November 1, 2024
Earlier today, the Internal Revenue Service issued the adjusted retirement plan limitations for 2025. As expected, many of the limits will increase slightly from 2024:
- Elective Deferral Limit: $23,500 (increased from $23,000 in 2024)
- Age 50 Catch-Up Contributions: $7,500 (the same as in 2024)
- Age 60-63 Catch-Up Contributions $11,250 (this is new for 2025)
- 415 (Total) Plan Limit: $70,000 (increased from $69,000 in 2024)
- Compensation Limit: $350,000 (increased from $345,000 in 2024)
- Social Security Limit $176,100 (increased from $168,600 in 2024)
The attached chart shows these and several other historical limits from 2020 through 2025, and a reference to the IRS sources.
For more information regarding these updates, please contact Matthew J. Flanary at (262) 364-0253 or at mflanary@buelowvetter.com.
