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Heads Up, Savers! The IRA Contribution Limits for 2025 Are Annonced.
So much has been written about the level of savings future retirees have set aside for this phase of their lives, and much of it has been focused on the absence of wealth accumulation to offset the loss of income after leaving employment. For example, Social Security provides, on average, about 40% of pre-retirement earnings, so what about the remaining–and larger–piece of the puzzle? For many folks, that’s where provisions like Individual Retirement Arrangements (IRAs) come into play, offering a way to defer taxes on earnings while working and have funds available to draw on in retirement.
The Internal Revenue Service announces the amounts workers can contribute to their IRAs each year, and the 2025 parameters are now available. The Motley Fool’s Maurie Backman covers these limits, noting that they have not changed over the 2024 limits. Despite the lack of an increase in contribution limits, Ms. Backman offers thoughts on other ways to build that retirement cushion. Read her full post here…
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