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For some workers, 401(k) contributions might get maxed out every year. ... People who are between 60 and 63 have a higher catch-up limit of $11,250 for a total of $34,750 in tax year 2025 ...
The 401(k) contribution limit stayed the same for 2021. But workers 50 and older can save an extra amount for retirement.
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 ...
There is also a maximum 401(k) contribution limit that applies to all employee and employer 401(k) contributions in a calendar year. This limit is the section 415 limit, which is the lesser of 100% of the employee's total pre-tax compensation or $56,000 for 2019, or $57,000 in 2020.
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 IRS this week announced it was raising the 401(k) contribution limit to $23,000, up from $22,500 currently. ... you will be allowed to put away an additional $7,500 in “catch-up ...
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