2025 Retirement Planning: Contribution Limits and Beneficiary Update
As the year comes to a close, now is a great time to review your retirement contributions and plan for any adjustments in the new year. The IRS has announced increased contribution limits for 2025, giving you an opportunity to boost your savings if desired. The new limits are:
Under 50: $23,500
50-60: $31,000 ($23,500 + $7,500 standard catch up)
61-63: $34,750 ($23,500 + $11,250 special catch up)
64+: $31,000 ($23,500+$7,500 standard catch up)
We also encourage you to update your beneficiary information for your life insurance to ensure it reflects your current wishes. To do so you will log into your myVRS member account at www.varetire.org.
For the retirement beneficiary, non-VRS participants (ORP and 403b Supplemental) will go directly to Fidelity and/or TIAA website to make the beneficiary elections.
For the 457 supplemental plan, participants can log into their Mission Square (soon to be Voya) account to make the beneficiary updates.
Taking these steps now can help you start the new year on track with your financial goals. If you have questions or need assistance, feel free to reach out to benefits@gmu.edu. Thank you, and here’s to a successful year ahead!