Retirement: Planning Strategies: Catching Up on Retirement Savings
To help individuals like you set aside more contributions for retirement, an IRS provision allows people age 50 and over to make additional contributions to their 401(k) and/or individual retirement accounts. Known as Catch-Up Contributions, recent legislation made these expanded limits and other pension-related provisions permanent.
If you make the annual maximum allowable contribution to your IRA and are age 50 or over, you can make an additional $1,000 catch-up contribution to your IRA or Roth IRA.
Call your financial professional today to learn how taking advantage of this ”catch-up” opportunity can impact your retirement savings and help you save more for retirement.
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