Friday, 5 December, 2025
The IRS has recently announced updates to contribution limits for Individual Retirement Accounts (IRAs) and employer-sponsored retirement plans, effective for the 2025 tax years. Here’s a comprehensive overview: IRA Contribution Limits: 2025: The contribution limits remain the same as in 2024: $7,000 for those under 50 and $8,000 for those […]
For adults 50+, there are several tax breaks in 2025 that can help reduce taxable income and boost retirement savings. Below are key opportunities, including calculations for someone earning $80,000 per year and strategies for those aged 60-63 to take advantage of the catch-up contributions. 1. Traditional 401(k) Contributions (Tax-Deferred) […]
The IRS has announced several key updates for 2025 affecting various retirement accounts, health savings plans, Social Security, and tax provisions. Here’s a summary of the changes: Retirement Account Contribution Limits: 401(k), 403(b), and Governmental 457 Plans: The contribution limit increases to $23,500, up from $23,000 in 2024. Catch-Up Contributions […]