Several key changes to 401(k) plans are set to take effect in 2025. With this in mind, we wanted to share two key impacts for employees ? Increased Catch-Up Contributions – Starting in 2025, individuals aged 60 to 63 will see a boost in their catch-up contribution limit for 401(k) plans, increasing to the greater of $10,000 or 150% of the standard catch-up limit, with the amount indexed for inflation. The standard catch-up limit for those aged 50 and older will remain at $7,500. ? Required Minimum Distribution (RMD) Changes – The RMD age increased to 73 as of 2023 and is set to rise further to 75 by 2033, providing more time for retirement savings to grow before distributions are required. If you have any questions or want to discuss how these updates might impact your financial strategy, don’t hesitate to reach out. We're here to help. View Important Disclosure Here. https://lnkd.in/eTqZN7Rb #investing #financialplanning #WealthManagement #estateplanning #retirementplanning #LegacyPlanning
