ARI | 2-1-25 AM: Super Catch-Up on 401ks

February 01, 2025

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Starting this year, individuals aged 60 to 63 have the opportunity to boost their 401(k) savings through a new "super catch-up" contribution. This provision allows for an additional $11,250 contribution on top of the regular $23,500 limit, specifically benefiting those who have already been maximizing their existing catch-up contributions. While this change offers a significant advantage for increasing retirement funds, it's essential to be aware of the necessary updates to plan documents and payroll systems to accommodate these contributions. Eligible individuals should consult with their plan administrators to ensure they can take full advantage of this opportunity.

It's also important to consider tax strategies when making these additional contributions. The "super catch-up" contributions can be allocated to either traditional or Roth 401(k) accounts, each with different tax implications. Given the impending shifts in tax laws, consulting with a financial advisor can help determine the most beneficial approach for your situation. By staying informed and proactive, you can significantly enhance your retirement savings during these critical years.

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Are you planning to utilize the new "super catch-up" contribution to your 401(k) this year?

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Fun Fact

According to a recent study, individuals who consistently maximize their 401(k) contributions can accumulate over $1 million in retirement savings, highlighting the power of disciplined investing.