Dr. Friday explains that retirement plan contribution limits keep increasing with inflation and highlights catch-up contribution rules. She encourages taxpayers to take advantage of these options as they approach retirement.

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.

Retirement plan contribution limitations for 401(k)s, 403(b)s, and 457 plans continue to rise with inflation. The SECURE Act 2.0 enhancements remain in effect, expanding those catch-up contributions for all of us that are over the age of 55, and in some cases, some of the catch-ups that qualify for over 50. Then you can actually start putting more money aside.

They understand a lot of times when you’re raising your family and doing things, you don’t have the ability to maximize retirement. But sooner or later we will have to retire. So putting your money into a retirement plan is a good idea.

If you need help with taxes, go to drfriday.com.

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.