Older workers must now put their extra retirement savings into a Roth account

The US Treasury Department is changing how some older workers save extra money for retirement. If you are 50 or older and earn a high income, your extra retirement contributions must now go into a Roth account.

This rule change means that some older workers will pay taxes on their catch-up contributions now, instead of later in retirement. This shifts tax revenue for the government from the future to the present. It also means less tax-deferred growth for those workers.