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The IRS rolled out major changes to 401(k) contribution limits last week, including catch-up contributions for workers aged 50 and older. In an Oct. 21 announcement, the tax agency said the amount...
Additionally, maximum Roth or traditional individual retirement account (IRA) contributions are now set at $6,500 (up from $6,000). The IRA catch-up contribution limit (a contribution that allows ...
For some workers, 401(k) contributions might get maxed out every year. ... was $134,128 across all age groups in 2023, ... 60 and 63 have a higher catch-up limit of $11,250 for a total of $34,750 ...
The catch-up contribution limit will remain the same at $7,500. ... Vanguard, in its 2024 How America Saves report, found that only 14% maxed out their 401(K) savings in 2023. “Participants who ...
For anyone 50 or older, you will be allowed to put away an additional $7,500 in “catch-up contributions,” for a total of $30,500. Those same limits apply to 403(b) plans, most 457 plans and ...
Contribution limits for 401(k) and other workplace retirement plans rise for 2025. ... In 2023, only 14% of ... The IRA catch‑up contribution limit for individuals aged 50 also stayed at $1,000 ...
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