Senate and House proposals for Catch-Up Contribution increase and age
I was confused by the paragraph in Ian’s article on proposed age-related changes to up the catch-up limit from $6500 to $10K in 2024. I saw potential ages 60-64 listed but not “and older”. And also the current 50 year age for $6500 was mentioned. Would the 50 year age rule be retained and the increase applied to the older individuals? Is “and older” implied? This is important to us because my wife and I are 64 and she intends to keep working and maxing out the allowed Solo 401K contribution.
Permalink Submitted by William Tuttle on Tue, 2022-07-05 22:46
The enhanced $10K is only for the years individuals are age 62 – 64. The existing catch-up contribution limit applies to all others for years >= age 50.