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.