"This can be a great way for people to boost their retirement savings," certified financial planner Jamie Bosse, senior advisor at CGN Advisors in Manhattan, Kansas, previously told CNBC.
This can be a great way for people to boost their retirement savings.
How much older workers save for retirementThe 401(k) catch-up contribution change is "very good" for older workers who want to save more for retirement, said Dave Stinnett, Vanguard's head of strategic retirement consulting.
Some 35% of baby boomers feel "significantly behind" in retirement savings, according to a Bankrate survey that polled roughly 2,450 U.S. adults in August.
"But not everyone age 50 or older is maxing out [401(k) plans] already," Stinnett said.
Persons:
Jamie Bosse, deferrals, Dave Stinnett, Stinnett
Organizations:
CGN Advisors, CNBC, America
Locations:
Manhattan , Kansas