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Ageism puts older jobseekers at a disadvantage, but they can greatly improve their chances by talking up the advantages they offer to prospective employers

The biggest changes in 2024 to Social Security benefits, Medicare premiums, retirement savings accounts and taxes that retirees need to know about.

The intent was simply to require catch-up on a Roth basis for high-wage earners, i.e., those making more than $145,000 from their employer in the prior year, and to permit other participants to make catch-up contributions on either a pre-tax or Roth basis.

Employers should ensure that hours are being tracked properly and to ensure that tracking will be reflected in retirement plan eligibility beginning in 2024 .

Obstacles to operationalizing the change are no less complicated for employers who use spillover-style catch-up contribution elections.

Employers can offer participants who are age 50 or older the opportunity to make additional catch-up contributions to their retirement plans, providing a great way for older workers to save more money—up to an extra $7,500 for 2023—as they get closer to retirement age.

Employers can offer 401k plan participants who are age 50 or older the opportunity to defer additional compensation to their retirement accounts, more than the Code Section 402g amount, which is $22,500 for 2023. The catch-up contribution limit for 2023 is $7,500.

SECURE 2.0 permits but does not require plans to add emergency savings accounts beginning with the 2024 plan year, but only non-highly compensated employees may contribute to these accounts.

Enacted last December as part of omnibus appropriations legislation, the Securing a Strong Retirement Act of 2022 SECURE 2.0 includes a number of provisions that have an impact on retirement plan administration, effective 2023. Ley changes affecting retirement plans for 2023.

SECURE 2.0 Act enables employers to help workers with student loan debt prepare for their future