IRS Increases 2025 Retirement Plan Maximums
Released: November 1, 2024
On November 1, 2024, the IRS released the 2025 limits for retirement plans and individual retirement accounts. A few of the notable changes include the following:
- The annual contribution limit for 401(k) plans will increase nominally to $23,500 (from $23,000)
- The annual catch-up contribution limit remains the same at $7,500 for participants age 50 and over
- A new category of catch-up contributions, introduced by the SECURE Act 2.0, allows participants between ages 60 to 63 to contribute up to $11,250 annually
You can find the full list of the new amounts in IRS Notice 2024-80.
Disclaimer
This content is provided by Thread “AS IS,” and is intended for informational purposes only. It does not constitute legal, accounting, or tax advice, nor does it create an attorney-client relationship. Because laws are constantly changing, we do not represent or warranty that the content is comprehensive of all applicable laws and regulations, and/or accurate as of the date of use. You are solely responsible for complying with all applicable laws and regulations. Mineral expressly disclaims any liability associated with your use of the content, and/or your noncompliance with applicable laws and regulations.
