Catch-Up Contributions
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Over 50? Consider Catch-up Contributions

If you’re getting close to retirement but feel like you haven’t invested enough or just want to increase your investments as you near retirement, consider making catch-up contributions to your 401(k) or other retirement plan.

Catch-up contributions are additional contributions you can make to your company retirement plan if you are 50 or older.

How much more can you invest for retirement?

Catch-up contributions give you the opportunity to increase your annual contribution limits once you reach age 50. Here are the guidelines for 2013. For more information, visit the IRS website.

Keep in mind that SIMPLE and IRA maximums and the SIMPLE may be indexed for inflation, so these numbers may or may not be correct.