New SECURE 2.0 Super 401(k) Catch-Up Contribution for Ages 60-63
December 17, 2024
The SECURE 2.0 Act, signed in late 2022, has significantly changed retirement savings rules in recent years.
Those changes include but aren’t limited to, a new RMD age and increased access to 401(k) plans for part-time workers.
And there’s more. Starting in 2025, SECURE 2.0 enhances catch-up contributions for certain older adults. If you’re 60, 61, 62, or 63 in 2025, you may be able to leverage this provision to increase your savings for retirement.
These contributions could also lower your taxable income and potentially reduce your overall tax liability.
Here’s what you need to know about how the new “super catch-up contributions” will work.
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