Major 2025 Financial Changes: Retirement, Taxes, and Contributions
TL;DR Summary
Starting in 2025, individuals aged 60 to 63 can make catch-up contributions of up to $11,250 on top of the $23,500 deferral limit, allowing a total deferral of $34,750, a 14% increase from 2024. The IRS will also raise the defined contribution limit for 401(k) plans to $70,000. These changes aim to help older workers, many of whom are behind in retirement savings, to boost their retirement funds.
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- Here’s how your paycheck could change in 2025, based on the IRS’ annual tax bracket adjustments Arizona's Family
- IRS: Healthcare FSA reminder: Employees can contribute up to $3,300 in 2025; must elect every year IRS
- How 2025 Tax Changes Compare To This Year Investopedia
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