Have you saved enough? Whether you started late, or have regularly saved throughout your career, you might wish you could stash some additional cash in your retirement fund. Fortunately, if you’re 50 or older, you can. The IRS offers “Catch-Up Contributions” as a way to save a bit extra each year.
For 2023, people 50 and older are allowed to put an extra $7,500 into their 401k or 403b accounts, for a total of $30,000, and an extra $1,000 into their Traditional IRAs or Roth IRAs, for a total of $7,500 subject to compensation eligibility and income limits for IRAs. (Note: Catch-up contributions to Health Savings Accounts do not begin until the HSA account owner is age 55 or older.)
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Playing Catch Up
August 30, 2023