• 2.5 percent cost-of-living adjustment, effective with benefits payable in January 2025
• Maximum earnings subject to Social Security tax: $176,100 (v. $168,600 for 2024). This shows up on your FICA payroll tax.

401(k), 403(b), most 457 plans, Thrift Savings Plan

• Employee contribution limit: $23,500 (up from $23,000)
• Catch-up contribution:
• $7,500 for those 50 and older. This means the total maximum employee contribution is $31,000.
• $11,250 for those ages 60-63. Total maximum employee contribution: $34,750
• Total annual contribution limit (employee + employer): $70,000

IRA (traditional and Roth)

• Contribution limit: $7,000 (no change from 2024)
• Catch-up contribution for 50 and older: no change – still $1,000

Health Savings Account (HSA)

• $4,300 single
• $8,550 total for family

Catch-up for 55 and older: no change – still $1,000

Traditional IRA deductibility

• Single: $79,000-$89,000
• Married filing jointly
• $126,000-$146,000 (if the spouse making the contribution participates in an employer plan)
• $236,000-$246,000 (if the spouse making the contribution does not participate in an employer plan)

Roth IRA eligibility

• Single and head of household: $150,000-$165,000
• Married filing jointly: $236,000-$246,000

• Single and married filing separately: Increased to $15,000
• Head of household: Increased to $22,500
• Married filing jointly: Increased to $30,000