The 401k tremendous catch-up provision is an Inside Income Service (IRS) rule that permits people who’re age 50 or older to make extra contributions to their 401(ok) retirement plans.
The tremendous catch-up provision was created in 2001 and has been modified a number of occasions since then. The present limits for 2023 are $7,500 for conventional and protected harbor 401(ok) plans, and $6,500 for SIMPLE 401(ok) plans. These limits are listed to inflation and are adjusted annually.
