The IRS has announced updated contribution limits for various retirement savings plans for 2025, allowing workers to set aside more money in some cases through both employer-sponsored plans and individual accounts.
As part of broader adjustments meant to keep pace with inflation, employees enrolled in 401(k), 403(b), and governmental 457 plans and the federal government’s Thrift Savings Plan will be able to contribute up to $23,500 next year, up from $23,000 in 2024, as outlined in a Nov. 1 statement.
