Law Alert
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.
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