The SECURE 2.0 Act of 2022 introduced a significant update for individuals aged 60 to 63 who want to boost their retirement savings. This new provision allows higher catch-up contributions for eligible participants, providing an opportunity to maximize savings in the crucial years leading up to retirement.
Key Highlights of the Enhanced Catch-Up Contribution
1. Increased Contribution Limits
Starting in 2025, individuals aged 60 to 63 can contribute the greater of $10,000 or 150% of the standard 401(k) catch-up limit for 2024. These limits will be adjusted annually for inflation to ensure they remain beneficial over time.
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