New Numbers to Know: IRS Changes For 2025
As we ring in the new year and think about our resolutions, the IRS has made some changes of its own.
- 401K annual contribution limits have increased. And if you’re between 60–63, an additional contribution catch-up of $11,250 is allowed.
- The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver’s Credit all increased for 2025.
- Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. The IRS has designated a phase-out range for 2025. If, during the year, either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated, depending on filing status and income.
To learn more about the IRS 2025 changes, access the new IRS Tables on our Education page here.
We're available to help you understand how these changes can benefit you. Contact us at 215-579-5601.
And, as always, if you have any life changes or updates (i.e., new job, promotion, marriage, new baby, new grandchild, etc.) that may affect your current insurance and investing strategy, please call us at 215-579-5601.
Stacy Brilliant, Chief Operating Officer
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