Age 50 catch up

Submitted by Matthew Morea on Thu, 2020-01-02 14:08

Happy New Year. Just wondering – I am turning 50 in November of this year. Can I start with the catch up now?
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Permalink Submitted by Alan - IRA critic on Thu, 2020-01-02 14:10

Yes, you can IRA catch up contributions starting 1/1 of the year you reach 50.

Permalink Submitted by Matthew Morea on Thu, 2020-01-02 16:40

Does that apply to 401k plans? Im turning 50 in November. Can i start putting in the $19500 plus the catch up in the 401K?

Permalink Submitted by Matthew Morea on Thu, 2020-01-02 14:20

Turning 50 in November can i start catch up now?

Permalink Submitted by Alan - IRA critic on Thu, 2020-01-02 17:07

Yes, you can as long as the plan supports catch up contributions. It does not matter when in the year you reach 50.