In 2023, participants age 50 and older can contribute an extra $7,500 per year annually into their 401(k) account. This amount will increase to $10,000 per year (indexed for inflation) starting in 2025 for participants age 60 to 63. Also, after 2023, all catch-up contributions for participants earning over $145,000 annually must be made to a Roth (after-tax) basis.
Catch-Up Contributions Increased
January 16, 2023