Employees who are at least 50 years old 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. Employees who are 50 years or older by year-end can make catch-up contributions to their 401(k) accounts. As of 2021, the catch-up contribution limit is $6,500 in addition to the regular contribution limit of $19,500 for those under 50 years old.

Employees Who Are at Least 50 Years Old at the End