Thecontribution limitfor employer retirement plans such as 401(k)s, 403(b)s, most 457 plans, and the federal government’sthrift savings plan (TSP)is $23,000 for 2024. The catch-up contribution limit for employees ages 50 or older is $7,500 for 2024. ...
required minimum distributions (RMDs) at age 73. That applies to withdrawals from traditional IRA and 401(k) accounts as well as SIMPLE and SEP IRAs. (Roth account owners aren’t subject to RMDs.) The penalty for failing to take an RMD is from 10% to 25% of the amount not withdrawn....