Retirement timeline for Boomers
In the year you hit the big 5-0, you can start stashing more money into your tax-deferred IRA and 401(k) or Roth accounts. In 2012, those 50 and older can add an extra $5,500 to their employer-based retirement plans on top of the $17,000 allowed for younger workers for a total of $22,500. Next year, the catch-up amount remains the same but the maximum contribution increases to $23,000. Those 50 and older can also contribute an extra $1,000 into the traditional or Roth IRA for a total of $6,000 in 2012 and $6,500 in 2013.