The IRS has announced the 2025 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with small increases in many of the limits. The annual limit for elective deferrals to 401(k) plans and 403(b) plans will increase from $23,000 for 2024 to $23,500 for 2025. The annual limit for regular catch-up contributions for individuals age 50 or over remains unchanged at $7,500 for 2025, while the new increased catch-up limit for participants ages 60-63 at year end (if available under the plan) is $11,250 for 2025. The Social Security Administration also recently announced that the Social Security wage base will increase from $168,600 for 2024 to $176,100 for 2025.
Listed below are key limits applicable for 2025 and 2024.
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