contributions

Catch-up contributions are additional contributions that individuals can make to their retirement accounts beyond the annual contribution limit. For 2023 and 2024, the catch-up contribution limit is $7,500. For 2025, the catch-up contribution limit is $8,000.

Catch-up contributions can be a valuable tool for individuals who are behind on their retirement savings or who want to save more for retirement. Catch-up contributions are made on a pre-tax basis, which means that they reduce your current taxable income. This can save you money on taxes now and help you grow your retirement savings faster.

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Under the SECURE Act of 2019, individuals can make catch-up contributions to their retirement accounts once they reach age 50. These contributions are in addition to the regular contribution limits, and they allow individuals to save more money for retirement. The catch-up contribution limit for 2023 is $1,000 for 401(k) plans and $750 for IRAs, and it is scheduled to increase to $1,500 for 401(k) plans and $1,000 for IRAs in 2025.

Catch-up contributions can be a valuable tool for individuals who are behind on their retirement savings. They can help individuals to increase their retirement savings and reduce the risk of running out of money in retirement.

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