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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...
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. Here's how age groups stack up on average and median 401(k) balances as of 2024: Age
In 2023, only 14% of ... Starting in 2025, employees aged 60 to 63 years old who participate in one of those work plans have a higher catch-up contribution limit. That cap is $11,250, instead of ...
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 ...
In 2024, the 401(k) contribution limit is $23,000, which is up from $22,500 in 2023. Individuals aged 50 and over can contribute an additional $7,500 in catch-up contributions to their 401(k ...
401(k) plan limits. 2024. 2025. Change. Maximum salary deferral for workers. $23,000. $23,500 +$500. Catch-up contributions for workers age 50 and older. $7,500
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