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401k Catch-up Contributions

401k Catch-up Contributions


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Current legislation provides for an optional 401k plan feature that allows plan members that are 50 years of age or older to contribute more than regular 401k limits. This allows participants roughly 10 more years to build-up their 401k accounts as much as possible before retirement. With regard to 401k loans and early withdrawals catch-up contributions are treated just like any other employee contributions. For 2007, the maximum catch-up contribution is $5,000 and and was $5,000 in 2006. Many plans offer catch-up contributions, but not most, so check with your 401k advisor to find out if your plan does. The current catch-up max for 2013 is $5,500.

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