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The focus for 2025 will be on continuing to comply with rules issued in prior years in which details are still being ironed out (or for which there are proposed changes).
There's a proposal to cap the tax-free amount available for health care expenditures, including amounts paid by both an employer and an employee, according to the Republican Study Committee's budget proposal.
While the Democratic candidate withdrew $135,000, the average amount people withdrew from their retirement accounts was $15,000 – and less than half (43%) have paid it back, according to a FinanceBuzz survey.
Partnering with a retirement plan specialist can help you design a 401(k) plan that supports recruitment and retention efforts without causing more administrative work that takes away from focusing on growth.
While the official IRS announcement will come next month, the contribution limit for retirement accounts will likely increase from $23,000 to $23,500 in 2025, according to new Mercer and Milliman reports.
In this first year of the Starter 401(k), 75% of small employers went with this new 401(k) over their state-run auto-IRA program due to its simplicity, according to Jeff Rosenberger, COO of retirement platform Guideline.