www.investingdaily.com Open in urlscan Pro
34.73.62.59  Public Scan

Form analysis
2 forms found in the DOM

GET /search/

<form id="header-search-form" method="get" action="/search/" class="row justify-content-center justify-content-lg-end cbn-ignore">
  <div id="header-search">
    <input id="header-search-input" class="search" name="s" value="" autocomplete="off" type="text" placeholder="Search for Articles &amp; Stocks">
    <label for="header-search-input"><a class="icon search icon-search-gray"></a></label>
  </div>
</form>

POST /get-pdf

<form id="form-generate-pdf" action="/get-pdf" class="cbn-ignore" target="_blank" method="post">
  <input type="hidden" value="129689" name="articleid">
  <button id="btn-pdf-print-submit" href="#" class="btn btn-link" type="submit">
    <img class="img-fluid" src="https://cdn1.investingdaily.com/webimages/icons/pdf_icon_30x30.png" alt="PDF"> Printable PDF </button>
</form>

Text Content

 * Investing Daily
 * Premium Services
   * Wealth Society
   * Crypto Trend Investor
   * Income Forecaster
   * Investing Daily
   * Investing Daily Insider
   * Jim Fink's Inner Circle
   * Jim Fink's Options Bootcamp
   * Marijuana Profit Alert
   * Mayhem Trader
   * Options for Income
   * Personal Finance
   * Personal Finance Pro
   * Profit Catalyst Alert
   * Rapier's Income Accelerator
   * Real World Investing
   * Seasonal Stock Alert
   * The Complete Investor
   * Utility Forecaster
   * Velocity Trader
 * Investing Topics
   * Stock Market Investing
   * Stocks to Watch
   * Options Trades
   * Marijuana Investing
   * Cryptocurrency Investing
 * Analysts
   * Jim Pearce
   * Jim Fink
   * Robert Rapier
   * Stephen Leeb
   * Scott Chan
   * John Persinos
   * Alex Benfield
 * Help Center
 * Log In

 * Menu

 * Help Center
 * Log In

 * Premium Services
   * Wealth Society
   * Crypto Trend Investor
   * Income Forecaster
   * Investing Daily
   * Investing Daily Insider
   * Jim Fink's Inner Circle
   * Jim Fink's Options Bootcamp
   * Marijuana Profit Alert
   * Mayhem Trader
   * Options for Income
   * Personal Finance
   * Personal Finance Pro
   * Profit Catalyst Alert
   * Rapier's Income Accelerator
   * Real World Investing
   * Seasonal Stock Alert
   * The Complete Investor
   * Utility Forecaster
   * Velocity Trader
 * Investing Topics
   * Stock Market Investing
   * Stocks to Watch
   * Options Trades
   * Marijuana Investing
   * Cryptocurrency Investing
 * Analysts
   * Jim Pearce
   * Jim Fink
   * Robert Rapier
   * Stephen Leeb
   * Scott Chan
   * John Persinos
   * Alex Benfield




NEW 401(K) CHANGES FOR OLDER WORKERS STARTING 2025

By Robert Rapier • November 5, 2024 • Stocks to Watch

Printable PDF

For many Americans, a 401(k) offered through an employer is a great opportunity
to build wealth. This is especially true when employers offer a matching
contribution.

Fidelity recently published a report that indicated there are nearly half a
million 401(k) millionaires in the U.S., which is the most ever recorded. But
the key is getting an early start and letting compounding make you rich over
decades.

However, not everyone gets an early start. In recent years, the IRS began
allowing “catch-up contributions” for older Americans who may be approaching
retirement without sufficient retirement savings.

Starting in 2025, older Americans will be able to contribute more to their
401(k) accounts under a significant update to contribution rules, particularly
benefiting those nearing retirement age.

HIGHER CONTRIBUTION LIMITS FOR AGES 60-63

Currently, Americans aged 50 and over are eligible for catch-up contributions,
allowing them to increase retirement savings as they near retirement. Starting
in 2025, those aged 60 to 63 will see an even higher catch-up limit.

The IRS recently announced that these individuals will be allowed to contribute
an additional $11,500 on top of the regular 401(k) contribution limits, bringing
the total 401(k) contribution potential to $34,750 annually.

This adjustment aims to support people in their early 60s who may need to boost
their retirement savings, especially if they’ve taken time off work or delayed
retirement planning.


ANNUAL CONTRIBUTION LIMITS FOR ALL AGES

For 2025, contribution limits are increasing across different age brackets.
Americans under 50 can save up to $23,500 in their 401(k)s, an increase of $500
from 2024.

Those aged 50 to 59 and those 64 and older can contribute up to $31,000. The
higher cap for individuals between 60 and 63 is the largest 401(k) rule
adjustment in 20 years.


OTHER PLANS AND IRA LIMITS

Changes are also being applied to similar retirement savings plans. For 403(b)
and Thrift Savings Plan participants, the annual contribution limit will
increase to $23,500 in 2025.

