US retirement plans: Key changes announced for 2025

The Internal Revenue Service has announced new retirement contribution limits for Americans. From 2025, contribution limits for 401(k), 403(b), and other plans will increase. Catch-up contribution limits for older individuals will also see adjustments. Income phase-out ranges for IRA contributions and Saver's Credit eligibility have been revised. These changes, effective from 2025, aim to help Americans boost their retirement savings.