New Rule for Catch-Up Contributions
Jul 17, 2023
Current law permits individuals aged 50 and older to contribute additional amounts to a 401(k), 403(b), or 457(b) plan to help bolster retirement savings later in life. These other amounts, called “catch-up” contributions, may be withheld from an individual’s compensation as either a pre-tax or Roth (after-tax) deduction. Download this helpful resource to serve as a reference as you learn more about the impacts of these catch-up contributions.