You can put More Money in Your 401(k) if Age 60-63
SECURE Act 2.0 added the ability to put more money into your 401(k) plan if you are age 60-63
Starting in 2024, any person aged 60-63 has the ability to put more money into their 401(k) plan.
The normal rules for anyone 50 or older are that they can put an extra $7,500 into their 401(k) plan. This is referred to as the catch-up provision.
SECURE Act 2.0 passed at the end of 2022 added a provision that allows anyone aged 60-63 to have a larger catch-up contribution starting in 2025.
The larger amount is the greater of:
