What's New? New 401(k) Catch-Up Contribution Rules for 2024

The SECURE 2.0 Act substantially changed retirement account rules. Some of these changes have already taken effect and have caused confusion. That’s been problematic for some older adults who need clarity on crucial retirement planning aspects, such as when to take required minimum distributions (RMDs).

Another concern is the upcoming changes to the rules governing catch-up contributions for 401(k) plans. These changes, which won’t be effective until 2024, will require catch-up contributions for higher-income earners to be made on a Roth basis. Read more HERE in The Gold Book.