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.
