As we look forward to 2026, now is a great time to review the changes that will impact your retirement plan contribution limits, gifting limits, Social Security increase and Medicare premium changes for the next year. Here’s a summary of upcoming changes, which can help you assess how they might fit within your overall financial life plan.
Traditional IRAs:
You have until the tax filing deadline (April 15, 2026) to complete your 2025 Traditional IRA contributions. By making contributions to your Traditional IRA, you may be able to lower your 2025 tax liability.
If your filing status is single or head of household, you can fully deduct your IRA contribution up to $7,000 in 2025 if your modified adjusted gross income (MAGI) is $79,000 or less. If you are married and filing a joint return, you can fully deduct up to $7,000 in 2025 if your MAGI is $126,000 or less. Note that these figures assume you have access to a retirement plan at work. For those age 50 or older, the maximum contribution is $8,000.
If you are not covered by an employer plan but your spouse is, and you file a joint return, your deduction is limited if your MAGI is $236,000 to $246,000 and eliminated if your MAGI exceeds $246,000. Single filers, head-of-household filers, and married joint filers who are not covered by an employer plan can generally deduct the full amount of their contributions regardless of their income.
ROTH IRAs:
You have until the tax filing deadline (April 15, 2026) to complete your 2025 Roth IRA contributions.
If your filing status is single or head of household, you can contribute the full $7,000 to a Roth IRA if your MAGI is $150,000 or less. And if you are married and filing a joint return, you can make a full contribution if your MAGI is $236,000 or less. Contributions cannot exceed 100% of your earned income. For those age 50 or older, the maximum contribution is $8,000.
HSAs:
For those covered by a high-deductible health plan, you have until the tax filing deadline (April 15, 2026) to complete your 2025 Health Savings Account (HSA) contributions. By making contributions to your HSA, you may be able to lower your 2025 tax liability.
If your tax filing status is single, you can contribute a maximum of $4,300 to your HSA in 2025. And if you are married and filing a joint return, you can contribute a maximum of $8,550 to your HSA in 2025.
If you are 55 and older, you can make catch-up contributions to your HSA for an additional $1,000.
If you have questions about maximizing your 2025 contributions, please reach out to your JNBA Advisory Team.
Please note JNBA is neither an accountant nor an attorney and no portion of the above should be construed as accounting or legal advice. All legal and accounting issues should be addressed with a legal or accounting professional of your choosing. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC. Please see important disclosure information at jnba.com/disclosure.
