The retirement landscape is ever-changing and this year is no different!

Here are four updates you’ll want to know!

1. New "Super" Catch-Up Contributions: Individuals aged 60-63 can make an additional $3,750 employee deferral contribution to their retirement plans, on top of their $7,500 catch-up contribution for being over the age of 50. This equates to a total catch-up of $11,250 for those aged 60-63.

2. Automatic Enrollment for New 401(k)s: Employers must automatically enroll new employees in 401(k) plans, starting at a 3% contribution rate.

3. RMD Requirement Clarity: Clearer guidelines established for annual Required Minimum Distributions (RMDs) for non-eligible designated beneficiaries.

4. Retirement Lost & Found Tool: The Department of Labor introduces a system to help track down lost or forgotten retirement accounts.