Hi-
I just found out about "catch-up" contributions for persons 50 years and older, for IRAs. How I missed this before, I dont know!
My husband is 51, so he qualifies. He has a Simple IRA, as an employee. Currently he is on schedule to max his contributions at 12,500.
My questions: (and I thank you in advance if you can help answer these)
how much wouldl we save in taxes if he ups to the max of 15,500? ( I dont know how to figure that out)
is it possible to use vacation and sick pay to fund the catch up contributions?
or must catch up contributions be weekly like the regular contributions?
Thanks,
N