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To ensure that questions get required attention from community members and are NOT left unanswered, it’s important for the author to indicate (by selecting “Yes” or “No” when prompted) whether the question was answered. (newly added) Please note that it is also important to respond to EACH comment your question receives. Your Yes or No response ensures an accurate status for your question.
For more information, please refer to this announcement explaining best practices for getting answers to questions.
For more information, please refer to this announcement explaining best practices for getting answers to questions.
SECURE 2.0 Catch Up Limits for participants ages 60-63
Summary:
According to IRS Legislation, the provision will go into effect on January 1, 2025. For participants who are ages 60, 61, 62, and 63, they will have a larger catch up limit than other participants who are catch up eligible. The limit is the greater of $10,000 or 150% of the previous year’s catch up limit. So, for 2025, since the catch up limit in 2024 is $7,500, the higher limit for these participants will be $11,250. This will apply to anyone who is or going to be 60, 61, 62, or 63 at any time in 2025. Every following
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