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The 401(k) contribution limit for 2024 is $23,000, and the catch-up contribution allows workers to add an additional $7,500 – for a grand total of $30,500 this year.
Individuals over 50 at the end of the calendar year can make annual 401(k) catch-up contributions up to $7,500 for 2024. With the 401(k) contribution limit at $23,000 for 2024, eligible ...
This provision lets you take out up to $1,000 a year penalty-free from your 401(k) for any type of emergency, though the withdrawal will be subject to income tax.
The IRS recently announced a much higher catch-up allowance when contributing towards employer retirement plans, including 401(k)s. This amount is almost double the “regular” catch-up ...
If you feel like you might be falling behind and need to catch up on your retirement savings quickly ... in 2024. Quick Take: Retirement Plan Options. ... 401(k) in 2024 by contributing up to ...
The new catch-up contribution provision also only applies to people with 401(k)s and other workplace retirement plans. ... 401(k) catch-up contributions for people ages 60 to 63 will increase in ...
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