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The amount you and your employees can save for retirement is going up slightly in 2025
November 12, 2024
Categories: 401(k), 403(b), 457 plan, inflation, IRA, Retirement, Secure2.0, SEP-IRA, Simple IRA, thrift savings plan
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent years. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in