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double catchup?

December 18th, 2011 at 01:43 am

Am looking at increasing my withholding for my 403B this upcoming year. Since I turn 50 this year, I qualify for catch-up. And I will be catching up. My task for this weekend is to figure out whether I can play catchup for both my 403B and for my Roth.

5 Responses to “double catchup?”

  1. MonkeyMama Says:

    Some client was asking me about some tax break her husband was telling her to take through her paycheck. (I have no idea what she was talking about). Anyway, she was asking me about tax deductions, and I told her it would help to turn 50. Ha! (She is close).

    Congrats on the double catchup potential! Even if you don't max out this year, I am sure you will soon enough. Something to work up to...

  2. frugaltexan75 Says:

    Enjoy your catchup Smile

  3. SavingBucks Says:

    You can catchup on both! I have a 457b and am slightly over the 50 mark - I do the super duper catchup allowed by my employer because I did not max out in my younger years (amount will be $34,000 in 2012). I also do the Roth IRA for $6000 (extra $1000 for those who are at least 50).

  4. creditcardfree Says:

    Catchups sound like bonuses to me!!

  5. SavingBucks Says:

    Catchups are bonuses to us in the long run! It is my own money taken out of my check not a freebie from my employer (local government). $34,000 taken out of my check in 2012 means a lot of belt-tightening for our household. DH turns 50 in 2012 and also contributes the max for both his 401K and Roth IRA. So it will be a lean year for us but I think will pay off later. I am hoping to retire in early 2015.

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