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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.
Big changes could come to retirement savings rules and tax breaks if a bipartisan package in a $1.7 trillion year-end spending bill passes Congress this week.
Here’s how to take advantage of 401(k) catch-up contributions.
The IRS released additional inflation adjustments for 2023, including to certain limits for qualified retirement plans such as 401k plans. This table provides an overview of Aggregate Annual Contribution Limit, Annual Roth Contribution Limit, and Catch Up Contribution Limit.