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Saving for retirement will get a boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act. ... you pay 6.2% (through FICA withholding from ...
The 401(k) is a go-to account for workers to build their retirement savings, and the IRS has just announced updates that could shake things up in 2025. ... 401(k) plan limits. 2025. 2024.
The Saver's Credit provides a tax credit equal to 10%, 20% or 50% of the contributions you make to a 401(k) or other eligible retirement plan. The maximum credit is $1,000 for single tax filers or ...
Image source: Getty Images. Adults aged 60 to 63 can now make a larger catch-up contribution. The additional $7,500 that workers 50 and older are eligible to contribute to a 401(k) is known as a ...
Find out how the 401(k) changes coming in 2025 can make putting more money away for retirement easier. 2025 SECURE 2.0 Act 401(k) Plan Changes The following changes also apply to 403(b) plans.
The catch-up contribution rate for participants ages 50 and over stayed the same as 2024 and remains at $7,500, with a maximum contribution of $31,000 for 2025. Simple IRAs and Simple 401(k) plans ...