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Nationwide: Successful Outcomes

Interactive Retirement Planner:
Review your retirement plan account to see
if you are on track to reach your goals
It's a great time of the year to review your retirement plan account to see if you are on track to reach your goals.  The Nationwide® On Your Side Interactive Retirement Planner can help you do just that.  It's an innovative resource, created for employees like you.  If you need to adjust your strategy, the planner can help with that, too! 

Try out the Interactive Retirement Planner Tool now.
  • Set a retirement goal
  • Track progress
  • Get suggestions to improve retirement outlook
  • Model different investment savings and retirement scenarios based on feedback from the planner
  • Save a PDF file of the information to share with others 
How does it work? 

The Interactive Retirement Planner analyzes the information that is important to your overall retirement outlook:
  • Age and time until retirement
  • Estimated Social Security payments
  • Defined benefit account (if applicable)
  • Other retirement assets such as IRAs or retirement plans from former jobs

Increase your contributions to the max

The Internal Revenue Service has announced higher maximum contribution limits for defined contribution plans for 2012.  This means you'll be able to contribute more into your retirement plan accounts.

Beginning in January, you can contribute as much as $17,000 per year to your retirement plan account.  And if you are 50 or older, you could contribute as much $22,500 with the age 50+ catch-up provision.

We know that for many people, the maximum amount is not possible.  But consider increasing your contributions by just 1% of your salary this year.  A little can go a long way!

Uncle Sam gives tax incentives for retirement-plan investing

The IRS can give you a tax credit up to $1,000, or $2,000 if filing jointly, just for contributing to your company's retirement plan.  To receive a credit, you must earn less than $28,250 per year or $56,500 if you file jointly.  It's called the Saver's Credit.

How do you become eligible?
  • You must be at least 18 years old and not claimed as a dependent on someone else's tax return
  • You cannot be a full-time student
  • When calculating the credit, you must deduct the amount of any retirement plan or annuity distributions you received in the current tax year and in the previous two tax years from the contributions you have made
The individual's Adjusted Gross Income (AGI) must not exceed the following 2011 limits:

Filing status
Your income
Rate of credit
Tax credit for a $2,000 contribution*

$34,000 or less
Married Filing
$34,001 - $36,500
$36,501 - $56,500

more than $56,500

$25,500 or less
Head of
$25,501 - $27,375
$27,375 - $42,375

more than $42,375

$17,000 or less
Other Filers
$17,001 - $18,250

$18,251 - $28,250

more than $28,250

*Married couples filing jointly may apply up to $4,000 for a maximum $2,000 credit.

Here's an example of how it works:

Consider a married couple who make $30,000 a year and contributed $3,000 toward a retirement account.  They could get a tax credit of $1,500.  (They make less than $34,000, making them eligible to receive the full tax credit of 50% of their contribution.  If they had contributed $4,000, they could get a $2,000 tax credit.)  If you're eligible to claim a Saver's Credit on your 2011 federal income tax return, consider how much more you may be able to contribute if you plan to claim the credit on your tax return next year!

On Your Side

Hollis Lamon
Lamon & Stern
Atlanta, Georgia

Contact Hollis Lamon of Lamon & Stern today for all your retirement planning needs! 770-951-8411