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.