Every year, the IRS announces the latest contribution limits for retirement savings accounts. For 2025, some limits have changed, while others remain the same. Please see an overview of the current limits listed below.
|
2025 Limits |
2024 Limits |
|
|
401(k) plans elective deferral contribution |
$23,500 |
$23,000 |
|
401(k) plans ages 50-59 or 64 and older catch-up contribution* (Age 50 and older for 2024) |
$7,500 |
$7,500 |
|
401(k) plans ages 60-63 catch-up contribution** |
$11,250 |
$7,500 |
|
SIMPLE 401(k) plans deferral contribution |
$16,500 |
$16,000 |
|
SIMPLE 401(k) plans ages 50-59 or 64 and older catch-up contribution* (Age 50 and older for 2024) |
$3,500 |
$3,500 |
|
SIMPLE 401(k) plans ages 60-63 catch-up** |
$5,250 |
$3,500 |
|
Qualified plan maximum compensation |
$350,000 |
$345,000 |
|
Social Security taxable wage base |
$176,100 |
$168,600 |
*Ages 50-59 or 64 and older on December 31, 2025.
**Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees who are ages 60, 61, 62 and 63 on December 31, 2025.
If you are contributing less than the 2025 limit for 401(k) plans to your retirement plan account, you can increase or change the amount you save at any time during the year.
Sources: https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000; https://www.irs.gov/pub/irs-drop/n-24-80.pdf; https://www.ssa.gov/oact/cola/cbb.html