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The IRS has announced higher 401(k) contribution limits for 2025.
Starting in 2025, employees can defer $23,500 into workplace plans, up from $23,000 in 2024.
Only 14% of employees deferred the maximum amount into 401(k) plans in 2023, according to Vanguard’s 2024 How America Saves report. 

Pgiam | Istock | Getty Images

The IRS has announced new 401(k) contribution limits for 2025.
In its release Friday, the agency increased the employee deferral limit to $23,500, up from $23,000 in 2024. The change applies to workplace plans, including 401(k)s, 403(b)s and most 457 plans, along with the federal Thrift Savings Plan. The IRS also unveiled 2025 catch-up contribution limits for savers age 50 and older, individual retirement account savings limits and higher income thresholds for Roth IRA contributions.  

More from Personal Finance:IRS announces new federal income tax brackets for 2025The IRS unveils higher capital gains tax brackets for 2025IRS announces bigger estate and gift tax exemption for 2025
Starting in 2025, the 401(k) catch-up contribution limit will remain at $7,500 for savers 50 and older. But investors aged 60 to 63 can instead save an extra $11,250, based on changes enacted via Secure 2.0. Both amounts are above the $23,500 deferral limit for 2025.  

In 2023, only 14% of employees deferred the maximum amount into 401(k) plans, according to Vanguard’s 2024 How America Saves report, which included data from 1,500 qualified plans and nearly 5 million participants.
Across plans, the average 401(k) deferral rate was an estimated 7.4% in 2023, according to the same report. The combined savings rate, including employer contributions, was 11.7%, Vanguard found.  

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Credit card APRs edged lower after the Federal Reserve cut interest rates by a half point, but not by much.
Even with more rate cuts expected to come, consumers carrying a balance on their credit cards are unlikely to feel relief.

Collectively, Americans are having a harder time keeping up with their credit card bills. Part of the problem: Carrying a balance comes at a high cost. 
Credit card rates spiked along with the Federal Reserve’s string of 11 rate hikes starting in March 2022. The average annual percentage rate rose from 16.34% at that time to more than 20% today — near an all-time high.

Those APRs are edging lower — but not by much — now that the Fed dialed back interest rates by a half point on Sept. 18 and is expected to cut its benchmark rate again when it meets next week.
More from Personal Finance:28% of credit card users are paying off last year’s holiday debtHoliday shoppers plan to spend more while taking on debt2 in 5 cardholders have maxed out a credit card or come close
Most credit cards have a variable rate with a direct connection to the Fed’s benchmark.
Yet, a recent CardRatings.com survey found that fewer than half — 37% — of the credit cards surveyed changed their rates in response to the Fed’s September cut as of the beginning of the fourth quarter.
Altogether, the average credit card interest rate fell by just 0.13% from the previous quarter, the report found.

“When the Fed makes a rate cut, credit card rates often don’t fall by as much,” Jennifer Doss, executive editor and credit card analyst at CardRatings, said in a statement.
“One reason is that credit card companies are being cautious. After all, the Fed tends to cut rates when the economy is slowing. When that happens, lending to consumers usually gets riskier.”

Even with more rate cuts expected to come, consumers carrying a balance on their credit cards are unlikely to feel much relief, experts say.
“Interest rates took the elevator going up, they are going to take the stairs going down,” said Greg McBride, chief financial analyst at Bankrate.com. 
Rather than wait for more small APR adjustments in the months ahead, there are other ways to tackle high-cost variable rate debt.

Make paying down credit card debt a priority

“It’s always a great time to prioritize paying down credit card debt, no matter what the Fed decides,” said Sara Rathner, credit cards expert at NerdWallet. “It’s not always possible to pay off a large balance quickly, but any extra money you can put toward your debt each month can make a difference over time.”
Regardless of the Fed’s next moves, “look at where you are,” said Rod Griffin, senior director of consumer education and advocacy for Experian.
Cardholders who pay their balances in full and on time every month and keep their utilization rate — or the ratio of debt to total credit — below 30% of their available credit, benefit from credit card rewards and a higher credit score. That paves the way to lower-cost loans and better terms.
Cardholders carrying debt from month to month put themselves at risk of getting trapped in an expensive debt cycle.

