As we enter 2025, it is prudent to update funding amounts for various account types to reflect new contribution limits. Below we will overview annual limits for notable financial planning items.
Retirement Accounts
| Account Type | Limit | Catch-Up |
| IRA | $7,000 | $1,000 if over 50 |
| Roth IRA | $7,000 | $1,000 if over 50 |
401(k) Deferral (Pre-tax or Roth) | $23,500 | $7,500 if over 50 $11,250 is age 60-63 |
401(k) Additions (415 Limit) | $70,000 | $7,500 if over 50 |
| SEP IRA | $70,000 | |
| SIMPLE IRA | $16,500 | $3,500 if over 50 |
Health Savings Accounts
| Account Type | Limit | Catch-Up |
| HSA (Single) | $4,300 | $1,000 if over 55 |
| HSA (Family) | $8,550 | $1,000 if over 55 |
| FSA | $3,300 |
Estate and Gift Tax
| Annual Gift Tax Exclusion | $19,000 |
| Estate and Gift Tax Basic Exclusion | $13,990,000 per Person |
| Maximum Estate Tax Rate | 40% |
