You can begin making the catch-up contribution as soon as you are 50 years or older in 2015. Keep in mind that the catch-up contributions are also made through salary deferral. Also be sure that your company plan allows for catch-up contributions. The contributions limits in 2015 are $18,000 plus $6,000 as a catch-up amount.
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Josie, You can make a catch up contribution for the year in which you turn 50 and future years. Because it's a bit confusing, I will clarify. In 2015, until April 15, you can technically make IRA contributions for 2014 and 2015. Your ability to make a catch up contribution would only apply the 2015 contribution. Let me know if you have further questions.
Great question, Josie! You will be eligible to make 401(k) catch-up contributions in 2015. Also, you may also be able to make catch-up contributions of $1,000 to an IRA or Roth IRA in 2015. Whether or not you can make deductible IRA contributions or contribute to a Roth depends on your income. If you’re already maxing out your 401(k), then you may want to consider contributing to those accounts in order to further boost your retirement savings, provided it’s an option available to you.
The IRS has more information about traditional and Roth IRA rule on its website: http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits.