I’m having a difficult time locating a clear source describing the new rules for Simple IRA contribution limits that incorporate Secure 2.0 changes. Does anyone know if the below site is accurate?
https://thefinancebuff.com/401k-403b-ir ... tion-limit
I am specifically interested in the 2025 contribution limits for 2 employee scenarios:
1. Employee under age 50, employer has under 25 employees. Finance Buff says $18,000 limit. 2024 rule was 110% of normal limit if under 25 employees. If the 2025 normal limit is $16,500, would the under 25 employees limit not be $18,150? The 2024 limit was $17,600 in this scenario.
2. Employee over age 60, employer has under 25 employees. Does the additional catchup contribution amount also have a 110% value if under 25 employees? If so, what is that number for 2025 and what would the total contribution limit be for an employee in that scenario?
Thank you for your time
https://thefinancebuff.com/401k-403b-ir ... tion-limit
I am specifically interested in the 2025 contribution limits for 2 employee scenarios:
1. Employee under age 50, employer has under 25 employees. Finance Buff says $18,000 limit. 2024 rule was 110% of normal limit if under 25 employees. If the 2025 normal limit is $16,500, would the under 25 employees limit not be $18,150? The 2024 limit was $17,600 in this scenario.
2. Employee over age 60, employer has under 25 employees. Does the additional catchup contribution amount also have a 110% value if under 25 employees? If so, what is that number for 2025 and what would the total contribution limit be for an employee in that scenario?
Thank you for your time
Statistics: Posted by VTS3X — Thu Oct 31, 2024 11:25 pm