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SECURE 2.0 changes began rolling out in 2023 and will continue through 2027.
Government and church plans are also exempt.
According toVestwell, 6% is employers most common set contribution rate.
An employer may set its maximum contribution rate at 10% to 15%.
This change could benefit you if you have multiple part-time jobs rather than one full-time job.
For instance, in 2024, the 401(k) contribution limit is $23,000.
If you worry youve fallen behind on saving, SECURE 2.0 improves your ability to catch up.
The 2024 401(k)catch-up contribution limitis $7,500 for those 50 and older.
The increased limit will be adjusted for inflation after 2025, ensuring it keeps pace with rising costs.
If you have any jot down of retirement plan, its worth learning more about these changes.
The more you know how your plans work, the easier it is to maximize your savings efforts.
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