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Catching up on retirement plan catch-up provisions

SC Public Radio
Mike Switzer, host of the South Carolina Business Review

By now, most of us realize that the closer we get to retirement, the more money we are allowed to put into our retirement plans. This is known as a catch-up provision. But these amounts changed with a recent law, and of course, they also change each year according to inflation. So, in order to keep you up to speed, we’ve invited one of our resident financial planners to the show today to help with this topic. Mike Switzer interviews Thomas Manly, a certified financial planner with Hobbs Group Advisors in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.