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Rise in 401(k) contribution limits helping to rescue retirement incomes.(Special Report)
Crain's Cleveland Business, June, 2005 by Tramer, Harriet
Byline: HARRIET TRAMER Internal Revenue Service changes that recently went into effect boosted the amount employees can contribute to their 401(k) plans and raised the "catch-up'' contributions, or supplemental sums, that people older than 50 can make. Local financial advisers say those changes should be welcome news for baby boomers anxious to fill gaps in their retirement income because 401(k) plans have many strong advantages.
"You own your 401(k) plan,'' said Brent Horvath, a wealth management advisor with Gries Financial LLC in Cleveland. "It is there no matter what problems the company where you worked might encounter after you retire.'' The Economic Growth and Tax Relief Reconciliation Act of 2001 set 401(k) contribution limits at $13,000 for...
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