401(k), 403(b), i401(k) and 457 Plans

• Contribution Limit: $23,500 (up from $23,000 in 2024)
• Catch-Up Contribution Limit (Age 50 and over): $7,500 (total contribution limit: $31,000)
• New! Special Catch-Up Contribution Limit (Ages 60-63): $11,250
• Total Contribution Limit (including non-deductible contributions for “Mega Backdoor Roth” for those over age 50): $70,000

*Earned income must always be higher than your retirement deferrals.

Traditional and Roth IRAs

• Contribution Limit: $7,000 (remains the same as 2024)
• Catch-Up Contribution Limit (for those aged 50 and over): $1,000 (total contribution limit: $8,000)

 

Income Limits for Roth IRA Contributions

 

Single and Head-of-Household Filers

• Full Contribution: Modified Adjusted Gross Income (MAGI) below $150,000
• Partial Contribution: MAGI between $150,000 and $165,000
• Ineligible for Contribution: MAGI above $165,000

 

Married Filing Jointly

• Full Contribution: MAGI below $236,000
• Partial Contribution: MAGI between $236,000 and $246,000
• Ineligible for Contribution: MAGI above $246,000

 

Income Ranges for Traditional IRA Deductions

• Single taxpayers: $79,000 to $89,000
• Married filing jointly: $126,000 to $146,000
• Special Catch-Up Contribution Limit (for those aged 60-63): $5,250

 

SEP & SIMPLE IRAs

• SEP-IRA Contribution Limit: $70,000 (up from $69,000 in 2024)

• SIMPLE IRA Contribution Limit: $16,500 (up from $16,000 in 2024)
• Catch-Up Contribution Limit (for those aged 50 and over): $3,500 (total contribution limit: $19,500)

 

Health Savings Accounts (HSA)

• Individual Coverage Contribution Limit: $4,300
• Family Coverage Contribution Limit: $8,550
• Catch Up Contribution Limit (for those age 55 and over): $1,000

 

High-Deductible Health Plan (HDHP) Qualifications

To qualify for an HSA, your plan must meet the following criteria set by the IRS:

Minimum Deductible:

• Self-only coverage: $1,650
• Family coverage: $3,300

 

Maximum Out-of-Pocket Expenses:

• Self-only coverage: $8,300
• Family coverage: $16,600

 

Source: https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000

 

Information is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products, or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this post (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of Angela Wright, an Investment Adviser Representative of Gemmer Asset Management LLC (“GAM”) and should not be regarded as the views of GAM, or a description of advisory services provided by GAM or performance returns of any GAM client.  References to securities or market-related performance data are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.