IRAs (Individual Retirement Accounts)

Catch-Up Contributions

In addition to regular IRA contributions as described above, special catch-up contributions can be made annually to both traditional and Roth IRAs if you are at least age 50 by the end of the calendar year. For individuals who meet this age requirement, the regular contribution is increased by $1,000 in 2020 (same in 2019). This catch-up contribution is based solely on your age, and is not affected by the amount of contributions you have made to an IRA in the past.

 

Your choice of whether or not to invest in an IRA will be influenced by whether or not your contribution is tax-deductible. If you're a low- or middle-income taxpayer, part of your IRA contribution may be eligible for a tax credit. See the section Choosing between the Roth IRA and Other Vehicles.

Share Article:
Add to GooglePlus
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Brookline Investment Services is a trade name of the bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate.These products are subject to investment risk, including the possible loss of the principal amount invested.