"Federal tax laws allow "catch-up" 401K contributions totaling $32,500 in 2023"
You are mistaken. The extra catch-up for those age 60, 61, 62 or 63 applies only to tax years beginning after December 31, 2024, plan permitting. The maximum elective deferral with catch-up for 2023 was $30,000.
From SEC. 109 of the SECURE 2.0 Act:
(d) <<NOTE: 26 USC 414 note.>> Effective Date.--The amendments made
by this section shall apply to taxable years beginning after December
31, 2024.
With catch-up, the elective deferral limit for 2023 was $30,000 and for 2024 it was $30,500.
