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Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions. Annual catch-up contributions up to $7,500 in 2023 and 2024 ($6,500 in 2021-2020; $6,000 in 2015 - 2019) may be permitted by these plans:
As a reminder, employees who are 50 and older are allowed to contribute additional money to their employer-sponsored retirement plan, known as a catch-up contribution. For 2024, the catch-up contribution is an extra $7,500 on top of the $23,000 limit for everyone else, for a total limit of $30,500.
The catch-up contribution limit for employees aged 50 and over who participate in 401 (k), 403 (b), and most 457 plans, as well as the federal government's Thrift Savings Plan remains $7,500 for 2024.
Catch-ups are permitted for workers aged 50 years and older. The catch-up contribution limit for an IRA is an additional $1,000 on top of the annual contribution limit in 2024 and 2025.
If you’re 50 or older, you can make catch-up contributions to your tax-advantaged retirement accounts. Learn more about catch-up contribution limits and rules in 2024.
WASHINGTON — Today, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401 (k) and similar retirement plans must be designated as after-tax Roth contributions.
The tax code provides "catch-up" savings opportunities so that people age 50 and older can increase their tax-advantaged contributions to IRAs, 401 (k)s, and HSAs (starting at age 55). Taking advantage of catch-up contributions can deliver a significant boost to your retirement saving.
The 2022 catch-up contribution limit for workers age 50 and up is $6,500 ($7,500 for 2023). The SECURE 2.0 Act adds a "special" catch-up contribution limit for employees 60 to 63 years of age...
Consider the limit for IRA contributions for those 50 and older in 2024: $8,000, which represents $1,000 in additional catch-up contributions. An extra $1,000 might not sound like a major...
Some retirement plan participants aged 50 or older may need to shift their new catch-up funds to become Roth contributions. The IRS is instituting a transition period for those the new rules...