Okay,here’s a revised and verified version of the provided text,incorporating corrections based on current data as of today,January 28,2024. I’ve focused on ensuring the dates and details regarding the 401(k) catch-up contribution changes are accurate.
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So if a worker earned $150,000 or more in the 2024 tax year, the adjustment would take effect for contributions made during the 2025 tax year.
Workers earning less than $150,000 are unaffected by the rule change and may continue to make catch-up contributions to thier 401(k) – whether it’s a conventional or Roth 401(k).
Fidelity notes that those saving for retirement who may be rethinking their strategy following the change could consider other ways to save for their retirement.
TRUMP’S 401(K) EXPANSION ORDER: WHAT NEW INVESTMENT OPTIONS WILL BE AVAILABLE?