The Street
The Street
  • 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how your retirement planning might change in 2025.

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Sports
Transcript
00:00I'm Conway Gaines reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Investors are bracing for what is
00:06likely to be a volatile week with a presidential election,
00:09a meeting of the Federal Reserve,
00:11several snapshots on the economy,
00:13and the continuance of earnings season.
00:16On the earnings front, Marriott is out with disappointing
00:18results on Monday.
00:19It missed sales and profit forecasts
00:22and dimmed full year estimates.
00:25In other headlines, the IRS has announced higher maximum
00:28savings limits for 401ks beginning in 2025.
00:32The maximum for annual tax-free contributions
00:35is going up to $23,500 from $23,000.
00:39The same goes for 403Bs and other employee-sponsored
00:43retirement accounts.
00:44Americans close to retirement are allotted
00:47an even bigger tax incentive.
00:49For those between the ages of 60 to 63,
00:52the so-called catch-up maximum is going up for the first time
00:56to $11,250 from $7,500.
01:00Meanwhile, more lower-to-moderate income workers
01:03may be eligible for the Retirement Savers Credit.
01:06The IRS measure allows for a dollar-to-dollar reduction
01:09on tax bills based on how much is set aside for retirement.
01:13A single person with an annual income of no more than $39,500
01:18will be eligible.
01:19That's up from $38,350 in 2024.
01:23For head of household, that number goes up to $59,250
01:28from $57,375 currently.
01:31For married couples filing jointly,
01:34that number goes up to $79,000 from $76,500.
01:39For those not saving for retirement
01:41through an employee-sponsored 401k
01:43but make deposits to an IRA or a Roth IRA,
01:47the annual contribution remains at $7,000.
01:51The IRS says all the changes are part of a 2025
01:55cost-of-living adjustment.
01:57That'll do it for your daily briefing
01:58from the New York Stock Exchange.
02:00I'm Conway Gittens with The Street.

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