Who is eligible to make catch-up contributions in retirement accounts?

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Multiple Choice

Who is eligible to make catch-up contributions in retirement accounts?

Explanation:
Catch-up contributions are extra amounts you can add to retirement accounts once you reach a certain age, to boost savings as you near retirement. The key rule is age-based: you must be 50 or older to qualify for catch-up contributions. This applies to many plans, such as 401(k)s, 403(b)s, 457s, and IRAs, though the exact extra amount can vary by plan and year. That makes the correct choice workers aged 50 and older. Being under 50 doesn’t qualify you for catch-up, and eligibility isn’t tied to government employment or income level—those factors don’t determine whether you can make catch-up contributions.

Catch-up contributions are extra amounts you can add to retirement accounts once you reach a certain age, to boost savings as you near retirement. The key rule is age-based: you must be 50 or older to qualify for catch-up contributions. This applies to many plans, such as 401(k)s, 403(b)s, 457s, and IRAs, though the exact extra amount can vary by plan and year.

That makes the correct choice workers aged 50 and older. Being under 50 doesn’t qualify you for catch-up, and eligibility isn’t tied to government employment or income level—those factors don’t determine whether you can make catch-up contributions.

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