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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
November/December 2018
Catching Up
Family life is expensive. Housing, medical, education, food, utilities all take a toll on your budget each month. So it’s no surprise when your retirement savings fall short. The good news is that you may be able to boost your savings when your kids get older, especially if your retirement plan allows you to make catch-up savings once you reach age 50.
To be eligible for catch-up contributions in any given year, you first must meet the maximum annual contribution IRS limit, or that for your organization’s retirement plan (if it includes a catch-up provision). For those who qualify, catch-up contributions may provide an opportunity to reduce their income tax burden and save more for retirement at the same time.
Generally, 401(k), 403(b), and most 457 plans may allow participants to make up to $18,500 in contributions in 2018, plus an additional $6,000 in catch-up contributions for those 50 and older. For SIMPLE IRA plans, the corresponding limits for 2018 are $12,500 and $3,000, respectively.
Catch-up contributions are also available to individual retirement account (IRA) owners. For 2018, IRA owners may generally contribute the lesser of their taxable compensation or $5,500, plus an additional $1,000 if they are 50 and older.
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