Your 2025 Retirement Checklist: Don't Forget This

Successfully navigating your retirement savings in 2025 requires staying ahead of the annual adjustments to contribution limits, Social Security benefits, and tax rules. Whether you are 25 or 65, mastering this checklist ensures you maximize your savings and avoid costly penalties.

1. Maximize 2025 Contribution Limits 📈

The IRS announced modest increases to most tax-advantaged retirement accounts for 2025. **Adjust your payroll deferrals now** to hit these targets.

Account Type	2025 Annual Limit (Under Age 50)	2025 Catch-Up Contribution (Age 50+)
**401(k), 403(b), 457(b)**	**$23,500**	**$7,500** (Total $31,000)
**Traditional & Roth IRA**	**$7,000**	**$1,000** (Total $8,000)
**HSA (Individual)**	**$4,300**	**$1,000** (Age 55+)

Action Alert: The Catch-Up Advantage

If you are age 50 or older, contributing the extra **$7,500** to your 401(k) for 2025 is the single best way to accelerate your retirement readiness. It significantly reduces your taxable income.

2. Mandatory Tax and Administration Review 🚨

These crucial, often-forgotten administrative steps carry heavy consequences if ignored.

• Review Beneficiaries (The Most Forgotten Step):

  Check the beneficiary designations on **all** accounts (401(k), IRA, Life Insurance). A primary beneficiary designation **overrides** what is written in your Will. If you've been divorced or remarried, failure to update this is a common, expensive estate planning error.

• Required Minimum Distributions (RMDs) Deadline:

  If you turned 73 (or older) in 2024, you must take your first RMD from pre-tax retirement accounts by **April 1, 2025**. For all subsequent years (including 2025), the RMD must be taken by **December 31**. The penalty for missing an RMD is a devastating **25% excise tax** on the amount not withdrawn.

• Check Roth IRA Income Phase-Outs:

  If you are a high earner, verify your **Modified Adjusted Gross Income (MAGI)**. Contributions to a Roth IRA phase out completely for taxpayers with MAGI above:

  • **Married Filing Jointly:** $243,000 - $253,000
  • **Single/Head of Household:** $161,000 - $171,000

3. Factor in Social Security and Healthcare Costs

If you are within 10 years of retirement, your budget must account for these federal program costs and benefits.

**2025 Social Security COLA Update:** The Social Security Administration (SSA) announced a **2.5% Cost-of-Living Adjustment (COLA)** for benefits starting in January 2025. Ensure your retirement income projections use this slightly increased benefit amount.

• **Medicare Planning:** The standard **Part B Premium** for 2025 is $185.00. Crucially, if your MAGI from two years prior (2023 taxes) exceeds **$106,000 (single)** or **$212,000 (joint)**, you will pay the much higher **IRMAA (Income-Related Monthly Adjustment Amount)** surcharge.

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