tldrdailynews.com logo

Major 2025 Financial Changes: Retirement, Taxes, and Contributions

1 min read
Source: CNBC
Major 2025 Financial Changes: Retirement, Taxes, and Contributions
Photo: CNBC
TL;DR

Starting in 2025, individuals aged 60 to 63 can make catch-up contributions of up to $11,250 on top of the $23,500 deferral limit, allowing a total deferral of $34,750, a 14% increase from 2024. The IRS will also raise the defined contribution limit for 401(k) plans to $70,000. These changes aim to help older workers, many of whom are behind in retirement savings, to boost their retirement funds.

Topics:businessfinance#401k#catch-up-contributions#finance#irs#retirement#savings
Share this article
  1. Big retirement rule changes are coming in 2025 — here's how you can save more money  CNBC
  2. Older Workers to Get ‘Super’ 401(k) Catch-Up Contributions in 2025  The New York Times
  3. Here’s how your paycheck could change in 2025, based on the IRS’ annual tax bracket adjustments  Arizona's Family
  4. IRS: Healthcare FSA reminder: Employees can contribute up to $3,300 in 2025; must elect every year  IRS
  5. How 2025 Tax Changes Compare To This Year  Investopedia

Want the full story? Read the original reporting

Read on CNBC