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Increased Retirement Contributions for Ages 62-64

This bill allows individuals aged 62 to 64 to contribute more money to their retirement plans. This increases their ability to save for the future, potentially improving their financial security in retirement. These changes will take effect after December 31, 2022.
Key points
Individuals aged 62-64 can contribute an additional $10,000 annually to most retirement plans.
For SIMPLE plans, the additional contribution limit is $5,000 annually for the same age group.
These limits will be adjusted annually for cost-of-living increases, starting in 2023.
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Additional Information
Print number: 117_HR_2942
Sponsor: Rep. Schweikert, David [R-AZ-6]
Process start date: 2021-04-30
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to increase the catch-up contribution limit for retirement plans of participants age 62 through 64.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2942.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-30.

What are the main provisions?

Key points include:

  • Individuals aged 62-64 can contribute an additional $10,000 annually to most retirement plans.
  • For SIMPLE plans, the additional contribution limit is $5,000 annually for the same age group.
  • These limits will be adjusted annually for cost-of-living increases, starting in 2023.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schweikert, David [R-AZ-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

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