2025 RETIREMENT PLANNING

CHEAT SHEET
Social Security, Medicare, Retirement Plan Limits & Taxes

2025 Social Security Formula Monthly Reductions / Increases

If you first become eligible for Social Security retirement Individual benefits:
benefits in 2025 through attaining age 62, becoming
(-) 5/9 of 1% 36 month period before full retirement age
disabled, or dying before age 62 your PIA (full retirement
age benefit) will be the sum of...
(-) 5/12 of 1% More than 36 months before full retirement age
(a) 90 percent of the first $1,226 of your average indexed
monthly earnings, plus
(+) 2/3 of 1% Full Retirement Age to Age 70
(b) 32 percent of your average indexed monthly earnings
over $1,226 and through $7,391, plus
Spousal benefits:

(-) 25/36 of
36 month period before full retirement age
(c) 15 percent of your average indexed monthly earnings 1%
over $7,391.
(-) 5/12 of 1% More than 36 months before full retirement age
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Tax on Social Security

Calculate Combined Income Apply Combined Income to Thresholds

Single Return Joint Return % of Social Security

Adjusted gross income subject to Tax

Step Step
+ Tax Exempt Income
1 2
$0 - $24,999
$0 - $31,999
+50% of SS Benefit $25,000 - $34,000 $0 Up to 50%
$32,000 - $44,000
Over $34,000 Up to 85%
Over $44,000

= Combined Income

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 Social Security Disability Thresholds Average Social Security 2025 Family Maximum Benefits Formula
Benefits (a) 150% of the first $1,567 of the worker’s PIA

Substantial Gainful Non-Blind: $1,620/mo $1,976 All Retirees (b) 272% of the worker’s PIA over $1,567 through $2,262

Activity Blind: $2,770/mo (c) 134% of the worker’s PIA over $2,262 through $2,950
Couple, both
$3,089
Trial Work Period $1,160/mo receiving benefits
(d) 175% of the worker’s PIA over $2,950
SSI Federal Benefit Indiv: $960 /mo
$1,580 Disability
Rate Couples: $1450/mo For a family of a worker who attains age 62 or dies in 2025

Quarter of Coverage (1 Credit)* Maximum Taxable Wages** Social Security Administration

$1,810 $176,100 1-800-772-1213

*A QC is the basic unit for determining whether a worker is insured under the Social Security program. No matter how high your earnings may be, you cannot
earn more than 4 QC's in one year. **Max taxable wages: if you are working, there is a limit on the amount of your earnings that is taxed by Social Security.

Age-Based Reductions & Increases

Full Retirement Age by Birth Year
Spousal
Individual Benefit Survival Benefit
SURVIVOR BENEFITS ALL OTHER BENEFITS Filing Age Benefit % of
% of Benefit % of Benefit
1945 - Benefit
66 1943 - 1954 66
1956 60 N/A N/A 71.50%
66 and 2
1957 66 and 2 months 1955 61 N/A N/A 75.58%
months
62 70% 65% 79.65%
66 and 4
1958 66 and 4 months 1956
months 63 75% 70% 83.72%
66 and 6 64 80% 75% 87.79%
1959 66 and 6 months 1957
months 65 86.66% 83.33% 91.86%
66 and 8
1960 66 and 8 months 1958 66 93.33% 91.66% 95.93%
months
67 100% 100% 100%
66 and 10
1961 66 and 10 months 1959 68 108% 100% 100%
months
1962 and 1960 and 69 116% 100% 100%
67 67
Later Later 70 124% 100% 100%
Note: People who were born on January 1 of any year should refer to
the previous year.

Social Security Earnings Limit Spousal Social Security Benefit Formula

Age Amount Benefit Witheld Note: Assuming Full Retirement Age (FRA) of 67...
62 - January 1 of
the year reaching (1/2 of higher earner FRA benefit) — (lower
$23,400 $1 for every $2 over limit
Full Retirement earner FRA benefit)
Age
Year reaching Full = spousal payment (then adjusted for filing age)
$62,160 $1 for every $3 over limit
Retirement Age
Full Retirement
No Limit N/A
Age
What Counts as “Earnings” for the Limit?

WHAT DOES COUNT WHAT DOES NOT COUNT

Wages Pension Payments Dividends
Net Earnings from Self- Annuity Payments Interest Income
Employment IRA Distributions Capital Gains

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 Maximum % of YOUR Full Retirement Age Social Security Benefit an Eligible Family Member Can Receive if You...

