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Expanded catch-up contribution limits included in latest retirement bills
The Secure Act 2.0, which the House passed in March, but waiting for the Senate to finalize its bill, will allow older 401(k) participants to contribute more to their plan. The cap on the “catch-up” contributions would increase to $10,000 for people ages 62,63, and 64. However, the bill in the Senate would allow the increased “catch-up” contribution limit for anyone 60 and older. Jeanne Sahadi explains how the expanded catch-up contribution would help and why you should make catch-up contributions. Read Ms. Sahadi’s article here…
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