Summary: In this insightful episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday discusses the significant changes introduced by the SECURE Act 2.0, effective from December 31st, 2024. She emphasizes the new opportunity for individuals aged 60 through 63 to make enhanced catch-up contributions of $10,000 towards their retirement savings. Highlighting the increasing costs of retirement, Dr. Friday urges listeners to begin planning their finances to take full advantage of these higher contribution limits. She also reminds those 50 and older of their current $7,500 catch-up contribution option, underscoring the importance of proactive retirement planning. Tune in to Dr. Friday’s Call-In Show every Saturday from 2 to 3 p.m. on 99.7 WTN for more valuable tax and financial advice.
Transcript: “G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Secured Act 2.0, beginning December 31st, 2024, catch-up contributions for age 60 through 63 is $10,000. Again, guys, the IRS, or the U.S. Treasury, and all the people involved are trying to help us prepare for retirement. It’s more expensive today than it was 10 years ago. We need to really start concentrating on putting money aside. You still have up to $7,500 for those 50 years plus, but you can actually put a little bit more. So start planning today how you’re going to come up with that extra money so you can set yourself up for a great retirement.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.”