The IRS recently announced 2025 limits affecting retirement plans and other qualified savings vehicles. New in 2025, you could have a higher catch-up limit of $11,250 in your retirement plan (this is 150% of the normal catchup limit of $7,500) at ages 60, 61, 62, or 63. You will see the changes in bold in this quick reference. For advice on tax planning, contact a SYM advisor.
| 2025 | 2024 | |
| 401(k) Elective Deferrals | $23,500 | $23,000 |
| 401(k) Catch-up Contribution | $7,500 | $7,500 |
| 415 Annual Additions Limit | $70,000 | $69,000 |
| Annual Compensation Limit | $350,000 | $345,000 |
| Social Security Wage Base | $176,100 | $168,600 |
| Catch-up Limit age 60, 61, 62, 63 | $11,250 | n/a |
| SEP Annual Contribution Limit | $350,000 | $345,000 |
| 403(b)/457 Elective Deferrals | $23,500 | $23,000 |
| SIMPLE Deferrals | $16,500 | $16,000 |
| SIMPLE Catch-up Contribution | $3,500 | $3,500 |
| SIMPLE Catch-up Limit age 60,61,62,63 | $5,250 | n/a |
| IRA Contribution | $7,000 | $7,000 |
| IRA Catch-up Contribution | $1,000 | $1,000 |
Source: irs.gov. Changes in bold.
If you are wondering about tax planning, schedule a complimentary financial review with a SYM Financial advisor. Click here to get started.
Disclosure: This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
