Sources: <\/p>\n\n\n\n

1. EBRI.org, 2022
2. Economic Growth and Tax Relief Act of 2001
3. IRS.gov, 2023. Catch-up contributions also are allowed for 403(b) and 457 plans. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59\u00bd, may be subject to a 10% federal income tax penalty. In most circumstances, you must begin taking required minimum distributions from your 401(k) or other defined contribution plan in the year you turn 73.<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent survey found that 28% of workers are very confident about having enough money to live comfortably through their retirement years. At the same time, 27% are not confident.1 In 2001 congress passed a law that can help older workers make up for lost time. But few may understand how this generous offer can […]<\/p>\n","protected":false},"author":1,"featured_media":287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,17],"tags":[],"class_list":["post-1117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","category-wealth"],"yoast_head":"\n