I’m trying to figure out how much I can contribute to my 401(k) plan next year. I turn 50 in April 2017. Can I sign up to make catch-up contributions at the beginning of the year, or do I need to wait to add the extra money until after my birthday? Are the rules the same for IRAs?
You’ll be able to save a lot more money starting in 2017. It doesn’t matter when your birthday falls; as long as you’re 50 by December 31, you can make catch-up contributions anytime during the year.
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