What are the IRA 'Catch Up' Provisions?

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What are the IRA 'Catch Up' Provisions?

 

 

 

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Link to the MFS pdf Document for the summary

“Catch-up” contributions for those over 50

Beginning in 2002,individuals who are age 50 and over will be allowed to make additional “catch up ” contributions to their IRAs and 401(k)plans as follows:

 Extra contributions for those over 50  

Year 401(k) Catch-Up IRA Catch-Up  
2002 $1,000 $500  
2003  $2,000 $500  
2004  $3,000 $500
2005  $4,000  $500  
2006 and thereafter 5,000 $1,000  
     
     

 

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