A New Boost for Retirement Savers

Beginning in 2025, people ages 60 through 63 will be able to put even more into their 401(k), 403(b) or 457 plans.

In addition to the new standard limit of $23,500, employees aged 60-63 will have a higher catch-up contribution limit of $11,250 instead of $7,500 that generally applies for employees aged 50 and over.  

That means someone between 60 and 63 could contribute up to $34,750 in 2025.

This special window ends once you turn 64, so it only applies during those four years. 

For many, that’s right when earnings are at their peak and retirement is just around the corner so it’s a great chance to give your savings a powerful boost.