Aside from 401(k) plans and similar employee-sponsored plans, the limit on annual Individual Retirement Account contributions is unchanged next year, at $7,000, while the catch-up contribution for people 50 and older will remain $1,000. ????? ???????  

Even those who have always maxed out their retirement savings contributions may need to reallocate funds as they age and start to face extra expenses, like sending children to college or caring for aging parents. ????????????

“While anything that encourages more investing is generally a good thing, I'm afraid this rule change probably won't make a big impact, " Bankrate's Senior Industry Analyst Ted Rossman, told ABC News. “There has to be a very small population between the ages of 60 and 63 who were maxing out their accounts and can now go higher.” ?????  

The substantially higher catch-up contributions are part of SECURE 2.0, which President Joe Biden signed into law in 2022 as part of a $1.7 trillion omnibus spending package. ????? ???????  

The federal government already lets those 50 and older make extra contributions so that they can save more as they near retirement age. This is known as a "catch-up" contribution. ????????????