421 | Secure Act 2.0 Deep Dive | Sean Mullaney
ChooseFI
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401k Catch-Up Contributions - What Are Your Options?
Catch-up contributions, can you describe to the audience just precisely because some people have never heard that term before? Yeah. The law today says that if you are 50 or no older during the year, you get to contribute an additional amount as an employee contribution to your workplace plan. For 2023, that amount is 7,500. There's a rule in secure 2.0 that's going to change that amount only for those who are age 60, 61, 62, and 63.
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