The IRS has provided updates to various limits for 2025. Below is a summary including 401k, IRA, HSA, FSA, and Commuter Benefits.
401k and IRA limits
Per Fidelity, summarizing the IRS link below:
The 401(k) contribution limit for 2025 is $23,500 for employee salary deferrals, and $70,000 for the combined employee and employer contributions. If you're age 50 to 59 or 64 or older, you're eligible for an additional $7,500 in catch-up contributions. An important note: Beginning in 2025, those between ages 60 and 63 will be eligible to contribute up to $11,250 as a catch-up contribution. This means those 50 to 59 or 64 or older will be able to contribute up to $31,000 in 2025 and those 60 to 63 will be able to contribute up to $34,750 in 2025. Depending on your plan, you may be able to make post-tax contributions beyond the pretax and Roth contribution limit but less than the combined employee and employer contribution limit to invest even more for retirement. Total contributions cannot exceed your annual compensation at the company that sponsors your plan.
The Roth 401(k) contribution limits for 2023, 2024, and 2025 are the same as those for traditional 401(k) plans. If you have access to a Roth 401(k) and a traditional 401(k), you can contribute up to the annual maximum across both. In other words, if you're under 50, you can't put more than $23,500 total as employee contributions in your 401(k) accounts in 2025, no matter how many accounts you have.
Source: https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
Source: https://www.fidelity.com/learning-center/smart-money/roth-ira-income-limits
Per Morningstar, “The IRA contribution limit remains at $7,000, and the catch-up contribution for individuals aged 50 and older as of the end of the year remains at $1,000.”
HSA, FSA Limits
Per P&A Admin, summarizing the IRS link below:
Source: https://www.irs.gov/pub/irs-drop/rp-24-25.pdf
Source: https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025
Also, per the IRS website:
IR-2024-287, Nov. 7, 2024
WASHINGTON — The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans.
An employee who chooses to participate in an FSA can contribute up to $3,300 through payroll deductions during the 2025 plan year. Amounts contributed are not subject to federal income tax, Social Security tax or Medicare tax.
If the plan allows, the employer may also contribute to an employee's FSA. If the employee's spouse has a plan through their employer, the spouse can also contribute up to $3,300 to that plan. In this situation, the couple could jointly contribute up to $6,600 for their household.
For FSAs that permit the carryover of unused amounts, the maximum carryover amount to 2025 is $660, increasing from $640 in tax year 2024. The carryover doesn’t affect the maximum amount of salary reduction contributions that can be made.
It's important for taxpayers to annually review their health care selections during health care open enrollment season and maximize their savings.
Eligible employees of companies that offer a health flexible spending arrangement (FSA) need to act before their medical plan year begins to take advantage of an FSA during 2025. Self-employed individuals are not eligible.
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