50 Years Old or Older? Time to Make Catch Up Contributions

May 07, 2019

2020 Catch-Up Contribution Limits

Did you know that if you are 50 years old or older at the end of the calendar year you can make additional contributions into your retirement plan?

2020 IRA Catch-Up Amounts

  • Traditional and Roth IRA contributions: $6,500
  • Traditional and Roth IRA catch-up contributions: $1,000 (not subject to COLA adjustments)

403(b) Plan Catch-Up Amounts
Employees with at least 15 years of service may be eligible to make additional contributions to a 403(b) plan in addition to the regular catch-up for participants who are age 50 or over.

SIMPLE Plan Catch-Up Amounts

A SIMPLE IRA or a SIMPLE 401(k) plan may permit annual catch-up contributions up to $3,000 in 2015 – 2020. Salary reduction contributions in a SIMPLE IRA plan are not treated as catch-up contributions until they exceed $13,500 in 2020 ($13,000 in 2015 – 2019).

For more details about annual contributions or limit amounts an exceptions you can always go directly to the source: the IRS