Turning 50

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raamakoti
Posts: 167
Joined: Mon Jul 31, 2017 10:20 am

Turning 50

Post by raamakoti »

My DOB is 31-Dec-1972,
Can I start contributing to 401k catch up next year because by the end of tax year I will be officially 50. Or do I need wait for another year?
Normchad
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Joined: Thu Mar 03, 2011 7:20 am

Re: Turning 50

Post by Normchad »

Yep, you can do it in the year in which you turn 50.
7eight9
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Re: Turning 50

Post by 7eight9 »

Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions.
https://www.irs.gov/retirement-plans/pl ... tributions
I guess it all could be much worse. | They could be warming up my hearse.
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MP123
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Joined: Thu Feb 16, 2017 3:32 pm

Re: Turning 50

Post by MP123 »

Yes, for the 401k.

Note that HSA catchup contributions start at 55.
the way
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Re: Turning 50

Post by the way »

raamakoti wrote: Mon Aug 31, 2020 12:46 pm My DOB is 31-Dec-1972,
Can I start contributing to 401k catch up next year because by the end of tax year I will be officially 50. Or do I need wait for another year?
:confused :confused :confused aren't you turning 49 next year?
sailaway
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Re: Turning 50

Post by sailaway »

raamakoti wrote: Mon Aug 31, 2020 12:46 pm My DOB is 31-Dec-1972,
Can I start contributing to 401k catch up next year because by the end of tax year I will be officially 50. Or do I need wait for another year?
You will turn 49 in 2021. With a Dec 31 birthday, I don't see how even defining a different fiscal year would let you do catch up contributions in 2021.
Lou354
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Joined: Sun Apr 03, 2016 10:51 pm

Re: Turning 50

Post by Lou354 »

You can start contributing to 401k catch-up in January 2022.
Topic Author
raamakoti
Posts: 167
Joined: Mon Jul 31, 2017 10:20 am

Re: Turning 50

Post by raamakoti »

Crap simple math Error - Dec-31-2021, I will complete 49 and Jan-1st 2022 I will be 1 in the 5th decade. Oops, the greed to save more you know :P
DSInvestor
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Re: Turning 50

Post by DSInvestor »

Don't forget about the IRA catchup for age 50+.
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DesertDiva
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Location: In the desert

Re: Turning 50

Post by DesertDiva »

Don’t forget to get a colonoscopy!
:sharebeer :twisted:
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