Renegotiating high-interest credit card debt is a good bet, Griffin said. “There are better rates available.”
“If you are not getting the rates you want, shop around,” he said. “Use your power as a consumer to move on to a different provider.”
Alternatively, borrowers can call their card issuer and ask for a lower interest rate on their current card. The average reduction is about 6 percentage points, a 2023 LendingTree survey found — and 76% of cardholders who asked for a lower APR got one.
For consumers, it’s important to speak up, according to Griffin, and say to their lender, “I can do better elsewhere, or you can do better for me.”
But ultimately, a key factor that determines the credit card interest rate that you pay is your credit score, CardRatings’ Doss said. “Credit card companies charge higher interest rates to make up for higher risk. So, customers with low credit scores tend to pay higher interest rates.”
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Traders work on the floor of the New York Stock Exchange on Sept. 18, 2024.
Stephanie Keith | Getty Images

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Here’s what CNBC TV’s producers were watching as stocks closed October on a sour note Thursday, and what’s on the radar for the next session.

Big oil

Chevron and Exxon Mobil report in the premarket Friday.
CEOs from both companies are set to come on CNBC after reporting. Exxon Mobil’s Darren Woods is scheduled to be on the 7 a.m. ET hour. Chevron’s Mike Wirth will be on during the 9 a.m. ET hour.
Chevron is down 6.8% since last reporting three months ago. The stock is 11% from the late April high.
Exxon Mobil is down 1.5% in the past three months. It’s also down 7.5% since hitting a 52-week high three weeks ago. 

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CVX and XOM in past 3 months

October auto sales

CNBC TV’s Phil LeBeau will have the numbers and stock reactions Friday morning.
In the last month, General Motors is up 13%. The stock is 6.5% from its 52-week high.
Ford is down 2.5% in a month.  The stock is 31% from the July high.
Stellantis is down nearly 3% the past month and 53% below a March high.
Toyota is down 2.8% in the past month. It’s also 32% below its 52-week high.
Honda is down 4.5% in the past month month and has fallen 20% from its 52-week high.
Hyundai is down 7% in the past month.

Amazon

The company did better than analysts anticipated, and now the stock is up 5.7% after hours.
One key headline is that Amazon Web Services, the cloud side of the company, is growing quickly.
Through Thursday’s close, shares are up 22.7% for the year.  

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AMZN year to date

Apple

The tech giant surpassed earnings and revenue expectations for its fiscal fourth quarter.
iPhone sales, the metric everyone wants to know about, rose 6% versus the same quarter a year ago.
CEO Tim Cook told CNBC’s Steve Kovach that iPhone 15 sales were “stronger than the 14 in the year-ago quarter, and 16 was stronger than 15.”
Still, the stock is down about 2% after hours.
Apple is up 17% in 2024 through Thursday’s close.

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AAPL in 2024

Wayfair

The online home good and furniture sales company is set to report before the bell Friday.
The company was an investor favorite during the pandemic, hitting a high of rising to $369 a share in January 2021. It’s now at $42.83.
The stock is down 23% over the past three months.

 Simon Property

The shopping REIT reports before the bell.
The stock is up 10% over the past three months.
Simon Property is also 4.5% below its Oct. 18 high.
The dividend yield as of Thursday is 4.85%. 

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SPG year to date

October sector and industry check

Financials outperformed in October, rising 2.55%.
Communication Services gained 1.8% for the month.
Energy, with a 0.7% advanced, was the third best-performing sector in October.
Health care, materials and consumer staples were at the bottom of October’s list. Health care shed 4.7%, while materials and real estate lost more than 3%.
Airlines jumped 17% in October. United was the leader, up 37% in the month.
Construction materials were up 10% in October. Martin Marietta and Vulcan both rose 10% for the month.
Homebuilding was hit hard, down 9.6% in October. Consumer Durables fell 6.3%. D.R. Horton fell 11.4%.    Mohawk Industries, a floor manufacturer, lost 16.4% in for the month. More

“The two issues are fire and liability, basically,” said Loretta Worters, a spokeswoman for the Insurance Information Institute.
Homeowners losses caused by fire and lightning on average cost $83,991 from 2018 to 2022, according to the Insurance Information Institute.
Meanwhile, the average cost of bodily injury and property damage hovers at $31,690. 

Solstock | E+ | Getty Images

Halloween trick-or-treaters and jack-o-lanterns can be downright scary — for your homeowners insurance policy.
There is a 14% jump in homeowners insurance claims on Halloween compared to other days of the year, according to Travelers Insurance. Theft on premises claims jump 46%.

