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Saving for retirement will get a boost in 2025 thanks to higher contribution limits and the phase-in of provisions ... (b), governmental 457 plans, and the federal government's Thrift Savings Plan ...
Importantly, the Secure 2.0 Act passed in 2022 modified certain RMD rules. Here are two particularly important changes that were implemented recently that every investors should know before 2025.
For plans like a 401(k), 403(b), Thrift Savings Plan, some 457 plans and Simple IRAs and 401(k) plans, the total contribution limit for participants age 60 to 63 in 2025 is $34,750.
This allows a person whose employer has a 401(k) or 403(b) and a 457 to defer the maximum contribution amounts to both plans instead of coordinating the total and only being able to meet a single limit amount. Thus, participants can contribute the maximum $19,500 for 2021 into their 401(k) and also the maximum $19,500 into their 457 plan.
A 457(b) is similar to a 401 ... The employee contribution limit is $23,000 for 2024 for workers ... The 2022 SECURE Act 2.0 made it possible to access some of your funds without getting hit by ...
Starting in 2025, taxpayers ages 60 and 63 years old can qualify for catch-up contributions on 401(k) as high as $11,250 — or 50% more than the normal catch-up contribution limit.
For 2025, the higher catch-up contribution limit that applies to this age group is $11,250. That's $3,750 on top of the ordinary $7,500 catch-up limit that starts to apply in the year that a saver ...
The higher contribution limit applies to employees who participate in 401(k) and 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan.