With the tax deadline approaching fast, we wanted to remind everyone of the contribution limits of the previous tax year. You have until April 15th to contribute to your 2024 IRA’s and HSA accounts. Below is a table provided by The Entrust Group with all the contribution limits for 2024 as well as 2025.
For traditional and Roth IRAs, the contribution limit hasincreased to $7,000, up from $6,500 in 2023. Individuals aged 50 and over canstill make an additional $1,000 catch-up contribution, bringing their totalpotential contribution to $8,000.
For SIMPLE IRAs, the contribution limit increased to$16,000, with a catch-up contribution of $3,500 for those 50 and over.
SEP IRA contribution limits, typically used by self-employedindividuals, also saw an increase. The maximum contribution is now the lesserof 25% of compensation or $69,000, up from $66,000.
We have also noted above the 2025 contribution limits forall the different types of retirement accounts.
These adjustments provide a valuable opportunity forindividuals to save more for retirement and reduce taxable income. Whetheryou’re early in your career or nearing retirement, taking full advantage ofthese increased limits can significantly impact your long-term financialsecurity.
“This presentation is not an offer or solicitation to buy or sell securities. The information contained in this presentation has been compiled from third party sources and is believed to be reliable, but its accuracy is not guaranteed and should not be relied upon in any way, whatsoever. Fagan portfolio characteristics and holdings are subject to change at any time and are based on a representative portfolio. Holdings and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.
Additional information including management fees and expenses is provided on our Form ADV Part 2. The actual return and value of an account fluctuate and, at any time, the account may be worth more or less than the amount invested. Bond Investments are affected by interest rate changes and the credit-worthiness of the issues held in the portfolio. A rise in interest rates will cause a decrease in the value of fixed income positions. Past performance results are not indicative of future results.”
