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SUPER Catch Up Contributions

Super Catch Up Contributions Here are some key takeaways: 1. Super catch up contributions: Starting in 2025, individuals turning 60 can save an additional $11,250 per year over the normal limit in their workplace retirement accounts for ages 60-63. 2. Increased savings potential: This allows eligible individuals to save up to $34,750 per year in their workplace retirement accounts, potentially adding $139,000 over four years. 3. RMD age change: The Required Minimum Distribution (RMD) age is projected to be pushed back to 75 starting in 2026, allowing for more tax-deferred growth. 4. Balancing contributions: It's important to right-size retirement contributions and not contribute the maximum amount just because it's possible, especially if it compromises current financial stability. 5. Roth vs. pre-tax contributions: Consider the benefits of both Roth and pre-tax contributions for super catch up contributions, taking into account current and projected future tax brackets, as well as the need for flexibility in retirement. LINKS: * Christine Benz - Article at Morningstar:* https://www.morningstar.com/personal-... ** Christine Benz's newest book "How To Retire" ** https://www.amazon.com/How-Retire-les... #retirement #retirementfund #retirementstrategy #supercatchupcontribution #catchup #retirementplanning #retirementpreparation #retirementincome #401k #401kplan #ira #457 #403b #cfp #certifiedfinancialplanner #monmouthcounty #monmouthcountynj #newjersey #fee-only #feeonly #fiduciary #fiduciaryduty #financialplanner #financialplanning Mullooly Asset Management is a fee-only investment advisory firm located in Monmouth County, NJ. We work to educate our clients regarding managing the risk in their investments. We act in a fiduciary capacity with our clients at all times. Our family of investments advisors (Tom, and his three sons - Brendan, Tim and Casey) are all CFP® Professionals. To our knowledge, WE ARE THE ONLY FAMILY firm - in the nation - with four fiduciary, fee-only investment advisors who all have earned CERTIFIED FINANCIAL PLANNER™ certification. Tom Mullooly is an investment industry veteran of over 35+ years. The "Mullooly Asset Show," has over 350 episodes and over 450 unique podcasts, which can be found on the site https://www.mullooly.net. The "Mullooly Asset Show" answers questions and cover topics that YOU bring up. Our topics and questions range from those brought up, or sent in, by our viewers. Get in touch with us here: Office: Mullooly Asset Management, Inc. 1971 State Route 34 Wall Township, New Jersey 07719 Phone: 732-223-9000 Website: https://mullooly.net Facebook: www.facebook.com/MulloolyAsset Twitter: @mulloolyasset LinkedIn: @mullooly-asset-management Email: support@mullooly.net This content is provided for informational purposes only and does not constitute personalized investment, tax, legal, or accounting advice, and should not be relied upon as such. Mullooly Asset Management, Inc. is not endorsing practices, products, or services that may be mentioned, and highly recommend consulting with a licensed financial professional about your own specific goals and circumstances prior to engaging in any financial decisions. Investing involves the risk of loss. Employees of Mullooly Asset Management, Inc. may maintain positions in securities discussed, however absolutely none of this is a solicitation or recommendation to buy or sell. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decisions. Past performance is not indicative of future results. This content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice.