The Over 50 Advantage
"Catch-up" contributions are a great opportunity to make up for lost time. They allow investors age 50 and older to contribute significantly more to their retirement plans than the maximum annual contribution—up to $5,500 more in 2013.
You are eligible for catch-up contributions if the following requirements are met:
- You are over 50 years old, or will turn 50 during the calendar year
- Your plan offers a catch-up feature
- Your regular plan contributions have reached one of the following limits:
- the annual deferral limit
- the plan's annual deferral limit
- the annual limit for highly compensated employees
How much can you contribute?
Catch-up contribution amounts vary by retirement plan. Check out the limits for 2013 below, and talk to your benefits manager or Hartford representative for further information regarding your specific plan.
If you have several different retirement accounts, such as a workplace retirement plan as well as one or more individual accounts, keeping up with various contribution limits set by the Internal Revenue Service can be challenging. The table below summarizes the maximum contributions individuals and employees can make to their employer-sponsored plans for 2013.
The deadline for contributing to employer-sponsored plans is the calendar year-end (December 31).
IRS Contribution Limits
401(k), 403(b), 457
Catch-up (Age 50+)
Retirement plans offer potential tax benefits and can be an effective way to maximize your retirement savings. Consider increasing your contributions if you're not already contributing the maximum amount. Contact your benefits manager or Hartford representative today to find out how.