2025 TSP & IRA Contribution Limits: $23,500 & $7,000 #150

The Military Money Manual Podcast

2025 contribution limits are out!

In this episode, Spencer and Jamie discuss the newly announced IRS contribution limits for retirement accounts in 2025. They break down the changes for 401(k), TSP, and IRA accounts, explaining the limits for both standard and catch-up contributions, while also highlighting an important opportunity for military families with non-working spouses.

• What are the new 2025 contribution limits for 401(k) and TSP accounts?
  • Increased by $500 to $23,500 for those under 50
• What are the 2025 IRA contribution limits?
  • Remains at $7,000 for traditional and Roth IRAs (under 50)
• Can non-working spouses contribute to an IRA?
  • Yes, if married filing jointly
  • Can contribute up to $7,000 to spouse's IRA
  • Must have at least $14,000 in combined earned income as a couple
• What are catch-up contributions?
  • Clarification that these are only for those over 50
  • Not meant for younger service members trying to "catch up" on contributions

We encourage you to maximize these tax-advantaged retirement spaces when possible and gradually increase contributions over time!

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If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.

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