Millions of baby boomers are closing in fast on retirement, and while retirement savings are coming up short for many, the IRS allows you to significantly boost your savings once you turn 50. These catch-up contributions can make a big difference in attaining financial security in retirement, so let’s review the IRS’ catch-up contribution limits for 2017, and provide some insight into just how valuable this tool can be. People participating in workplace retirement plans, including 401 and 403 plans, can contribute up to $18,000 of earnings to their plan in 2017.