This 401(K) Change Could Maximize Your Savings

This 401(K) Change Could Maximize Your Savings

 Source: NewsNation 

• New contribution limit for those 60 to 63 years old is $11,250
• The 2025 change increased the limit by $3,750
• If you exceed the contribution limit, you will be double-taxed

A change in 401(k) plans takes effect this year, which means some people who save in their retirement plans could maximize their savings.

The change — which applies to 401(k)s as well as 403(b)s, governmental 457(b) plans and the federal government’s Thrift Savings Plan — is a result of the Secure 2.0 tax law passed in 2022. It’s meant to give those who are approaching retirement age an opportunity to save more money. Follow link to read more. https://www.newsnationnow.com/business/your-money/contribution-limit-increase-401k/