Employees who are at least 50 yearsof age at the end of the year are allowed to contribute more to their 401(k)accounts than employees who are not 50 years old by year-end.

Question

Quizplus · Accepted Answer

This is true. This is known as a "catch-up contribution" and allows older employees to contribute an additional amount to their retirement accounts. As of 2020, the catch-up contribution limit for employees 50 years and older is $6,500 for 401(k) accounts.

Employees Who Are at Least 50 Yearsof Age at the End