Super-Catch-Up Retirement Contributions | Haefele Flanagan

Dec 17, 2024 · Employers may need to amend their retirement plans by the end of 2024 to accommodate the new super-catch-up contributions or clarify their implementation. The …

CouponFollow Extension

$3500
OFF

IRS Increases 401(K) And IRA Limits | Haefele Flanagan

2 weeks from now

Nov 22, 2023 · The catch-up contribution limit for employees 50 and over who participate in SIMPLE plans remains $3,500 for 2024. The income ranges for determining eligibility to make …

hfco.com

$11250
OFF

2025’s Super Catch-Up 401(k) Contribution: What You Need To Know

2 weeks from now

The super catch-up 401 (k) contribution limit is specifically for those aged 60-63 starting in 2025. Those lucky individuals aged 60 to 63 may contribute an additional $11,250 instead of the …

linkfinancial.solutions

FAQs about Super-Catch-Up Retirement Contributions | Haefele Flanagan Coupon?

What is a super catch-up contribution?

This “super catch-up contribution” allows you to save 50% more than the regular catch-up amount. Here’s how it works: That’s an extra $3,750 you can save for your retirement! While the super catch-up contribution is exciting, another rule kicks in starting in 2026 that you need to be aware of. ...

What are the new super catch-up contributions in 2024?

In 2024, these limits allow older savers to contribute beyond the standard $23,000 annual deferral limit: What Are the New Super Catch-Up Contributions? For individuals aged 60-63, the enhanced catch-up contribution limit in 2025 is 150% of the standard age 50+ catch-up limit. ...

Does your retirement plan have a catch-up contribution limit?

So, each plan sponsor will decide whether to implement this feature in their retirement plans. This enhanced catch-up contribution limit is $10,000 or 150% of the standard age 50+ catch-up contribution limit, whichever is greater. For example, the catch-up limit for those age 50+ in 2024 is $7,500. ...

What is a super catch-up 401(k)?

To address that savings shortfall: enter the super catch-up. Coming to 401 (k) plans in 2025, this provision of the SECURE Act 2.0 enables workers between 60 and 63 to save an extra $11,250 in their 401 (k). That’s higher than the $7,500 workers over 50 can save in standard catch-up contributions. ...

What are 401(k) catch-up contributions?

401 (k) catch-up contributions allow employees aged 50 and older to contribute beyond standard IRS contribution limits, helping them boost their retirement savings as they approach retirement. Key features of 401 (k) catch-up contributions include: Individuals must be at least 50 years old by the end of the calendar year. ...

How much can a 59 year old contribute to a super catch-up?

While the “super catch-up” is only available for those aged 60-63, employees between 50 and 59 will continue to have the standard $7,500 catch-up contribution limit. This gives them the potential to contribute up to $31,000 annually if they contribute the standard annual limit. ...