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Reach Your Retirement Goals with Pre-Tax Contributions
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December 22, 2009, Volume 56, No. 16

Have you thought about your retirement goals lately? With the end of the tax year approaching, there’s limited time left to maximize your pre-tax retirement plan contributions for 2009. Pre-tax savings have less of an impact on your paycheck than you might think, since you don’t pay federal income taxes on the money you’re putting away until you actually take the money out of your account. The sooner you start saving, the better—and it’s never too late to start.

For calendar year 2009, your pre-tax contributions generally cannot exceed $16,500, but this amount may be higher if you are at least 50 years of age and/or have at least 15 years of service with the University. These limits will remain the same for calendar year 2010.

Managing your retirement benefits is easy—just visit www.hr.upenn.edu/Benefits/Retirement. This site also provides information about contribution limits, successful strategies for meeting your retirement goals, and more. If you’d like additional information, contact the Retirement Call Center at 877-PENN-RET (877-736-6738) from 8 a.m.–5 p.m., Monday through Friday.

 

Related: A Retirement Plan Change for New Faculty and Staff

Almanac - December 22, 2009, Volume 56, No. 16