Summerlin Benefits Consulting Q&AAnswer
Oct 23, 2024 - 11:58 AM
A catch-up contribution allows individuals aged 50 or older to make additional contributions to retirement accounts, enabling them to boost their savings. In 2024, eligible individuals can contribute an extra $7,500 to a 401(k) and $1,000 to an IRA, on top of the standard contribution limits. This provision helps those who may have contributed less earlier in their careers to catch up before retirement.
