How to maximize retirement savings before 2025 [Video]

With the holidays taking up much of your time, you may not be concentrating on retirement moves to make before 2025. But if you’re the type of person who does everything to the max, investing in your future retirement now could be a game changer.

Contribution limits

In 2024, you can invest up to $23,000 into your 401(k) retirement plan as per IRS contribution limits.

If you’re over 50 and need to play catch-up, you can invest an extra $7,500. That means your total possible contribution for 2024 is $30,500.

If that seems like a lot, it is. But you don’t have to max out your contributions if you can’t afford it. Employer matching can help.

In 2025, you can invest $23,500, bringing your possible contribution up to $31,500. If you’re over 50, the catch-up contribution remains at $7,500 for 2025. But a huge change was made in SECURE 2.0 for employees …