f you have turned 50, by all means take advantage of the catch-up contribution to 401(k) plans, where you may defer an extra $6,000 for a total of $24,000 in tax-deferred dollars each year until you retire. Even if you don’t turn 50 until Dec. 31, you may add the extra $6,000 to your contributions for 2016. If your employer matches your contribution up to a certain percentage, imagine how much more money you can accumulate by retirement. And that extra catch-up amount further helps reduce your income tax bill. For example, if you’re in the 25 percent tax bracket and contribute the full $24,000 to a 401(k), you would pay $6,000 less in income taxes each year.
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