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Marc S. Pelletier, P.C., CPA's
666 Main Street, PO Box 326, Southington, CT 06489
Phone: 860-620-5500
Participants in certain types of retirement plans may be eligible to make additional “catch-up” contributions starting the year they turn age 50. For those who qualify, catch-up contributions may provide an opportunity to reduce their income tax burden and save more for retirement at the same time.
Generally, 401(k), 403(b), and most 457 plans may allow participants to make up to $18,000 in contributions in 2017, plus an additional $6,000 in catch-up contributions for those 50 and older. For SIMPLE IRA plans, the corresponding limits for 2017 are $12,500 and $3,000, respectively.
Catch-up contributions are also available to individual retirement account (IRA) owners. For 2017, IRA owners may generally contribute the lesser of their taxable compensation or $5,500, plus an additional $1,000 if they are 50 and older.
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