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The following presentation by New England Capital Financial Advisors, LLC (“NECFA”) is intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from NECFA or any other investment professional of your choosing. Please see additional important disclosure at the end of this penetration. A copy of NECFA’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at www.newenglandcapital.com.
New Retirement Account Contribution Limits for 2025
Big news for retirement savers! The IRS has announced new contribution limits for 2025, which will help you boost your retirement savings.
Hi everyone, I’m Liam Wallace and I’m an advisor here at New England Capital.
For 2025, the contribution limit for 401(k), 403(b), and 457 plans is increasing to $23,500, up from $23,000 in 2024. But that’s not all. If you’re 50 or older, you can take advantage of catch-up contributions. The catch-up limit for 2025 is set to remain at $7,500, bringing your total possible contribution to $31,000.
They have also introduced a new catch-up contribution if you are between the ages of 60-63. Beginning in 2025, if you are between the ages of 60 and 63, your catch-up contribution limit has been increased to $11,250. If you are in this age range, your maximum contribution in 2025 could be $34,750.
For those with a SIMPLE IRA, the contribution limit has increased to $16,500 from $16,000 and the catch-up contribution is going to remain the same at $3,500. For those who are age 60-63, the catch-up contribution is increased to $5,250.
Remember, the more you save now, the more you’ll have later. Stay ahead of your retirement goals in 2025!
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by New England Capital Financial Advisors, LLC [“NECFA”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from NECFA. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. NECFA is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the NECFA’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.newenglandcapital.com. Please Note: NECFA does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to NECFA’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a NECFA client, please contact NECFA, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.