Key Changes in 2025 for Taxes, Retirement Savings, and Medicare

The landscape of taxes, retirement savings and Medicare are ever changing. Every year we see changes to the laws and limitations such as tax rates, brackets, and deductions, limitations on retirement plan contributions, and premium changes to Medicare to name a few. 2025 brings us some run of the mill changes sprinkled with substantial changes that can largely benefit retirees and soon to be retirees. In this episode, we discuss some of the most important changes and how they may affect you. More specifically, I discuss: Important adjustments to common tax deductions and tax rates Changes in the gift and estate tax landscape New retirement savings laws and updates for those still working in 2025 Important changes for Medicare and prescription drug plans Social Security related updates for 2025 Resources: Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Ask Cameron A Question!   Key moments are: (00:00) 2025 standard deduction amounts increased for inflation. (05:32) Estate tax exemption may significantly decrease post-2025. (09:40) Those ages 60-63 can now put more into their employer sponsored retirement plan in 2025 (12:29) Employers can now contribute Roth, impacting taxes. (17:41) High out-of-pocket costs for Medicare prescriptions. (20:07) Out-of-pocket drug costs capped at $2,000. (22:59) 2.5% COLA for Social Security in 2025. Wage limit increases 4.5%.