For some of us, 2019 will be the year they turn 50. If that’s the case, it’s important to remember that you may now qualify for an additional catch up contribution in your retirement accounts. Many people think that you have to wait until after you turn 50 before you can contribute this additional catch up amount, but it’s actually in the year that you turn 50.

For Traditional IRA’s and Roth IRA’s, the catch up contribution in 2019 is an additional $1,00 ($7,000 total). The catch up amount is even higher in 401(k)s and 403(b)s, which is an extra $6,000 in 2019 ($25,000 total). SIMPLE IRA’s feature a $3,000 catch up contribution in 2019 ($16,000 total). Talk to our fiduciary advisors in Grand Rapids and see if making a catch up contribution is the right thing for you.

Disclosure: Contributions may or may not be tax deductible depending on your personal situation and income. It’s recommended to talk to a professional before making contribution decisions.