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Retirement savers can stash more money in their 401(k)s next year.

Friday, the IRS announced cost-of-living adjustments for retirement plans and IRAs. The 401(k) contribution limit for 2025 is $23,500, up from $23,000 in 2024. However, individual retirement account (IRA) contributions will continue to be $7,000 in 2025, the same as in 2024.

Workers over the age of 50 are eligible to make additional contributions to "catch-up" as they approach retirement. The catch-up contribution limit for workplace retirement plans will also stay at $7,500 in 2025 for 401(k)s, 403(b)s, and other retirement plans.

However, starting next year, older workers will be able to make even greater catch-up contributions than other workers because of a provision in Secure 2.0, a federal retirement law. Beginning in 2025, employees aged 60, 61, 62, or 63 who participate in workplace retirement plans can make catch-up contributions of up to $11,250.

The IRS has also made some changes to phase-out ranges for traditional and Roth individual retirement accounts (IRAs).

Some people can deduct traditional IRA contributions from their income. However, depending on if that person has a retirement plan at work and their income, that deduction may be phased out or reduced.

For individuals covered by a workplace retirement plan, the phase-out range has increased. In 2025, it will be between $79,000 and $89,000, up from between $77,000 and $87,000 in 2024. That means individuals making more than $89,000 would receive no deduction while those making between $79,000 and $80,000 would receive a partial deduction.

For married couples filing jointly in 2025, if the spouse who contributes to the IRA is covered by a workplace retirement plan, the phase-out range in 2025 is up to $126,000 and $146,000.

And the income phase-out ranges for Roth IRAs are changing in 2025 too.

In 2025, the phase-out range for singles and heads of household is between $150,000 and $165,000, up from between $146,000 and $161,000.

Therefore, in 2025, people making between $150,000 and $165,000 would be able to make reduced Roth IRA contributions, while those making above that amount would be ineligible to make any contributions.

For married couples filing jointly, the income phase-out range for Roth IRAs increased to between $236,000 and $246,000.

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Influencer Pamilerin has expressed surprise that some people can actually spend an entire day alone in their room with just their phones.

He said, seriously, there are people who can actually spend an entire day alone in their room with just their phones.

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The man responsible for some of the 20th century’s most iconic pop music sounds has died aged 91.

Quincy Jones, the producer who worked on Michael Jackson’s seminal album Thriller, died on Sunday night at his Los Angeles home surrounded by family.

Jones “passed away peacefully” Sunday night at his home in Bel Air while surrounded by his family, his publicist Arnold Robinson said. “Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing. And although this is an incredible loss for our family, we celebrate the great life that he lived and know there will never be another like him,” his family said in a statement.

In a prolific career that spanned more than 70 years, Jones established himself as a behind-the-scenes force and a gifted artist in his own right, working as an arranger, composer, songwriter and performer.

KHe left indelible imprints on jazz, pop, hip-hop and dozens of film and television soundtracks, working closely with some of the most illustrious names in the American songbook, from Count Basie and Dinah Washington to Frank Sinatra, Aretha Franklin and Paul Simon.

He produced Michael Jackson’s smash record “Thriller,” as well as Steven Spielberg’s adaptation of “The Color Purple” and the NBC sitcom “The Fresh Prince of Bel-Air” — projects that helped bolster his legacy as a hit-maker and media mogul.

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With receipts, blogger Pinovibes has called out life coach Solomon Buchi, for asking what he does for a living.

He said he was surprised at the question life coach Buchi was asking him, because they have had relationship for more than 10 years. He messaged him on Facebook to help him share a post on his page. No he is saying he doesn’t know what he does for a living. Maybe probably because he doesn’t have as much followers has he does and he knows he will get there someday.

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Hours after being released from EFCC custody, Bobrisky has jetted out of Nigeria.

The Nigerian number one crossdresser has shared the video of herself after she left Nigeria, hours after his release from EFCC custody over the 15million bribery allegation.

Click to watch

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The IRS has allowed workers at one company use to use 401(k) matching contributions to pay for medical and student loan expenses, indicating the possibility that others might someday be able to do the same.

The agency in an August ruling determined that a company, which it didn't name, could allow its workers to allocate matching contribution to their 401(k), retiree health reimbursement arrangement (HRA), health savings account (HSA), or an educational assistance program used to pay off student loans.

During open enrollment, employees would make an annual election for those matching contributions. If the employee doesn't make a choice, those contributions are allocated to their 401(k).

While the private letter ruling only applies to one company, under the Secure 2.0 Act—a federal retirement law passed in 2022—all companies can now offer employees matching contributions to pay off student loans. This change went into effect at the beginning of 2024, but it's unclear how many employers currently offer the benefit or plan to in the future. (Private letter rulings often are made and released months after an entity makes a request.)

This move, if undertaken at the company that made the IRS request, would give employees the option to use matching contributions to pay off student loans or to stash money in an HSA, but could come at the cost of missed retirement savings down the road, according to Melissa Caro, a certified financial planner (CFP).

"Ultimately, the best approach is to contribute as much as possible to your 401(k), including the employer match," Caro said in an email. "If debt needs attention, cutting back elsewhere may help you manage it better, rather than diverting from your retirement savings."

She does, however, note that an HSA can provide tax savings and be used to pay off health expenses in retirement.

And some might benefit from using the match to pay off student loans: “For high-interest student loans [above 7%], using your match for repayment can make sense," wrote Priya Malani, founder of Stash Wealth, in an email.

Update: This article has been updated to add the comment from Malani.

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