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Retirement Planning Question – Maximum Contributions

 

Q: I’m currently 48 but will turn 50 in October next year. Can I take advantage of the catch-up provision on maximum contributions
for Roth IRA and my 401K beginning this January? Or do I have to wait until I actually become 50 on my birthday next year?

A: Great question! The IRS allows you to make the catch up contribution at any time in the calendar year in which you turn 50. So as long as you are age 50 by December 31 next year then you are ok.


 

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