Retirement planning and catch-up contributions

Getting older has its privileges. If you’re age 50 or older, no matter if you’ve been saving diligently for years, or if you’ve gotten off to a later start, there are many ways you can make catch-up contributions to your retirement savings.
 
403(b) and 401(k) catch-up contributions
If age 50 or older, you can save even more in your 403(b) or 401(k). The 2018 and 2019 retirement catch-up contribution is $6,000, allowing you to contribute up to $24,000 per year.
IRA catch-up contributions
If you’re age 50 or older, you can increase your 2018 IRA or Roth IRA contribution to $6,500 and your 2019 IRA or Roth IRA contribution to $7,000.
If you’re age 50 or older, the SIMPLE IRA retirement catch-up limit for tax year 2018 is $15,500 and $16,000 for tax year 2019. 
SEP IRAs don’t have a catch-up contribution, but there’s still good news there. The retirement saving amount increased by $1,000 for tax year 2018. This is now capped at $55,000 of savings for the year (or up to 25% of your compensation). For tax year 2019, the retirement saving amount will increase another $1,000 and will be capped at $56,000 of savings for the year (or up to 25% of your compensation).
15 years-of-service catch-up contribution
If you’re age 50 or older, a public school teacher, hospital employee, welfare service social worker, church employee, or home health service agency worker—with the same employer for 15 years—you may qualify to save even more.
Under the 15-years-of-service catch-up contribution, you could save an additional $3,000 for retirement per year, up to a maximum of $15,000 total.
Retirement planning
Whoever said things improve with age could’ve added catch-up contributions to their list.
So, be sure to find out which of these catch-up contributions you may qualify for.
 

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