What are 401(k) catch-up contributions?

In addition to the annual deferral limit, you may be able to make catch up contributions. If you are, or will, turn 50 years of age or older this year, you can contribute an additional $6,500 annually to your 401(k) in 2020. 

This additional amount can be contributed regardless of any other limitations on the amount you can contribute to your 401(k). The annual contribution limits may be adjusted annually by the IRS for cost‑of‑living. We will do our best to notify you every year of the maximum amount you can contribute.

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