If you're 50 or older, you can make annual catch-up contributions to your 401(k), such as the $7,500 in 2024. There's an opportunity for higher contributions.
Through Secure 2.0, catch-up contribution limits increase to $11,250 for employees aged 60 to 63, boosting the total deferral to $34,750 for this age group.
It's important to adjust your 401(k) contributions now because alterations may take a couple of pay periods, impacting higher contributions in the new year.
Consulting with a financial advisor is wise, especially if you're considering adjusting your deferrals for retirement savings.
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