Major Changes to Retirement Plans and Savings Strategies in 2025
TL;DR Summary
The IRS announced that in 2025, the maximum 401(k) contribution limit will increase to $23,500, with a new "super" catch-up contribution for those aged 60 to 63, allowing them to contribute up to $34,750 annually. This change is part of the SECURE 2.0 Act, aimed at enhancing retirement savings. However, experts note that few people currently max out their contributions, and the impact may be limited. Regular contributions and gradual increases are recommended for effective retirement planning.
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