Catch-Up Contributions

What is a catch-up contribution? If you got a late start on saving for retirement, you may be able to “catch up” with something known as a catch-up contribution. Catch-up contributions are types of retirement savings contributions that enable people who are 50 years old or older to make additional contributions to their 401(k) and …

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What is a 401(k)? A 401(k) plan is a type of qualified employer-sponsored retirement plan that allows employees to save for retirement on a tax-deferred basis. Created after World War II as a part of the Revenue Act of 1978, the 401(k) Plan was intended to attract workers and offer an added benefit to their …

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