Financial planning for 2025
The new year is coming up fast and there are some new changes that you want to take advantage of.
Certified financial planner Michelle Buria, managing director, clues us in on the need to know the number for retirement planning in 2025.
401k contribution limits for 2025
- $23,500 for employee salary deferrals
- $70,000 for combined employee and employers contributions
- $7,500 catch-up contributions for those ages 50 and up. Additional $3,750 contributions are available for those ages 60 – 63.
IRA contribution limits for 2025
- Remain at $7,000.
- $1,000 catch-up contribution for ages 50 and up.
HSA contribution limits for 2025
- $4,300 for just yourself
- $8,550 for family coverage
- $1,000 catch-up contributions for ages 55 and up