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Retirement Archives - Cozby & Company

401(k) Limit Increases to $23,500 for 2025, IRA Limit Remains $7,000

This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for [...]

IRS Urges Many Retirees to Make Required Withdrawals from Retirement Plans by Year-End Deadline

This article was published by the IRS. The Internal Revenue Service is reminding those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act. Required minimum distributions (RMDs) are amounts that many retirement plan and IRA [...]

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