If you're in your early 60s, retirement may be approaching fast. You're not alone if you feel compelled to save more during this critical period.
The SECURE 2.0 Act, which was signed into law in late 2022, introduced several new retirement plan provisions. One of these included the "Super Catch-Up" contribution. If you're eligible, this may be the opportunity to boost your retirement savings and add thousands to your nest egg.
Here's what you need to know.
If there is one advantage to getting older, it's the ability to save more to your qualified retirement plans. The annual contribution limit for employees who take part in 401(k) 403(b), governmental 457(b) plans and the federal government's Thrift Savings Plan increased to $24,500 in 2025, up a whopping $1000 from the previous year. Except for non-governmental 457(b) plans, the IRS allows those age 50 or older to make catch up contributions as well. Starting in 2025, workers that turn 60, 61, 62 or 63 by calendar year end can make super catch-up contributions of $11,250. For everyone else over age 50, it's $8,000.
What plans are being affected?
Does this apply to Individual 401(k) plans?
If I am 59 and turn 60 during 2026, can I take advantage of this?
Does the company match impact the super catch-up limit?
Does this apply to non-governmental 457(b) plans?
What happens if I turn 64 during the calendar year?
If I'm eligible, can I add $8,000 for the over age 50 catch up plus the $11,250 super catch up?
Can I take advantage if I add to my Roth 401(k)?
What are the annual contribution limits in 2026?
Yes, you may need to increase your contributions to hit the maximum. Check to make sure.
Since this opportunity only lasts up to four years (until you reach age 64), we recommend you talk to your Mesirow Wealth Advisor to see how you can take advantage of super-catch up contributions as soon as you can.
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