Wisdom isn?t the only benefit you get with age.
Starting the year you turn 50, you can make these additional ?catch-up? contributions towards your retirement accounts:
- Up to $6,000 more for 401(k), 403(b), SARSEP, or governmental 457(b)
- Up to $3,000 more for SIMPLE IRA or SIMPLE 401(k)
- Up to $1,000 more for traditional or Roth IRA
These amounts are ON TOP OF the standard limits everyone is allowed to contribute in 2017:
- $18,000 for 401(k), 403(b), SARSEP, or governmental 457(b)
- $12,500 for SIMPLE IRA or SIMPLE 401(k)
- $5,500 for traditional or Roth IRA
Upon turning 55, you can also contribute an extra $1,000 to your Health Savings Account (HSA) over and above the current limits of:
- $3,400 (Self coverage) or $6,750 (Family coverage) for HSA
Remember: it?s never too late to save additional monies towards your retirement. Even a small increase towards your savings made with each paycheck will make a positive impact to your bank account when you?re a retiree.