Source: The College Investor Key Points The IRS announced that 401k elective contributions will increase by $500 to $23,500 for 2025The IRA contribution limits will remain the same in 2025Starting in 2025, there will be a new “higher” catch-up contribution amount for individuals aged 60 to 63The Internal Revenue Service announced today an increase in the amount individuals can contribute to their 401(k) plans for 2025. The contribution limit has been raised to $23,500, up from $23,000 in 2024. However, the IRA contribution limit will remain the same at $7,000. Income limits for traditional IRA…