Created: Friday, November 17, 2017
Retirement Account Catch-Up Contributions Can Add Up
Are you age 50 or older? If so, you can currently make extra ""catch-up"" contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age wealth. What about tax reform? After President Trump and other lawmakers stated that they wouldn’t tinker with retirement plan contribution tax breaks, the U.S. Senate has proposed limits to catch-up contributions. These are just proposals. For now, the rules in this article are current law. Unfortunately, many people are unaware of this retirement savings bonus. Here’s what you need to know to reap the benefits.