People who are 50 or older at the end of the calendar year can make annual contributions to get up to speed. There is no maximum age for participating in a 401 (k) plan. As long as you're still working, you're never too old to contribute. If your employer offers group benefits that include a 401 (k) plan, you have a great way to save for retirement.
Regardless of your age, if you're still working, you can take advantage of tax benefits and any equivalent contribution from your employer. If you're over 59.5 years old, you can withdraw from a 401 (k) plan without penalty. If you need more information about participating in a 401 (k) plan, talk to our experienced agent. Employees with a 401 (k), 403 (b) or 457 account and 50 years of age or older can contribute additional funding annually to their plans.
Known as recovery contributions, they also have annual contribution limits, which generally receive an annual increase in the cost of living.