Here's what's changing for 401(k)s and Social Security in 2025

The video discusses changes in retirement savings, focusing on 401K and Social Security. It highlights the Secure 2.0 Act, which increases 401K contribution limits, especially for those aged 60-63. Social Security adjustments, including a 2.5% cost of living increase and potential tax changes, are also covered. The video emphasizes the importance of planning for retirement and introduces a federal database to track forgotten 401K accounts.

What is the new 401K contribution limit for workers aged 60 to 63 starting in 2025?

• $11,250

• $34,000

• $23,500

• $23,000

How much will Social Security payments increase in 2025 due to the cost of living adjustment?

• 4.0%

• 3.0%

• 1.5%

• 2.5%

What is the expected year when Social Security funds might run out to pay full benefits?

• 2025

• 2030

• 2034

• 2040

What new tool will be available in 2025 to help track forgotten 401K accounts?

• Pension Locator

• Federal Lost and Found Database

• 401K Finder

• Retirement Tracker

What percentage of 401K plan assets were forgotten as of May 2023?

• 1/5

• 1/3

• 1/4

• 1/2