Contributions deadline for 2024 can be made as late as tax filing deadline.
People age 50 and older can save additional money.
Planning is an important element when working towards financial goals, especially when thinking about retirement. Learn more about retirement options available for small business employers and individual investors. Knowing the contribution maximums, plan establishment (or new account) deadlines, and funding deadlines can help enhance retirement outcomes.
Employer retirement plans offer a systematic approach to saving for retirement and often have higher savings potential. Following each plan, you'll find the required materials to open an Invesco account.
|
Contribution maximum |
Funding deadline1 |
||
2025 |
2024 |
2025 |
2024 |
|
Overall contribution if under age 502 |
$70,000 |
$69,000 |
Tax filing deadline+ extension | |
Participant contribution maximum |
$23,500 |
$23,000 |
Dec. 31 | Dec. 31 |
$7,500 |
$7,500 |
Dec. 31 | Dec. 31 | |
| Participant catch-up contribution at ages 60 - 633, 5 | $11,250 | N/A | Dec. 31 | |
New plan deadline for incorporated businesses: Tax filing deadline + extension6 |
||||
| New plan deadline for sole proprietors: Employer's tax return deadline (no extenions)7 | ||||
Get started: Complete Solo 401(k) kit |
||||
|
Contribution maximum |
Funding deadline1 |
||
2025 |
2024 |
2025 |
2024 |
|
Employer contribution per participant |
$70,000 |
$69,000 |
Tax filing deadline + extension | Tax filing deadline + extension |
New plan deadline: Tax filing deadline + extension |
||||
Get started: Complete SEP IRA Application |
||||
Contribution Maximum8 |
Funding deadline1 |
|||
25 and fewer employees |
2025 |
2024 |
2025 |
2024 |
Participant contribution maximum (COLA) |
$17,600 |
$17,600 | Within 7 business days of payroll |
Within 7 business days of payroll |
| Participant catch-up contribution at age 503, 4 | $3,850 | $3,850 | Within 7 business days of payroll | Within 7 business days of payroll |
$5,250 |
N/A |
Within 7 business days of payroll |
Within 7 business days of payroll | |
| Employer contribution: match or non-elective9 | Mandatory | Mandatory | Tax filing deadline + extenstion | Tax filing deadline + extenstion |
| 26 and greater employees | ||||
| Participant contribution maximum (COLA) | $16,500 | $16,000 | Within 7 business days of payroll | Within 7 business days of payroll |
| Participant catch-up contribution at age 503, 4 | $3,500 | $3,500 | Within 7 business days of payroll | Within 7 business days of payroll |
| Participant catch-up contribution at 60-633, 5 | $5,250 | N/A | Within 7 business days of payroll | Within 7 business days of payroll |
| Employer contribution: match or non-elective9 | Mandatory | Mandatory | Tax filing deadline + extenstion | Tax filing deadline + extenstion |
| Special Contributions | ||||
| Increased participant deferral contribution (permitted if match is 4% or non-elective 3%) | Conditional10 $17,600 |
Conditional10 $17,600 |
Within 7 business days of payroll | Within 7 business days of payroll |
| Enhanced participant catch-up contribution at age 50 (permitted if match is 4% or non-elective 3%)3, 4 | Conditional10 $3,850 |
Conditional10 $3,850 |
Within 7 business days of payroll | Within 7 business days of payroll |
New plan deadline: Oct. 1 |
||||
Get started: Complete SIMPLE Plan Establishment Kit for Employers. |
||||
|
Contribution maximum |
Funding deadline1 |
||
Payroll Deduction IRA11 |
2025 | 2024 | 2025 | 2024 |
Traditional and Roth IRAs12 |
$7,000 |
$7,000 |
Dec. 31 |
Dec. 31 |
$1,000 |
$1,000 |
Dec. 31 |
Dec. 31 | |
New plan deadline: None |
||||
Get started: Complete Payroll Deduct Employer Application and IRA Application |
||||
Contributing to an IRA can help kick-start retirement savings or boost existing retirement savings strategies while taking advantage of its tax benefits. To support savings efforts, use the IRS’ direct deposit program to invest tax refunds.
While income eligibility requirements are generally needed when contributing to a traditional or Roth IRA, no income requirements are needed if no tax deduction is taken in a traditional IRA. This is referred to as a nondeductible IRA. Learn more about how these plans compare and speak with your financial or tax professional to determine the solution most suitable for your situation.
Traditional IRA deduction range14 |
2025 |
2024 |
Single, covered by a workplace plan |
$79,000-$89,000 |
$77,000-$87,000 |
Joint tax return for person covered by a workplace retirement plan |
$126,000-$146,000 |
$123,000-$143,000 |
Married filing separately for person covered by a workplace retirement plan |
$0-$10,000 |
$0-$10,000 |
Joint tax return for spouse not covered by a workplace retirement plan |
$236,000-$246,000 |
$230,000-$240,000 |
Roth IRA contribution phase-out range15 |
2025 |
2024 |
Single, head of household, or married filing separately16 |
$150,000-$165,000 |
$146,000-$161,000 |
Married filing jointly |
$236,000-$246,000 |
$230,000-$240,000 |
Married filing separately and lived with spouse17 |
$0-$10,000 |
$0-$10,000 |
Contributions are processed when funding is received. Invesco does not monitor contributions.
When calculating employer contributions, compensation is limited to $350,000 for 2025 and $345,000 for 2024. Catch-up contributions are in addition (if applicable).
The catch-up contributions are in addition to the participant contribution amounts indicated.
Contributions can begin, January 1 of the year the participant turns age 50.
Beginning January 1, 2025, participants ages 60-63 may make a higher catch-up contributions. Contributions may begin January 1 of the year the participant turns 60 and must cease by December 31 of the year they turn 63.
The deadline to establish a Solo 401(k) plan is December 31 for incorporated businesses seeking to make salary deferrals.
Sole proprietors who establish a new Solo 401(k) plan after the tax year, December 31 but before the employer’s tax filing deadline (no extensions) are permitted to make employee salary deferrals and receive employer profit-sharing contributions for the prior year.
Employee must have earned at least $5,000 in compensation in the preceding year.
The employer notify its employees in advance if a matching or non-elective contribution will be made for the upcoming plan year.
This contribution is only permissible if the employer elects to make a 4% match or a 3% non-elective contribution.
Contributions to a Payroll Deduction IRA may impact contributions to other traditional or Roth IRAs maintained.
Contributions to traditional and Roth accounts are aggregated.
Please call Client Services at 800 950 4246 to make additional contributions.
Full deductions are permitted below the income range and reduce to zero at the income maximum.
Full contributions are permitted below the income range and reduce to zero at the income maximum.
Person did not live with a spouse at any time during the year.
Person lived with a spouse during the calendar year.
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The information provided is general in nature and may not be relied upon nor considered to be the rendering of tax, legal, accounting or professional advice. Readers should consult with their own accountants, lawyers and/or other professionals for advice on their specific circumstances before taking any action. Invesco does not provide tax advice.
The tax information contained herein is general and is not exhaustive by nature or a comprehensive resource for tax-qualified retirement plans. Federal and state tax laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation.
All investing involves risk, including risk of loss.
This link takes you to a site not affiliated with Invesco. The site is for informational purposes only. Invesco does not guarantee nor take any responsibility for any of the content.
