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2025 Conforming Loan Limits Released: Key Updates

February 17, 2025 by sadmin

2025 Conforming Loan Limits Released: Key Updates

In the world of real estate, conforming loan limits are crucial parameters that determine the maximum amount of money borrowers can obtain through loans backed by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. These limits vary based on geographical location and are adjusted periodically to keep pace with rising home prices. For 2025, new conforming loan limits have been established, reflecting the evolving real estate market dynamics.

The significance of these new limits lies in their impact on homebuyers’ borrowing capacity. Higher loan limits allow individuals to qualify for larger mortgages, potentially enabling them to purchase more expensive homes. This can be particularly beneficial in competitive markets where home prices have been escalating steadily. Moreover, these adjustments help ensure that GSEs can continue to support a robust mortgage market and promote access to affordable housing.

7+ Ways to Understand Minnesota Care Income Limits 2024-2025

February 17, 2025 by sadmin

7+ Ways to Understand Minnesota Care Income Limits 2024-2025

MinnesotaCare is a health insurance program for people with low incomes who live in Minnesota. The income limits for MinnesotaCare change every year. For 2024-2025, the income limits are as follows:

For a single person, the income limit is $28,690 per year.
For a family of two, the income limit is $38,280 per year.
For a family of three, the income limit is $47,870 per year.
For a family of four, the income limit is $57,460 per year.

If your income is below the limit for your family size, you may be eligible for MinnesotaCare. MinnesotaCare offers a variety of benefits, including:

8+ Essential Tips for Understanding HDHP Deductible Limits in 2025

February 17, 2025 by sadmin

8+ Essential Tips for Understanding HDHP Deductible Limits in 2025

A high-deductible health plan (HDHP) is a type of health insurance plan that has a lower monthly premium but a higher deductible. This means that you will have to pay more out-of-pocket for medical expenses before your insurance coverage kicks in. The deductible for an HDHP is typically higher than the deductible for a traditional health insurance plan.

The IRS sets the maximum deductible limits for HDHPs each year. For 2025, the maximum deductible limit for an HDHP is $1,500 for an individual and $3,000 for a family.

8+ Most Recent 457 Contribution Limits for 2025

February 15, 2025 by sadmin

8+ Most Recent 457 Contribution Limits for 2025

Government employees with 457 plans have a contribution limit of $22,500 in 2023, which is set to increase to $23,500 in 2024 and $24,500 in 2025. The catch-up contribution limit for those age 50 and older is $7,500 in 2023, which will increase to $8,000 in 2024 and $8,500 in 2025.

457 plans are offered by state and local governments and tax-exempt organizations. They allow employees to save for retirement on a tax-advantaged basis. Contributions to a 457 plan are made on a pre-tax basis, which reduces the employee’s taxable income. Earnings on the investments within the plan grow tax-deferred, and withdrawals in retirement are taxed as ordinary income.

5+ Things You Must Know About 2025 Dependent Care FSA Limits

February 14, 2025 by sadmin

5+ Things You Must Know About 2025 Dependent Care FSA Limits

2025 Dependent Care FSA Limits refer to the maximum amount of money that can be contributed to a Dependent Care Flexible Spending Account (FSA) in a given year. Dependent Care FSAs are employer-sponsored accounts that allow employees to set aside pre-tax dollars to pay for eligible dependent care expenses, such as childcare, preschool, and summer camp.

For 2025, the annual limit for Dependent Care FSAs is $5,000 for single filers and married couples filing jointly. This limit has remained unchanged since 2011. The limit is per family, not per child, so families with multiple children can contribute up to the full amount to their FSA. Employees who are married and filing separately can each contribute up to $2,500 to their own FSA.

