A new rule is going into effect next year that will affect high earners who make “catch-up contributions” in their 401(k)s or other tax-deferred workplace retirement plans.

The rule, which was created under the Secure 2.0 retirement law , will essentially eliminate the immediate tax break for catch-up contributions that you get for the bulk of your other contributions to a 401(k) — or 403(b), 457(b), Simplified Employee Pension Plan (SEP) or SIMPLE IRA.

Here’s a breakdown of what will change and who, specifically, will be affected.

How it will work

Currently, if you’re over 50 and max out your 401(k) contributions up to the federal cap (which is $23,500 this year), you are eligible to make additional “catch-up” contributions above that amount if you choose.

The limit on catch-up sav

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