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Why Catch-Up Contributions Are Important
February 10th, 2012 by admin
Although it is better that you start saving for retirement early, you don’t have to worry if you haven’t saved enough money yet. Even if you are already in your 40s or 50s, there are various retirement plans such as 401k plans that offer people catch-up contributions to their retirement funds. These catch-up contributions are very beneficial for people who are already nearing retirement and those who want to increase their retirement savings. The 401k contribution limit for catch-up contributions is different so you don’t need to worry about exceeding the limit and incurring penalties. Thus, always remember that it is never too late to start saving for retirement.