5+ Essential 2025 Annual Limits for College Financial Planning (PDF)

February 14, 2025 by sadmin

college for financial planning 2025 annual limits pdf

5+ Essential 2025 Annual Limits for College Financial Planning (PDF)

The College for Financial Planning (CFFP) sets annual limits on the amount of money that can be contributed to certain types of retirement accounts. These limits are adjusted each year for inflation, and the 2025 limits have recently been announced. By understanding these limits, you can make sure that you are contributing the maximum amount possible to your retirement savings.

There are several different types of retirement accounts that have different contribution limits. For example, the limit on contributions to traditional and Roth IRAs is $6,500 for 2025, up from $6,000 in 2023. The limit on contributions to 401(k) plans is $22,500 for 2025, up from $20,500 in 2023. These limits are per person, so a married couple can contribute up to $13,000 to their IRAs and $45,000 to their 401(k) plans.

6+ Best 2025 Simple IRA Limits for 2025

February 11, 2025 by sadmin

The SIMPLE IRA, or Savings Incentive Match Plan for Employees, is a retirement savings plan for small businesses and their employees. SIMPLE IRAs are similar to 401(k) plans, but they have simpler rules and lower administrative costs. Contributions to a SIMPLE IRA are made by both the employee and the employer. For 2023, the contribution limits are as follows:
Employee elective deferrals: $15,500 (plus a catch-up contribution limit of $3,500 for employees age 50 and older)
Employer matching contributions: Up to 3% of the employee’s compensation (not including elective deferrals)

For 2024, the contribution limits will increase to:
Employee elective deferrals: $16,500 (plus a catch-up contribution limit of $3,500 for employees age 50 and older)
Employer matching contributions: Up to 4% of the employee’s compensation (not including elective deferrals)

For 2025, the contribution limits will increase once again. The exact limits have not yet been announced, but they are expected to be similar to the 2024 limits.

SIMPLE IRAs offer a number of benefits:
They are easy to set up and administer.
They have low administrative costs.
They offer tax-deferred growth on investments.
They allow employees to save for retirement without having to contribute their own money.

If you are a small business owner, a SIMPLE IRA may be a good option for you and your employees. SIMPLE IRAs are a great way to help your employees save for retirement while also reducing your own administrative costs.

9+ Essential 2025 Limited Purpose FSA Contribution Limits

February 11, 2025 by sadmin

9+ Essential 2025 Limited Purpose FSA Contribution Limits

The 2025 limited purpose FSA limits are the annual contribution limits for health care expenses that can be made to a limited purpose flexible spending account (FSA). These accounts are offered by employers to help employees save money on qualified medical expenses, such as doctor’s visits, prescription drugs, and dental care.

The limits for 2025 have not yet been released by the Internal Revenue Service (IRS), but they are expected to be similar to the limits for 2024. For 2024, the limit for employee contributions to a limited purpose FSA is $3,050. Employers may also contribute to the account, but the total amount that can be contributed by the employer and employee combined is $5,450.

2025 403b Contribution Limits: What to Expect

February 9, 2025 by sadmin

2025 403b Contribution Limits: What to Expect

The year 2025 marks significant changes to 403(b) contribution limits. These limits determine the maximum amount of money employees can contribute to their 403(b) retirement plans on a tax-deferred basis.

The increased limits provide several benefits. First, they allow individuals to save more for retirement, potentially reducing their tax burden in the future. Second, they encourage long-term savings, as the funds contributed to a 403(b) plan grow tax-deferred until withdrawn in retirement.

3+ New 2025 Secure Act 2.0 Retirement Catch-Up Limits

February 8, 2025 by sadmin

secure act 2.0 retirement catch up limits 2025

3+ New 2025 Secure Act 2.0 Retirement Catch-Up Limits

The SECURE Act 2.0, signed into law in December 2022, made significant changes to retirement savings rules, including increasing catch-up contribution limits for individuals age 50 and older.

These catch-up contributions allow individuals to save more money for retirement in the years leading up to retirement, when they may have higher earnings and are trying to make up for lost savings. For 2023 and 2024, the catch-up contribution limit is $7,500. In 2025, the catch-up contribution limit will increase to $10,000.