Personal Finance

Tax Break Vanishing for Some Retirement Savers

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Tax Break Vanishing for Some Retirement Savers
A sheet of uncut $100 bills is inspected during the printing process at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas, on Sept. 24, 2013. LM Otero/AP Photo
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

A popular tax break in the form of being able to make so-called catch-up contributions to 401(k) retirement savings plans is set to vanish for many higher-earning Americans at the end of this year.

Catch-up contributions refer to a provision in 401(k) plans that allows individuals aged 50 and older to contribute extra money to their retirement savings accounts. The aim of catch-up contributions is to enable older workers to accelerate their retirement savings in the years leading up to their retirement.

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Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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