Trips or falls, thefts, fire and pet-related accidents are among the insurance perils of All Hallows’ Eve.
“Not all of those types of things result in a claim, but can certainly occur throughout the night,” said Angi Orbann, vice president of property and personal insurance product management at Travelers Insurance.
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Scarier yet, Halloween is just the kickoff night for some of those risks, which persist throughout the holiday season as you increase foot traffic in your house.
“The two issues are fire and liability, basically,” said Loretta Worters, a spokeswoman for the Insurance Information Institute.

The average homeowners loss caused by fire and lightning costs $83,991, according to Insurance Information Institute based on claims from 2018 to 2022. Over the same time period, the average cost of bodily injury and property damage liability claims was $31,690. 

With all the festivities that happen around Halloween and the trick-or-treaters … think about the safety of the pathways and the accessibility of your home.

Angi Orbann
vice president of property and personal insurance product management at Travelers Insurance

How such claims affect your policy cost will depend on the number of claims you’ve made in a year, the type of issue, where you live and the extent of the damage, experts say. 
“Be aware that there could be a surcharge based on the claim in the following year,” Orbann said.
If you haven’t yet, add these three steps to your to-do list to avoid hazards tonight and throughout the rest of the year:

1. Minimize dangers for visitors

Homeowners should minimize the dangers for visitors in pathways and entrances, “especially when it can be dark and it’s hard to see,” Orbann explained. 
“With all the festivities that happen around Halloween and the trick-or-treaters, it’s important to think about the safety of the pathways and the accessibility of your home,” Orbann said. 
Make sure the pathways are clear and “everything is very well lit,” she said.

If it snows, shovel and clear your pathway so partygoers, carolers and other holiday visitors have a clear walkway, said Worters. 
Be mindful of other celebration-related risks. If you’re hosting a house party with alcohol involved, you may risk liability for injuries or property damage from an inebriated guest, Worters added.
“If you see somebody who’s had too much to drink, don’t let them drive,” Worters said, and consider other measures like limiting alcohol and encouraging guests to use rideshares.

2. Reduce fire risks

Holiday decorations including light displays, Christmas trees and candles on a mantle or in a jack-o-lantern can start a fire if left unattended.
“We recommend that you use LED lights or battery lights instead of live candles for safety reasons,” said Orbann.

The two issues are fire and liability, basically.

Loretta Worters
spokeswoman for the Insurance Information Institute.

Worters agreed: “If there’s a fire from a Christmas tree, a lot of times, you can have a total loss of a home.” 
If you opt for a natural tree, make sure to water it properly and avoid having inflammables nearby, experts say.
“Cooking fires are also the number one cause of home fires and home injuries,” said Worters.
For instance, avoid using the stove if you’re too sleepy, she said. Turkey fryers — common for Thanksgiving — also “pose a lot of risks” if not used properly, she added. 

3. Secure your pets and belongings

If you have a pet, make sure they’re secured on Halloween, both to protect trick-or-treaters and the pet as well, said Orbann. The same holds true for other holiday parties and events.
Insurers will have different coverage rules depending on what kind of pet you have or breed, said Worters, whether by charging more for certain breeds or no coverage at all. 
“If the dog isn’t trained and there’s a loss or an injury, that’s going to increase your liability insurance tremendously,” Worters said.

Theft can also be a higher risk around the holidays when “people are ordering a lot online and have packages delivered,” said Orbann. Think about securing your packages and perhaps installing smart home cameras or doorbells, she suggested.
“You can also have a neighbor keep an eye on the house as well,” Orbann said. More

Series I bonds will pay 3.11% through April 2025, the U.S. Department of the Treasury announced Thursday.
Linked to inflation, the latest I bond rate is down from the 4.28% yield offered since May and the 5.27% rate offered in November 2023.
Current I bond owners will also see rates adjust, based on their purchase date.

The US Department of Treasury in Washington, DC, on February 22, 2024. 
Mandel Ngan | AFP | Getty Images

How I bond rates work

I bond rates have a variable and fixed rate portion, which the Treasury adjusts every May and November. Together, these are known as the I bond “composite rate.” You can see the history of both parts of the I bond rate here.

The variable rate is based on inflation and stays the same for six months after your purchase date, regardless of the Treasury’s next announcement. 
Meanwhile, the fixed rate doesn’t change after purchase. This part of the rate is less predictable and the Treasury doesn’t disclose how it calculates the update. 

