WORKERS AGE 50 AND UP: BOOST RETIREMENT SAVINGS BEFORE YEAR END WITH CATCH-UP CONTRIBUTIONS


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If your 40s are behind you, consider boosting retirement savings and reducing your 2016 tax bill with a 401(k) catch-up contribution by year end. After you’ve contributed the $18,000 maximum limit for all employees, you can (if you’re age 50 by December 31 and the plan allows) contribute an extra $6,000, for a total 2016 contribution of $24,000. Smaller catch-up contributions are available for IRAs, but the deadline for 2016 contributions is later: April 18, 2017. Contact us with any questions about catch-up contributions or other retirement saving strategies.