If you're eager to save more for retirement, it's not too early to boost 401(k) plan contributions for 2025, financial experts say.
For 2025, you can defer up to $23,500 into 401(k) plans, up from $23,000 in 2024.
For workers age 50 and older, the 401(k) catch-up contribution remains at $7,500 for 2025.
But there's a "super funding" opportunity for 401(k) catch-up contributions for a subset of savers, according to Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.
However, boosting contributions later could still be beneficial for savers in this age range, experts say.
Persons:
it's, Tommy Lucas, Moisand Fitzgerald Tamayo, Slash, Catherine Valega
Organizations:
Finance, Secure, Green Bee
Locations:
Orlando , Florida, Boston