US News and World offered a graphic that displayed a lifelong retirement timeline. It began with the extended period of time in which individuals make systematic contributions to their retirement. That period transitions into a “catch-up period,” which was followed by phased-in retirement, normal retirement and late retirement, respectively. In two to three sentences, describe what is meant by the catch-up period. How does it impact an individual’s capacity to accumulate assets? Discuss the impact this would have on a client who defers earning to a 401(k) and also contributes to a traditional IRA. What are the current IRS limits on catch-up contributions?