Playing catch-up with your retirement savings

Description

Abstract: For those who are age 50 or older, “catch-up” contributions are one tool that can quickly build — or rebuild — a retirement fund. These contributions over and above the regular annual contribution limits offer the opportunity to add meaningfully to savings over time. This article offers an example of how much of a difference it can make to take full advantage of catch-up options, and provides a table showing how much can be contributed to traditional 401(k), 403(b) or 457(b) plans, along with SIMPLEs and IRAs.