Can I make catch-up contributions if I am over the age of 50?

Yes, if you are over the age of 50, you can make catch-up contributions to your Franklin Templeton Retirement Plan. Catch-up contributions allow you to contribute additional funds to your retirement account above the normal annual limits. The purpose of catch-up contributions is to help individuals boost their retirement savings as they approach retirement age. For 2021, the catch-up contribution limit for individuals aged 50 and older is $6,500 for both Traditional and Roth IRA accounts. By taking advantage of catch-up contributions, you can maximize your retirement savings and potentially increase your financial security during your retirement years. Franklin Templeton offers various tools and resources to help you understand and optimize your retirement plan, ensuring a comfortable retirement.