Breathing Room on High Earner Catch-up Contributions

Higher-earning individuals and plan sponsors have been handed a two-year reprieve on a change to catch-up contributions in retirement accounts. What are catch-up contributions? For individuals age 50 or older, the 2023 IRS annual limit of $22,500 for individuals contributing to a traditional or Roth 401(k) is expanded, allowing for an additional $7,500 in catch-up…