top of page
Search

Positive Enhancements for Retirement Savers

We are excited to share an important update regarding retirement savings, brought by Section 109 of the SECURE Act 2.0. This provision introduces a significant enhancement aimed at helping more Americans build their retirement savings effectively.


Key Highlights of Section 109:


  • Increased Catch-Up Contributions: Beginning in 2025, individuals aged 60 to 63 will be able to make increased catch-up contributions to their 401(k), 403(b), and governmental 457(b) plans. The new limit will be the greater of $10,000 or 150% of the regular catch-up amount for 2024.


  • Roth Requirement for Higher Earners: Catch-up contributions for employees earning over $145,000 (adjusted for inflation) must be made on an after-tax Roth basis, ensuring that savings are tax-efficient.


  • Inflation Adjustments: Both the enhanced catch-up limit and the income threshold for Roth requirements will be indexed for inflation, allowing for more savings as costs of living change.


This new provision is part of the broader SECURE Act 2.0 initiative to expand retirement savings opportunities and enhance financial security for all Americans. We encourage everyone to review their retirement plans and consider how these new rules might benefit them.


To understand how these changes might impact your specific situation, please contact us at info@riseretirement.com or 913.363.6401.

Click HERE to download a PDF copy of this notice.


For further information on Section 109 of the SECURE Act 2.0 please click HERE to view IRS Notice 2024-03.


Comments

SCHEDULING

Please contact us for in-person meetings. To schedule a phone consultation with one of our experts, please CLICK HERE.

CONTACT

710 SE 3rd Street

Lee's Summit, MO 64063

PH  |  913.363.7401

FAX  |  816.272.5025

  • Facebook

​

EMAIL | info@riseretirement.com

ESPANOL | asistenciaenespanol@riseretirement.com

 

PROFESSIONAL ASSOCIATION MEMBERSHIPS

 

cfp-logo-solid-gold-outline_edited.png
footer-NAPA-logo.png
ASPPA Logo-PMS.png
aicpa-non-cpa-associate-ko.png

All written content on this site is for information purposes only. Opinions expressed herein are solely those of RISE Consulting, LLC and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Tax and Accounting services are offered by RISE CPAs, LLC, an affiliated company.  Advisory services are offered by RISE Consulting, LLC a Registered Investment Advisor in the States of Kansas and Missouri. RISE Consulting, LLC may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements.  Insurance services are offered by RISE Agency, LLC, an affiliated company. RISE, CPAs, LLC, RISE Consulting, LLC and RISE Agency, LLC are not affiliated with or endorsed by the Social Security Administration or any government agency, and are not engaged in the practice of law.  

 

The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of Kansas, Missouri or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.

 

Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.

​

© 2022 by RISE Consulting, LLC

bottom of page