The IRS has announced retirement contribution limits for 2025:
401(k) Contribution Limit:
Increased from $23,000 to $23,500
Catch-up limit (age 50+) remains at $7,500
Catch-up limit (age 60-63) is $11,250
IRA Contribution Limit:
Remains at $7,000
Catch-up limit (age 50+) remains at $1,000
Simple Plan Contribution Limit:
Increased from $16,000 to $16,500
Catch-up limit for (age 50+) remains $3,500
Catch-up limit (age 60-63) is $5,250
Income Phase Out Range for Roth IRAs:
Singles: Increased from ($146,000-$161,000) to ($150,000-$165,000)
Married Filing Separately: Remains at $0 - $10,000
Heads of Household: Increased from ($146,000 - $161,000) to ($150,000 - $165,000)
Married Filing Jointly: Increased from ($230,000 - $240,000) to ($236,000 - 246,000)
Income Phase Out Range from IRAs:
Income phase-out noted a minor increase across the board.
Income Limit for Saver's Credit:
Single: Increased from $38,250 to $39,500
Married Filing Separately: Increased from $38,250 to $39,500
Heads of Household: Increased from $57,375 to $59,250
Married Filing Jointly: Increased from $76,500 to $79,000
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