However , if you’re over 50 at any time in 2013 (even if you turn 50 on Dec. 31, 2013), you can contribute an additional amount called a “catch-up contribution” up to $5,500. This special contribution limit remains unchanged from the 2012 limit. That means workers age 50 or older in 2013 can make a total contribution of $23,000 to their retirement plan accounts.
For more information on 401K benefits and options that may be available to your company and its employees, please contact your LL Roberts Group PEO Consultant (toll free) at 877.878.6463.