[Individuals over the age of 50 have the opportunity to make additional contributions to their Individual Retirement Accounts (IRAs) through what is known as catch-up contributions. As of 2023, the IRS allows individuals in this age group to contribute an extra amount beyond the standard annual limit, enabling them to boost their retirement savings. For traditional IRAs and Roth IRAs, the catch-up contribution limit is $1,000 in addition to the regular contribution limit, providing an opportunity for individuals nearing retirement to accelerate their savings efforts. Understanding these catch-up provisions is essential for individuals seeking to maximize their retirement funds during the later stages of their careers.]