Summerlin Benefits Consulting Q&AAnswer
Oct 18, 2024 - 08:28 AM
A catch-up contribution allows individuals aged 50 and older to contribute more to their retirement accounts beyond the standard limits. In 2024, for 401(k)s, those under 50 can contribute up to $23,000, while those over 50 can contribute up to $30,500. For IRAs, the limit is $7,000 for those under 50 and $8,000 for those over 50. This helps older individuals boost their retirement savings, especially if they couldn't save enough earlier in life.
