Older Workers to Get ‘Super’ 401(k) Catch-Up Contributions in 2025

Published On Nov 8, 2024, 9:00 AM

Starting next year, workers aged 60 to 63 will have the opportunity to make higher catch-up contributions to their 401(k) plans, allowing for a total of up to $34,750 annually. This provision is part of the Secure 2.0 tax law aiming to help older workers save more for retirement after years of insufficient savings. The context highlights concerns about retirement savings in an aging population, especially as pensions become less common.