You might already know that you can defer up to $19,000 in your 401(k) in 2019.
However, less than half of the Gen Xers in the survey knew that they can make a $6,000 catch-up contribution to their workplace retirement account after they celebrate their 50th birthday.
About a third of participating baby boomers were also unaware that they could make that catch-up contribution, according to the survey.
“The theory is that if you’re participating in a 401(k) plan, the plan sponsors and providers are pretty good about letting people know that they’ve turned 50,” said Collinson said.
“The plan sponsor may send an email reminder and notification once or twice, and many people may not read it,” she said. “People need to be told about something more than once before it really sticks.”