Final answer:
The statement is false; individuals at least 50 years old can contribute more to their defined contribution plans, not less.
Step-by-step explanation:
Individuals participating in a defined contribution plan who are at least 50 years of age by the end of the year actually have the option to contribute more to their retirement savings, not less. This is known as the “catch-up” contribution, and it allows older individuals to save additional funds to prepare for retirement. Therefore, the statement that individuals who are at least 50 years of age by the end of the year have contribution limits that are lower than individuals less than 50 years old is false.