficiently, you need two things: money and time. That’s why it’s important for young people to start contributing as early in their careers as possible. But someone 10 to 20 years from retirement can also take advantage of time, especially if they are able to max out their investments.

Meet the match

If your employer matches a portion of your contributions to your retirement account, you should, at the very least, take advantage of that “free” money. For example, if your employer matches 50% of up to 6% of your salary, and you contribute 6%, you’re getting an additional 3% from your employer.

Maximum contribution amounts

As you plan for retirement, it may be helpful to understand the current contribution limits. If you can, maximize your retirement plan contributions. Your contributions, employer contributions, if applicable, plus compound growth on these amounts, can help you to maximize the income you’re able to receive when you start taking distributions from your retirement account.

  • 2024 salary-deferral 401(k) contribution limits

    Individual plan participants can contribute up to $23,000 of their wages in 2024. Those age 50+ may have the ability to contribute an additional $7,500 as a “catch-up” contribution.

Catch-up contributions

Because not everyone is able to contribute the maximum amount to their retirement plan in their 20s and 30s, and even into their 50s, concessions have been made to the contribution rules. Catch-up contributions allow anyone age 50 and older to kick in an extra amount above and beyond the maximum levels. If you are age 50 or older and maximizing your retirement account contributions, you may want to consider making a catch-up contribution as you enter the homestretch of retirement preparation.

After you max out your contributions

You maxed out your retirement plan contributions, now what? There are additional retirement preparation tools available, such as Individual Retirement Accounts (IRAs), Roth IRAs, Health Savings Accounts (HSAs), taxable accounts or insurance offerings. Consider working with a financial professional to determine which retirement preparation solutions may be best for your situation.


By maximizing your retirement plan contribution and taking advantage of catch-up contributions when eligible, you can have confidence that you’ve not left any money on the table when it’s time to retire.

OneAmerica Financial is the marketing name for the companies of OneAmerica Financial. Non-registered group annuity contracts are issued by American United Life Insurance Company® (AUL), a OneAmerica company, One American Square, Indianapolis, IN 46282, 1-800-249-6269. Group annuity contracts are issued by AUL and registered variable annuity products are distributed by OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC, One American Square, Indianapolis, IN 46282. Not available in all states or may vary by state. Provided content is for overview and informational purposes only and is not intended as tax, legal, fiduciary, or investment advice.