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The new contribution limit for 401(k)s and other workplace retirement plans in 2025 will be $23,500, up from $23,000 currently, the Internal Revenue Service said Friday.
Since 57.2% of employees nearing retirement contribute to a 401(k), according to the same EBI report, it could mean not as many take advantage of the catch-up contribution anyway.
The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Workers can defer paying income tax on as much as $19,500 that they contribute ...
As part of SECURE Act 2.0, passed in late 2022, individuals age 60, 61, 62 or 63 are now allowed to make “super catch-up contributions” to their 401(k) and other retirement plans. These ...
The IRS places contribution limits on 401(k)s: For 2024, the contribution limit is $23,000, with an additional $7,500 allowed in catch-up contributions for workers who are age 50 or older.
These accounts have annual contribution limits, but you are allowed to invest more in them once you reach age 50. ... $7,500 catch-up contribution to your 401(k) after age 50 or if you are 60, 61 ...
Before 2023, matching contributions to a Roth 401(k) had to be made on a pre-tax basis, meaning they were counted as contributions to a traditional 401(k) plan.
For tax year 2022, the catch-up contribution limit remains at $6,500. This means workers 50 and older can kick in a maximum of $27,000 to their 401(k) plans in tax year 2022.