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The IRS recently announced some welcome news for higher-income workers with 401(k)s and similar retirement plans. The agency delayed implementing a new rule that would have required catch-up ...
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
Here are the IRS’ guidelines for retirement contributions in 2024, as reported by CNBC: Contribution limits to 401(k) plans in 2024 have increased to $23,000, up from $22,500 for 2023. Catch-up ...
If you’re 50 or older, you can add up to $7,500 in catch-up contributions in 2024 and 2025 for a total of $30,500 this year and $31,000 next year. People who are between 60 and 63 have a higher ...
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 2024 401(k) catch-up contribution limit is $7,500 for those 50 and older. Starting in 2025, if you’re 60 to 63, you will get a higher contribution limit than people in their 50s.