Once you reach age 50, in a particular tax year, contribution limits on IRAs and employer-sponsored retirement accounts increases, allowing you to "catch up" on your savings by contributing an amount over the annual contribution limit. In 2016 and 2017, you can contribute an additional $1,000 catch-up contribution to your IRA, making your maximum contribution amount up to $6,500.
What are "catch-up" contributions?
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