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Catch-Up Contributions: A Strategic Move for Secure Retirement
ARTICLE | June 25, 2024
Authored by Vasquez + Company
If you're 50 or older, you have the opportunity to make catch-up contributions to your retirement accounts, potentially enhancing your retirement savings significantly. This article delves into the various types of catch-up contributions available, including IRA and company plan contributions, and highlights the financial impact they can have on your retirement wealth. It also explains recent legislative changes affecting these contributions, offering valuable insights for maximizing your retirement savings.
Key Points:
- Financial Impact: Examples illustrate how IRA and company plan catch-up contributions can significantly boost retirement savings over time.
- Legislative Changes: The SECURE 2.0 Act raises limits for certain age groups starting in 2025 and postpones changes for higher-income individuals until 2026.
For more information, read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
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