If you’ve decided to contribute to MaineSaves, you’ve made a great decision. You’re helping to make a more secure future for yourself. Even if you can’t contribute the maximum, consider increasing your contribution amount a little each year to help move you closer to meeting your retirement income goals.


Trying to Figure Out How Much to Contribute?
If you’re not sure how much to contribute to the plan, visit How Much Income Will I Need After I Retire? to learn more about factors to consider and to try the CNNMoney retirement savings goal calculator.


2019 Annual Contribution Limits
There is no minimum you may contribute to the plan. The maximum you can contribute depends on your age and where you are in your career, as follows.

2019 Annual Contribution Limits
Regular Limit Including Special Age 50+ Catch-Up Contributions ($6,000)* Including Pre-Retirement
Catch-Up Contributions ($19,000)*
$19,000 $25,000 $38,000

*You may not make both Pre-Retirement and Special Age 50+ Catch-Up Contributions in the same year.

What’s the Difference Between the Special Age 50+ Catch-Up and the Pre-Retirement Catch-Up Contributions?
Catch-up contributions allow you to save above the normal Internal Revenue Service (IRS) annual limit so you can “catch up” on your savings as you near retirement age. The plan offers two types of catch-up contributions.

  • Special Age 50+ Catch-Up Contributions allow you to contribute more to your account so you can “catch up” on your retirement savings if you are 50 or older as of the last day of the year and your contributions will reach the annual contribution limit ($19,000 in 2019).
  • If you have contributed less than the maximum limit in previous years, the Pre-Retirement Catch-Up feature allows you to contribute up to double the regular limit in the three years before your declared normal retirement age.

For more information about choosing between the Plan’s Catch-Up Contribution options, please review the Guide to Preparing for Retirement or call your local representative. Contact information for local representatives is shown under Providers on the home page at mainesaves457.com.