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Catch-Up Contribution Guide
If you’re age 50 or older, you can make additional “catch-up” contributions to your 401(k) and IRA accounts. These allow you to save beyond the standard limits to boost your retirement savings.
401(k) Catch-Up Contributions
In 2023, the 401(k) contribution limit is $22,500. If you’re 50+, you can contribute an additional $7,500, for a total of $30,000.
IRA Catch-Up Contributions
The IRA contribution limit is $6,500 in 2023. Those 50+ can contribute an extra $1,000, for a total of $7,500.
Strategies for Catch-Up
1. Maximize employer matches first
2. Automate increases with raises
3. Reduce expenses to free up savings
4. Consider working longer
Tax Benefits
Catch-up contributions are tax-deferred in traditional accounts, or tax-free in Roth accounts, providing significant tax advantages.