Retirement Contribution Limits for 2025

This document is a guide detailing the new contribution limits for retirement plans effective January 2025. It outlines the increased limits for various retirement accounts, including IRA, SIMPLE IRA, and SEP-IRA, as well as catch-up contributions for eligible participants. The guide specifies the contribution limits for IRA and Roth IRA, including the standard and catch-up contributions for individuals aged 50 and older. It also provides information on SIMPLE IRA deferral limits and the income thresholds for deducting IRA contributions for the years 2024 and 2025. Additionally, the document mentions the deadlines for making contributions for the 2024 tax year, emphasizing the importance of timely contributions to maximize retirement savings. The material is intended for financial professionals and includes disclaimers regarding the nature of the information provided. It encourages consulting with accounting, legal, or tax professionals for personalized advice.