Maximizing Your Retirement Savings: A Guide to New IRS Limits and Opportunities for 2025
- By Sentel Charmers, Cousins, and The Hive Family: Ready to supercharge your retirement savings? Whether you're in your early career or nearing retirement, there’s good news from the IRS about new contribution limits that could benefit you in 2025! Let's dive into how these changes might shape your retirement and, more importantly, how you can use them to build a brighter financial future. And don’t worry—we’re keeping things light and engaging because, hey, talking money doesn’t have to be boring! A Quick Snapshot of What's Changing in 2025 401(k) and Similar Plans: The contribution limit for workplace retirement plans, like 401(k)s, will increase to $23,500 —that’s an extra $500 to stash away for the future. Catch-Up Contributions: For those 50 and over, the catch-up remains $7,500 , pushing the potential total to $31,000 . Super Catch-Up for Ages 60-63: New for 2025, individuals aged 60 to 63 can contribute an additional $11,250 , allowing for $34,750 in total cont...