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50 Years Old or Older? Time to Make Catch Up Contributions

2019 Catch-Up Contribution Limits

Did you know that if you are 50 years old or older at the end of the calendar year you can make additional contributions into your retirement plan?

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2019 IRA Catch-Up Amounts

  • Traditional and Roth IRA contributions: $6,000
  • Traditional and Roth IRA catch-up contributions: $1,000 (not subject to COLA adjustments)

403(b) Plan Catch-Up Amounts

Employees with at least 15 years of service may be eligible to make additional contributions to a 403(b) plan in addition to the regular catch-up for participants who are age 50 or over.

SIMPLE Plan Catch-Up Amounts

A SIMPLE IRA or a SIMPLE 401(k) plan may permit annual catch-up contributions up to $3,000 in 2015 – 2019. Salary reduction contributions in a SIMPLE IRA plan are not treated as catch-up contributions until they exceed $13,000 in 2019 ($12,500 in 2015 – 2018).

For more details about annual contributions or limit amounts an exceptions you can always go directly to the source: the IRS

 

 

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