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key 401k plan changes coming in 2025 to enhance retirement savings

Key changes to 401(k) plans are set for 2025, including an increase in employee deferral limits to $23,500 and a new catch-up contribution limit of $11,250 for workers aged 60 to 63. Additionally, part-time workers will gain easier access to retirement plans, and most new plans will require automatic enrollment with a minimum 3% deferral rate. These updates aim to enhance retirement savings for American workers, particularly those who have struggled to save.
CNBC
Vanguard Boston College USA Dave Stinnett Jamie Bossenbroek Alicia Munnell Show more
Finance & Economy, News Article
15:00 23.11.2024

retirement savings boost with new catch-up contributions starting in 2025

Starting in 2025, investors aged 60 to 63 can make catch-up contributions of up to $11,250, allowing a total deferral of $34,750, a 14% increase from 2024. The 401(k) contribution limit will rise to $70,000, benefiting older workers aiming to enhance retirement savings. Despite these changes, many American workers remain behind in retirement planning, with only 14% maxing out their 401(k) contributions in 2023.
CNBC
United States Dollar Vanguard Academy Inc. Bankrate Inc. USA Jamie Bosse Dave Stinnett
Finance & Economy, Market Report
20:39 11.11.2024
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