Boost your retirement savings

Whether you're catching up on retirement savings or looking to maximize your plan, catch-up contributions can help you grow more tax-deferred savings and support your long-term financial goals.

• Help you make up for years when you were not able to save as much
• Contribute more if your income has increased over time
• Increase the likelihood that you have enough saved to cover realistic retirement expenses as you get closer to retirement

There’s more than one kind of catch-up contribution, and you might be eligible for more than one. Here are key catch-up contributions to be aware of:

• Age-based 50+: If you’re age 50 or older, you can make extra contributions beyond the regular annual limit. The IRS sets a separate catch-up limit for these additional contributions. This can help you boost your savings as you get closer to retirement.
• Special age-based 60–63: If you reach the ages of 60 through 63 by the end of a calendar year, you can contribute even more than the age 50+ catch-up limit. The limit during these ages is 150% of the standard catch-up amount, giving you a chance to supercharge your savings. Be aware that if you’re turning 64 within a calendar year, you’re eligible only for the 50+ catch-up that year.
• 457(b): If you’re within 3 years of your plan’s normal retirement age, you may be eligible to make a one-time election to contribute additional money to your retirement plan. This type of catch-up is also subject to an IRS limit set annually.
• 403(b): If you have 15 or more years of service at the same employer and haven’t maxed out your 403(b) contributions in previous years, you can contribute an additional $3,000 a year. This catch-up has a $15,000 lifetime limit.