A recent survey found that 23% of people were very confident about having enough money to live comfortably through their retirement years. At the same time, 33% were not confident.1
Congress in 2001 passed a law that can help older workers make up for lost time. But few may understand how this generous offer can add up over time.2
The “catch-up” provision allows workers who are over age 50 to make contributions to their qualified retirement plans in excess of the limits imposed on younger workers.
How It Works
Contributions to a traditional 401(k) plan are limited to $19,500 in 2019. Those who are over age 50 – or who reach age 50 before the end of the year – may be eligible to set aside up to....