Retire or Become
Pass Away Aged-Based Considerations
Disabled

If you retire or become disabled, your spouse can collect at age

62+ or any age if caring for your child who is under 16 or
disabled before the age of 22
100% (Adjusted for 50% (Adjusted for
Spousal Benefit survivor's filing age) survivor's filing age) If you die, your spouse of any age who is caring for your child
who is under 16 or child of any age if child was disabled before
22

Payable to spouse of any age who is caring for your child who is
Child in Care Benefit 75% 50%
under 16 or child of any age if child was disabled before 22

Payable to child who is under 18, or 19 if still in high school of

Benefit to Children 75% 50%
any age if disabled before 22

LENGTH OF MARRIAGE RULES: Survivor Benefits: 9 months Spousal Benefits: 1 year Divorced Spouse: 10 years

Medicare Cost 2025 Medicare IRMAA Chart 2025

Part A Part B
Individual Tax Joint Tax Return Part B Part D
Monthly
$0 $185 Return 2023 2023 Premium IRMAA 2025
Premium
$1,676 per benefit
Deductible $257 per year $106,000 or less $212,000 or less $185.00 ---
period
$0 for the first 60
Medicare pays 80%, you pay $106,000 - 133,000 $212,00 - 266,000 $259.00 + $13.70
days of benefit
20%
period
$419 per day for $133,001 - 167,000 $266,000 - 334,000 $370.00 + $35.30
Cost days 61-90
Sharing $838 per “lifetime $167,001 - 200,000 $334,000 - 400,000 $480.90 + $57.00
No Limit on total out-of-
reserve day” after
pocket costs
90 days (max of $200,001 - 499,000 $400,001 - 749,999 $591.90 + $78.60
60 days over your
lifetime) $500,000 + $750,000+ $628.90 + $85.80

Open Enrollment Period Annual Enrollment Period

Jan 1 - Mar 31 Oct 15 - Dec 7

Note: You can enroll in a Medicare Supplement (Medigap) plan at any point in the year.
Must pass medical underwriting.

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 Retirement Plan Contribution Limits 2025 Federal Income Tax Brackets
Retirement Account Type 2025 Funding Deadline
Rate Single Filers Married Couples Filing Jointly
Traditional IRA and Roth IRA
Maximum Contribution $7,000 04/15/2026 10% $11,925 or less $23,850 or less
Catch Up Contribution (Age 50+) $1,000
12% Over $11,925 Over $23,850
SIMPLE IRA Plans
Simple Contribution Limit $16,500 12/31/2025 22% Over $48,475 Over $96,950
Catch Up Contribution (Age 50+) $3,500
24% Over $103,350 Over $206,700
401(k), 403(b), 457
Elective Deferral Limit $23,500 12/31/2025 32% Over $197,300 Over $394,600

Catch Up Contribution (Age 50+) $7,500

35% Over $250,525 Over $501,050
SEP IRA
04/15/2026 + 37% Over $626,350 Over $751,600
Maximum Contribution $70,000 extensions

2025 Standard Deductions

Filing Status 2025 Limit
Single or married filing separate $15,000
Married filing jointly $30,000
Head of household $22,500

Modified Adjusted Gross Income (MAGI) phase-out ranges for traditional IRA deduction with
contributor covered by a retirement plan at work*
Filing Status 2025 Limit
Single or married filing separate $79,000 and $89,000
Married filing jointly $126,000 and $146,000
*Contributor not covered by workplace plan
$236,000 and $246,000
and is married to someone who is

MAGI phase-out ranges for Roth IRA annual contributions*

Filing Status 2025 Limit
Single or married filing separate $150,000 and $165,000
Married filing jointly $236,000 and $246,000
*Contributor not covered by workplace plan
and is married to someone who is

*Tip: You may be able to get around income limits by converting a traditional IRA into a Roth IRA, which is
called a backdoor Roth IRA. Note: Married filing separately and head of household filers can use the limits
for single people if they have not lived with their spouse in the past year.
 Capital Gains Tax Rates 2025
Age of Required Minimum Distribution (RMD)
Taxable
Capital Taxable Income
Birth Year Age at which RMDs Begin Taxable Income Income Taxable Income (Married
Gains Tax (Head of
(Single) (Married filing filing jointly)
72 (70½ for those who turned Rate household)
1950 or earlier separate)
70½ prior to 2020)
0% Up to $48,350 Up to $48,350 Up to $64,750 Up to $96,700
1951 - 1959 73

1960 or later 75 $48,351 to $48,351 to $64,751 to

15% $96,701 to $600,050
$533,400 $533,400 $566,700

Ages above are for distributions from your own

accounts. The rules for inherited accounts vary. 20% Over $533,400 Over $533,400 Over $566,700​ Over $600,050

Age 50: Retirement Catch Up Contributions

Standard Contribution Catch-up Contribution Total Contribution Limit

Account Type
Limit per year Amount per year per year

401(k)/403(b)/457(b) $23,500 $7,500* $31,000

SIMPLE IRA $16,500 $3,500** $20,000

Traditional or Roth
$7,000 $1,000 $8,000
IRA

* Up to $11,250 for those turning 60, 61, 62 or 63 in 2025 (as per SECURE 2.0 “Max Saver” provision)
** Up to $5,250 for those turning 60, 61, 62 or 63 in 2025 (as per SECURE 2.0 “Max Saver” provision)

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 Notes

Next Steps...
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