1. Increase catch-up amounts
In 2022, workers aged 50 and older are permitted to make a catch-up contribution of $6,500. The SSRA increases this limit for people aged 62–64 to $10,000.
The EARN Act has similar provisions but changes the ages to 60–63. In addition to permitting higher contribution limits, the SECURE 2.0 provisions will require catch-up contributions to be made on a Roth basis.
The RISE & SHINE Act would require the Roth provision to apply only to workers making more than $100,000, adding additional complexity and payroll complications.
Increase the catch-up amount for older individuals