The SECURE Act 2.0, signed into law in December 2022, made significant changes to retirement savings rules, including increasing catch-up contribution limits for individuals age 50 and older.
These catch-up contributions allow individuals to save more money for retirement in the years leading up to retirement, when they may have higher earnings and are trying to make up for lost savings. For 2023 and 2024, the catch-up contribution limit is $7,500. In 2025, the catch-up contribution limit will increase to $10,000.