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One of the most valuable perks of a 401(k) is its high contribution limits. The additional $7,500 that workers 50 and older are eligible to contribute to a 401(k) is known as a catch-up contribution.
Changes to 401(k) rules allow for a potential boost in savings. ... The law ushered in a new rule that provides extra catch-up contributions for employees aged 60 to 63. Those older workers can ...
For plans like a 401(k), 403(b), Thrift Savings Plan, some 457 plans and Simple IRAs and 401(k) plans, the total contribution limit for participants age 60 to 63 in 2025 is $34,750.
The SECURE 2.0 Act was drafted to assist in saving and investing for retirement. To that end, it contains a number of provisions to incentivize retirement planning, diversify the options available to savers, and increase access to tax-advantaged savings programs. Several of these provisions do not take effect until later years.
If you’re age 60–63, you’re eligible for super catch-up contributions in 401(k)s and other eligible retirement plans (403(b), governmental 457 plans, etc.).
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94 (text), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget).
The $24 billion cost would be offset by a provision loosening the rules for 401(k) accounts to be converted into Roth 401(k) plans, requiring taxes to be paid on the assets, [3] [5] as well as a requirement for unspecified cuts of $4 billion for the remainder of FY2013 and another $8 billion in FY 2014. [10]
The new contribution limit for 401(k)s and other workplace retirement plans in 2025 will be $23,500, up from $23,000 currently, the Internal Revenue Service said Friday.