The “Catch Up Contribution” is a retirement savings contribution that allows people over 50 to make additional contributions to their individual retirement accounts or 401(k) without penalties. The "Catch Up Contribution" provision was created by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), so older individuals would be able to set aside enough savings for retirement. Visit the IRS Catch Up Contributions page for more information and current contribution levels.

If you don't already have a GLCU IRA account, this is a perfect time to open one!