Are you looking to maximize your retirement savings in 2025? The IRS has just announced new 401(k) catch-up contribution limits that you need to be aware of. At Extreme Investor Network, we strive to provide you with the latest and most valuable information to help you reach your financial goals.
For the upcoming year, the IRS has increased the 401(k) contribution limit to $23,500. This means that you can save even more towards your retirement nest egg. However, for savers aged 50 and older, the catch-up contribution limit remains unchanged at $7,500. These limits apply to various workplace plans, such as 401(k)s, 403(b)s, and most 457 plans, as well as the federal Thrift Savings Plan.
But here’s something that sets us apart from other financial websites – starting in 2025, savers aged 60 to 63 will have an even higher catch-up contribution limit of $11,250. This change was enacted via Secure 2.0 and will allow these investors to contribute a total of $34,750 towards their retirement savings.
In addition to the 401(k) catch-up contribution limits, the IRS has also unveiled new individual retirement account limits and increased income thresholds for Roth IRA contributions for 2025. This means that there are more opportunities for you to save and invest in your future.
At Extreme Investor Network, we understand the importance of staying informed and making strategic financial decisions. That’s why we provide you with unique insights and expert advice to help you navigate the complex world of personal finance. Keep an eye on our website for more updates and tips on how to make the most of your money in 2025 and beyond.