Catch Up Contribution IRA

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“Catch Up” Contributions

Catch up contributions help people who are closer to retirement age boost their savings by making an additional contribution every year.

The Economic Growth and Tax Relief Reconciliation Act of 2001 increased IRA contribution limits beginning 2002. The contribution limit rose to $4,000 in 2005 and will reach $5,000 in 2008. If you are age 50 or older, the annual catch-up contribution limit increased to $1,000 in 2006. Thereafter, the limit will be indexed in $500 increments.

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VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

This information is general in nature and may be subject to change. Neither VALIC nor its financial advisors or other representatives give legal or tax advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For legal or tax advice concerning your situation, consult your attorney or professional tax advisor.