On January 10, 2025, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued proposed ...

SECURE 2.0 extended the catch-up limit for people between ages 60 and 63, but 55% of eligible savers aren't even aware that ...

One of the best ways to save for retirement is through a 401(k) plan, especially if your employer ... Employees aged 60–63 will be able to make larger catch-up contributions to their 401(k ...

Beginning in 2024, the SECURE Act 2.0 will index IRA catchup contribution limits for inflation, making it likely that higher ...

Using a 401(k) retirement plan, let's break down the impact of catch-up contributions to saving for your retirement. Let's say a 50-year-old employee plans to retire at 67, so they have 17 years ...

So, each plan sponsor will decide whether to implement ... whichever is greater. For example, the catch-up limit for those age 50+ in 2024 is $7,500. So, the IRS has just announced that for ...

If you are at least age 50 you can make catch-up contributions to your 401(k) plan. In 2023, the 401(k) contribution limit is $22,500 and the catch-up contribution limit is $7,500. If you are 50 ...

The 401(k) Catch-Up Contribution Limit for 2024 Workers can defer paying income tax on as much as $23,000 on contributions to a 401(k), 403(b) and the federal government's Thrift Savings Plan in 2024.

Nick Defenthaler, CFP®, RICP®, is a partner, CERTIFIED FINANCIAL PLANNER™ and Retirement Income Certified Professional® at Center for Financial Planning, Inc.® (offices in Brighton and Southfield ...

The proposed regulations apply to catch-up contributions under a 401(k) or similar workplace retirement plan that generally are allowed for workers who have attained age 50.