Each year, the IRS sets the maximum that you can contribute to your retirement plan. Effective January 1, 2025, the IRS has increased certain limits for company retirement plans. Notably this year, a new provision from the SECURE 2.0 ACT will be in place for those turning 60-63 by the end of the 2025 calendar year for certain retirement plans. These individuals will have the opportunity to contribute even more to their retirement plan. This specific change will only apply to those turning 60-63 in 2025 and are enrolled in 457(b), 401(k), 403(b), or SIMPLE plans. This will not impact those with IRA/Roth IRA accounts.
See the table below for a summary of plan contributions for 2024 and 2025.
Source: IRS
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Investment advice offered through Shepherd Financial Partners, LLC. A registered investment advisor. Registration as an investment advisor does not imply any level of skill or training.
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The content is developed from sources believed to be providing accurate information.
Source: IRS
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