Ahhhhh….the golden age……
The big birthday…
A new front digit starting with a 5 ?
Here’s some great news that awaits you !
Age 50 Catch up Provisions
If you turn age 50 by the end of this calendar year, under current tax laws you can add an addition $6k into your 401k or similar plan, an extra $1k into your IRA or the like, saving additional tax dollars.
Here is the trick, especially as it relates to your employer plan:
You will need to notify your employer that you want to increase your maximum per the catch up provisions as you are turning 50 this year.
We have found most plans do not automatically allow you to increase your contributions!
Have a great “Less Taxing Golden” Day!
John A. Kvale CFA, CFP