2025 Deadlines You Need to Know

It’s important to stay updated on key financial numbers that can impact your planning and savings strategy.

The biggest change this year includes a new 401(k) “Super Catchup” for those who turn ages 60-63 in 2025. Those in that age bracket get to set aside up to $34,750 into their retirement plans.

Another twist is the increase of the Qualified Charitable Distribution (QCD) maximum. Those over 70½ can send up to $108,000 in 2025 directly from an IRA to a charity. These gifts count toward required minimum distributions (RMDs).

One number that did NOT increase is the IRA or Roth IRA contribution limit. This remains at $7,000 for 2025.

Several key deadlines fall on December 31, including:

Here’s a rundown of the important limits and changes to keep in mind:

Retirement Contributions:

• 401(k) Contribution Limit: $23,500
• 401(k) Contribution with Catchup (if you’re 50 or older): $31,000
• NEW 401(k) Contribution with Super Catchup (only for ages 60-63): $34,750 (this is the ‘super catchup’ contribution for those closer to retirement)
• IRA and Roth IRA Contribution Limit: Remains at $7,000 (subject to income limitations, but a Backdoor Roth IRA could apply)

Health Savings Accounts (HSAs):

• HSA Contribution Limit (Individual): $4,300
• HSA Contribution Limit (Family): $8,550
• Additional HSA Catch-Up (if you’re 55 or older): $1,000

Flexible Spending Accounts (FSAs):

• FSA Contribution Limit: $3,300

Charitable Giving:

• Qualified Charitable Distribution (QCD) Limit: Now $108,000 (a significant increase for those looking to donate directly from their retirement accounts)
• Standard Deduction to Exceed to Benefit from a Charitable Gift:
  • $15,000 for Single Filers
  • $30,000 for Joint Filers

Estate and Gift Planning:

• Annual Gift Tax Exclusion: $19,000 per person
• Estate Tax Exclusion: $13,990,000 per estate

Social Security:

• Social Security Cost-of-Living Adjustment (COLA) for 2025 benefits: 2.5%

These numbers can help you make informed decisions about contributions, deductions, and overall planning. With some significant increases in contribution limits and changes to tax-related thresholds, now’s a great time to review your financial strategy with a professional to ensure you’re maximizing your opportunities.

Feel free to reach out if you have questions about how these updates apply to your personal situation!

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