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Taxpayers Age 50 and Over Can Boost  Retirement Plan Contributions

If you are age 50 or older and you have earned income, you are permitted to contribute an additional $500 to your traditional IRA or Roth IRA. For 2003, your total contribution could be as much as $3,500. Limitations on contributions and deductibility to your traditional IRA apply if your income exceeds certain levels or you or your spouse participate in a qualified employer provided retirement plan. Income levels affect contributions to your Roth IRA as well.

Additional contributions can be made to §401(k), §403(b), or §457 plans. In 2003, you can set aside an extra $2,000. This increase can bring your total salary deferral into a §401(k) to $14,000 for 2003 and $16,000 for 2004.

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