Maxing out 401k with Catchup
My client does not turn age 50 until December 26, 2023 . Can he max out his 401k with the catchup to $30,000 in October of 2023 even though he doesn’t turn 50 until last week of the year?
My client does not turn age 50 until December 26, 2023 . Can he max out his 401k with the catchup to $30,000 in October of 2023 even though he doesn’t turn 50 until last week of the year?
Permalink Submitted by Alan - IRA critic on Mon, 2023-06-26 20:25
Yes, the catchup can be used anytime in the year client reaches 50.