“Catch up” your 401(k)
Your 401(k) misses you — it’s time to give it a little extra attention.
Fortunately, Uncle Sam has given you the perfect way to make up for all those years of neglect.
“If you are over 50, be sure to take advantage of the catch-up contribution’ in your 401(k),” says Michele Clark, a Certified Financial Planner with Clark Hourly Financial Planning and Investment Management in Chesterfield, Missouri.
In 2018, most workers can stuff up to $18,500 into their 401(k) plans. But if you are 50 or older, you can add an additional $6,000 to your contribution.