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But if you will be age 60, 61, 62, or 63, thanks to a provision in the retirement law Secure 2.0, your catch-up contribution limit will be even higher for the first time next 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 ...
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.
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.
A substantially higher "catch-up" contribution for 401(k) plans applies for savers aged 60, 61, 62 and 63 who participate in these plans at work beginning in 2025. ... an extra $500 from the 2024 ...
The catch-up contribution provision is one of the dozens of new ... 401(k) catch-up contributions for people ages 60 to 63 will increase in 2025 to $10,000 or 150% of the regular catch-up amount ...
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