I was originally going to ask how the IRS will determine the age cutoff for the new 2025 age 60-63 catchup contribution limit, since I turn 64 in 2025. But searching the Bogleheads forums, it looks like I'm out of luck in that regard and will not be able to take advantage.
However, what I did not find in searching is what the catchup limit will be for those of us 64 and older starting in 2025. Is it back to the same limit as those 50-59? Or is the catchup contribution now eliminated at that point? Has the IRS published the details for this aspect of the Secure Act 2.0 yet?
And as an aside question: Does anyone know what the reasoning was for setting an upper age limit (i.e. 63) for this new catchup contribution limit? 63 seems somewhat arbitrary (or at least too low) to me, but maybe that's just because I'm one of the ones negatively affected by it! Image may be NSFW.
Clik here to view.
However, what I did not find in searching is what the catchup limit will be for those of us 64 and older starting in 2025. Is it back to the same limit as those 50-59? Or is the catchup contribution now eliminated at that point? Has the IRS published the details for this aspect of the Secure Act 2.0 yet?
And as an aside question: Does anyone know what the reasoning was for setting an upper age limit (i.e. 63) for this new catchup contribution limit? 63 seems somewhat arbitrary (or at least too low) to me, but maybe that's just because I'm one of the ones negatively affected by it! Image may be NSFW.
Clik here to view.
Statistics: Posted by newbh933 — Thu Sep 05, 2024 8:50 am — Replies 4 — Views 346
