The loss of a popular tax deduction next year could reshape how millions of Americans save for retirement. Currently, people ages 50 and older are allowed to place "catch-up contributions" totaling up to $30,000 in their 401(k) accounts. But beginning in 2024, these funds will be funneled only into "after-tax" Roth accounts for people who made more than $145,000 the previous year. For more on this, CBS News was joined by Pratik Patel, head of family wealth strategies for integrated wealth management provider BMO Family Office.
