Catch-Up Contributions Explained
Catch-up contributions allow those aged 50 and older to contribute an additional amount to their workplace retirement plans, with new rules coming into play for those aged 60 to 63. For 2023, the catch-up limit is $7,500, but there are nuances based on income thresholds, particularly for high earners. Understanding these details is crucial for maximizing retirement savings, especially for those looking to enhance their 401(k) contributions.In this clip
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421 | Secure Act 2.0 Deep Dive | Sean Mullaney
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