Thread regarding Occidental Petroleum Corp. layoffs

401K Catchup contributions going away in 2026

I guess I was a sleep at the wheel and misssed this announcement. Did anyone hear from Oxy about the new rules for the catchup portion of our 401K. It looks like you might still be able to add to a Roth, but I used the pre-tax catachup for years now since I am older and could use it. I guess the govt needs more upfront tax dollars. This is an extra 2K a year I will be paying in taxes. Glad I am retiring in 2026.

https://www.foxbusiness.com/economy/some-americans-lose-popular-401k-tax-break-major-retirement-rule-change-starting-2026

#401K #Retirement #Tax #Benefits #OilAndGas
by Anonymous
| 1131 views | | 6 replies (last October 13) | Reply
Post ID: @OP+1k79needa
Comment! It's anonymous!

6 replies (most recent on top)

Look how uneducated people at Oxy are. No wonder they are the laughing stock of O&G.

by Anonymous
| | Reply
Post ID: @km+1k79needa

I don't believe in Iaras, is there anyone higher up to confirm?

by Anonymous
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Post ID: @h3+1k79needa

IRS.gov. It’s been all over the news for months.

by Anonymous
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Post ID: @gq+1k79needa

When was this announced by who ?

by Anonymous
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Post ID: @gp+1k79needa

Yep, this was change the last administration included in the Secure 2.0 Act in 2022.

by Anonymous
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Post ID: @b0+1k79needa

If you are putting the retirement into a Roth 401(K) this benefit continues, its only affected if its standard.

If you are approaching retirement, say 60, you should be doing Roth if the company allows for it, and each year push a bit more from the non-Roth to Roth. The benefits of not having to pay taxes in retirement, plus no RMD, and your hiers won't have to pay taxes on it either. Its a win. Just be careful about not exceeding the amount converted that could push you into the next higher tax bracket.

by Anonymous
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Post ID: @a6+1k79needa

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