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The catch-up contribution limit, for those 50 or older, is holding steady at $7,500. There’s an extra layer of icing for workers aged 60 to 63, thanks to the Secure 2.0 law — a higher catch-up ...
A 457(b) is similar to a 401(k) in how it allows workers to put away money into a special retirement account that provides tax advantages, letting you grow your savings tax-deferred.
Traditional Employer-Sponsored 401(k), 403(b), Governmental 457 plan, or Thrift Savings Plan. Solo 401(k) Annual contribution limit. $23,500. $23,500. Catch-up contribution limit for employees ...
This allows a person whose employer has a 401(k) or 403(b) and a 457 to defer the maximum contribution amounts to both plans instead of coordinating the total and only being able to meet a single limit amount. Thus, participants can contribute the maximum $19,500 for 2021 into their 401(k) and also the maximum $19,500 into their 457 plan.
While the regular contribution limit for 2024 is $23,000, the catch-up contribution allows another $7,500, for a large total allowable contribution of $30,500. ... A health savings account (HSA ...
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 super catch-up contribution ...