However, some limits remain the same, such as the annual contribution cap for
Individual Retirement Accounts (IRAs), which holds steady at $7,000 with an
additional $1,000 catch-up for those 50 and older.

STANDARD DEDUCTION ADJUSTMENTS

In addition to retirement savings adjustments, the IRS announced higher standard
deductions for 2025. Single filers will have a deduction of $15,000, married
couples filing jointly can deduct $30,000, and heads of households are eligible
for a $22,500 deduction. These annual adjustments reflect recent inflation
trends.

FINAL THOUGHTS

With these new 401(k) contribution adjustments, particularly the expanded
catch-up allowances for those aged 60-63, Americans nearing retirement now have
an enhanced opportunity to grow their savings more effectively.

This increase, coupled with standard deduction adjustments and options for
additional savings through IRAs, reflects the IRS’s response to inflation and
changing financial landscapes. Together, these changes underscore the importance
of strategic, long-term planning, especially for those who may be catching up on
retirement savings later in life.

By maximizing these contributions, individuals can take meaningful steps toward
financial security, ultimately leveraging the power of compounding to build a
comfortable nest egg for the future.

PS: Looking to enhance your retirement savings? Consider our colleague Nathan
Slaughter. The subscribers over at Nathan’s premium investment advisory
High-Yield Investing have been using his recommendations to build a powerful
portfolio that throws off thousands of dollars in extra income each month. And
it’s not too late for you to get started.



Nathan has just put together a special report called “Monthly Money-Makers,” and
it’s your blueprint for retirement security. This report pinpoints income stocks
that pay out generous dividends…every 30 days. Want to tap a steady stream of
monthly income? Click here now.


ABOUT THE AUTHOR

Robert Rapier
Bio | Archive

It's hard to imagine anyone better suited to covering the energy-investment
waterfront than Robert Rapier.

Robert is no armchair analyst—he has two decades of in-the-trenches experience
in a wide range of fossil fuel and biofuel technologies, including refining,
natural gas production, gas-to-liquids, ethanol production and butanol
production.

During a six-year stretch at ConocoPhillips, Robert ran a team of engineers in
Scotland working on oil and gas projects in the North Sea.

For two years, Robert was an efficiency expert in a Texas petrochemical plant.
The process changes he implemented saved the facility $9 million a year. He
later worked as the Engineering Director for a Dutch environmental-technology
company and provided engineering support for a Chinese facility the company was
constructing.

Robert was also a butanol engineer in Germany for the Celanese Corporation,
where he designed a novel butanol unit that cut production costs by $5 million
per year.

In all, Robert has spent more than a dozen years working on liquid fuels
technologies. Along the way he's picked up five patents, including one for a
breakthrough way to convert ethane into ethylene (U.S. Patent 7,074,977).

Now, in addition to guiding readers to timely investments in Utility Forecaster
and Rapier's Income Accelerator, Robert travels the world evaluating startup
energy companies for deep-pocketed investors. After grilling management and
assessing the technology on-site, he makes a go/no-go investment decision. His
wealthy private investors and hedge fund backers trust him to make the right
choice for the same reason we do: his vast real-world experience in just about
every facet of the energy industry. If Robert votes thumbs-up, millions of
dollars flow into these cutting-edge outfits.

Robert earned his master of science in chemical engineering and a bachelor of
science in chemistry and mathematics (double major) at Texas A&M University. He
tells us he was "this close" to finishing his Ph.D. before he decided he was
having a lot more fun making money in energy stocks.

A prolific writer, Robert's articles have appeared in Forbes, The Wall Street
Journal, The Washington Post and the Christian Science Monitor -- and he has
been a featured expert on 60 Minutes and The History Channel. His new book,
Power Plays: Energy Options in the Age of Peak Oil (Apress, 2012), helps
investors sort through doom and gloom, hype and misinformation to understand the
true costs, benefits and trade-offs for each of our major energy options.

In what little spare time he has left, Robert consults for a number of energy
projects, including biodiesel, ethanol, butanol and biomass gasification
facilities.

Free E-letters


We offer a variety of FREE analysis delivered straight  to your inbox. Please
enter your email below.


Submit

We do not sell or share your information with anyone.





MARKET OVERVIEW

Financial Markets by TradingView
 * Home
 * Events
 * Terms and Conditions
 * Media Inquiries
 * White List

 * Privacy Policy
 * About Us
 * Contact Us

Investing Daily is not a registered investment adviser or broker/dealer. All
information provided on the Investing Daily network of websites is provided
as-is and does not represent personalized investment advice. These sites do not
constitute a representation by the publisher or a solicitation for the purchase
or sale of securities. All opinions provided are based on sources believed to be
reliable and are written in good faith, but no warranty or representation,
expressed or implied, is made as to their accuracy. There are risks associated
with any investment and we strongly encourage readers to supplement the
information in these articles, special reports, and newsletters with independent
research and other professional advice before investing in any security.
Copyright © 2024 Investing Daily, a division of Capitol Information Group, Inc.
All rights reserved.


We'd like to show you notifications for the latest news and updates.


AllowCancel