In this episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, the head of Dr. Friday’s Tax and Financial Firm, highlights a significant update from the SECURE Act 2.0 regarding retirement savings. Starting December 31, 2024, individuals aged 60 through 63 will be eligible to make catch-up contributions of $10,000 to their retirement plans. This change aims to provide additional support for Americans in their retirement planning, acknowledging the rising costs of living in retirement. Dr. Friday encourages listeners to take advantage of these increased contribution limits, alongside the existing $7,500 catch-up contribution for those over 50, to bolster their retirement savings and ensure financial stability in their later years.
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 US 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 and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.