February 7, 2013
We would like to remind you that you are eligible to start making catch-up contributions during the calendar year that you turn 50 – even if you have not turned 50 yet! Making these additional contributions to your retirement plan is a great way to reduce your tax liability and boost your retirement savings.
Catch-up contributions of up to $5,500 in 2013 may be permitted by the following plans: 401(k), 403(b), SARSEP and governmental 457(b). A SIMPLE IRA or a SIMPLE 401(k) plan may permit catch-up contributions of up to $2,500. As to traditional and Roth IRAs, you can make catch-up contributions of up to $1,000 by the due date of your tax return (not including extensions).
Please do not hesitate to contact our office if you have any questions.
The Team at D. M. Brenner & Assoc.