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section 408(k) or (p)) for 2025 must be designated Roth contributions, remains $145,000. The limitation under section 408(p)(2)(E)(i)(III) that generally applies to salary reduction contributions under a SIMPLE retirement account or elective contributions under a SIMPLE 401(k) plan is increased from $16,000 to $16,500.
The amount an employee contributes from their salary to a SIMPLE IRA cannot exceed $16,000 in 2024 ($15,500 in 2023; $14,000 in 2022; $13,500 in 2020 and 2021; $13,000 in 2019 and $12,500 in 2015 – 2018).
Highlights of changes for 2025. The annual contribution limit for employees who participate in 401 (k), 403 (b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,500, up from $23,000. The limit on annual contributions to an IRA remains $7,000.
The SIMPLE IRA contribution limit increased by $500 for 2025. Workers at small businesses can contribute up to $16,500 or $20,000 if 50 or over and $21,750 if 60-63.
The SIMPLE IRA contribution limit for 2025 is $16,500. Those age 50-59 or age 64 or older can save an additional $3,500 as a "catch-up contribution." Those age 60-63 can save $5,250 as a catch-up contribution.
The SIMPLE IRA and SIMPLE 401 (k) contribution limits will increase from $16,000 in 2024 to $16,500 in 2025. 2025 Health Savings Account (HSA) Contribution Limits. For single people, the HSA contribution limit will increase from $4,150 in 2024 to $4,300 in 2025.
Prior to 2025, Annual employee deferrals to SIMPLE IRAS had a limit ($16,000 for 2024) but individuals aged 50 or older are allowed to make an additional “catch-up” contribution ($3,500 for 2024) if eligible. Catch-up Contributions Beginning in 2025.