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Your 401k Savings Are Under Attack! [Secure Act 2.0 Catch-Up Contribution Changes Coming]
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In this video, we’re covering a new government rule that may have a negative impact on your retirement savings. This new law affects not only how much you can save and where you can save…but also if you’re even able to.
The SECURE Act 2.0 passed at the end of 2022 aimed at helping more people save for retirement. Section 603 of Secure Act 2.0 on the Roth catch-up contribution provision for those age 50 and over can really hurt those who are committed to taking advantage of the catch up contributions.
Beginning January 1 2024, highly compensated employees will be required to make catch-up contributions as Roth contributions if their income meets or exceeds $145,000.
This means: NO TAX BREAKS for these catch-up contributions because with a Roth, your contributions are paid after tax. And, NO catch-up contributions at all if your employer’s plan does not allow Roth contributions.
So if your 401k plan doesn’t have a Roth provision and you make over 145k a year, you won’t be able to make catch up contributions at all. Which could be a problem for people because a lot of 401k plans dont have the Roth provision.
Higher earners need to fund pretax catch-up contributions in 2023 while they still can because it provides a much bigger tax break.
So, MAX the Hell out of your Catch-up contributions this year!
For 2023, the catch-up contribution limit for 401(k) plans is $7,500 for individuals above the age of 50, allowing a total contribution of $30,000.
NOTE: The $145,000 definition of high earner will be indexed to inflation so that amount will change for future years.
#401k #roth401k #secureact #secureact2.0 #retirementplanning #retirementsavings
The SECURE Act 2.0 passed at the end of 2022 aimed at helping more people save for retirement. Section 603 of Secure Act 2.0 on the Roth catch-up contribution provision for those age 50 and over can really hurt those who are committed to taking advantage of the catch up contributions.
Beginning January 1 2024, highly compensated employees will be required to make catch-up contributions as Roth contributions if their income meets or exceeds $145,000.
This means: NO TAX BREAKS for these catch-up contributions because with a Roth, your contributions are paid after tax. And, NO catch-up contributions at all if your employer’s plan does not allow Roth contributions.
So if your 401k plan doesn’t have a Roth provision and you make over 145k a year, you won’t be able to make catch up contributions at all. Which could be a problem for people because a lot of 401k plans dont have the Roth provision.
Higher earners need to fund pretax catch-up contributions in 2023 while they still can because it provides a much bigger tax break.
So, MAX the Hell out of your Catch-up contributions this year!
For 2023, the catch-up contribution limit for 401(k) plans is $7,500 for individuals above the age of 50, allowing a total contribution of $30,000.
NOTE: The $145,000 definition of high earner will be indexed to inflation so that amount will change for future years.
#401k #roth401k #secureact #secureact2.0 #retirementplanning #retirementsavings
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