How I bond rate changes affect current holders

If you currently own I bonds, there’s a six-month timeline for rate changes, which shifts depending on your original purchase date. 

After the first six months, the variable yield shifts to the next announced rate. For example, if you buy I bonds in September of any given year, your rates change every year on March 1 and Sept. 1, according to the Treasury.  
For example, if you bought I bonds in September 2024, your variable rate would start at 2.96% and change to the new rate of 1.90% in March 2025. But your fixed rate would remain at 1.30%. That would bring your new composite rate to 3.2%. More

The trend toward making more mindful buying decisions can help you avoid impulse purchases and debt over the peak holiday shopping season. 
73% of consumers said they are “slow shopping” this year, according to a recent report.

Impulse spending has a cure.
So-called “slow shopping” promotes the importance of taking time to think through each purchase to make more mindful buying decisions, according to consumer savings expert Andrea Woroch.

“This is definitely a shopping trend worth adopting to help you avoid impulse purchases and taking on debt,” she said. 

‘Slow shopping’ can help you save

“When you give yourself time to move past an emotion or allow yourself time to reassess your need or desire without the worry of missing a deal, you can make a more level headed buying decisions,” Woroch said. “Often times, this will mean dodging an impulse purchase.”
In many cases, there are good reasons to wait. Slow shopping allows you to time your purchase based on when it’s on sale for the lowest price, Woroch explained.
A price-tracking browser extension such as CamelCamelCamel or Keepa can help you keep an eye on price changes and alert you when a price drops.
Slow shopping also allows for more time to save up for big-ticket items.

73% of shoppers are ‘slow shopping’

Slow shopping is already catching on this year as the antidote to spur-of-the-moment buying habits, which experts largely consider many consumers’ Achilles heel.
Nearly three-quarters — 73% — of consumers said they have adopted this approach for the holiday shopping season, according to a survey of 2,000 adults by Affirm.
Roughly 60% said they are starting their shopping earlier and being mindful about what they’re buying, and about half of shoppers said they are using slow shopping to take advantage of more deals and promotions, Affirm also found. 
“Every year, we see consumers starting their holiday shopping earlier, but this time it’s different — they are also taking their time,” Vishal Kapoor, senior vice president of product at Affirm, said in a statement.
More from Personal Finance:28% of credit card users are paying off last year’s holiday debt2 in 5 cardholders have maxed out a credit card or come closeHoliday shoppers plan to spend more
The stakes are higher in 2024 with credit card debt already at $1.14 trillion.
This year, spending between Nov. 1 and Dec. 31 is expected to increase again, to a record total of $979.5 billion to $989 billion, according to the National Retail Federation.
Shoppers may spend $1,778 on average, up 8% compared with last year, Deloitte’s holiday retail survey found. 
At the same time, 28% of shoppers who used credit cards have not paid off the presents they purchased last year, per a separate holiday spending report by NerdWallet. 
Too often over the holidays there is the urge to overspend, said Rod Griffin, senior director of consumer education and advocacy for Experian.
“The big red sales signs increase the temptation to buy,” he said.

Shoppers walk at Macy’s department store during Black Friday shopping in Manhattan in New York City, New York, U.S., November 24, 2023.
David Dee Delgado | Reuters

More than half — 54% — of adults made at least one impulse purchase last holiday season, according to a recent survey by Bankrate.
Most were chasing deals. Roughly 44% of consumers who made unplanned purchases last holiday season bought it because they thought it was a good price or because the item was on sale, Bankrate found. Social media’s influence is also partly to blame.
Heading into this holiday season, one-third of shoppers said they plan to spend less than they did last year. Bankrate polled more than 2,400 adults between September and October.

The best ways to save over the holidays

To better manage your holiday spending, “it becomes increasingly important to have a plan,” said Experian’s Griffin.
“When you are thinking of holiday shopping, make a list and check it twice,” he said. “Use it to guide your spending and resist impulse buying.”
Setting money aside in a holiday fund can also help, said Ted Rossman, senior industry analyst at Bankrate. “If you’ve set money aside for it, you have more freedom to spend without overdoing it or taking on expensive credit card debt,” he said.

Starting earlier is another important way to save money, other experts say.
With Black Friday and Cyber Monday falling later on the calendar this year, “it’s a shorter holiday season and that will force the retailer’s hand to be pretty promotional in November,” said Adam Davis, managing director at Wells Fargo Retail Finance.
Davis advises consumers to sign up for a store e-newsletter and mobile alerts, which may provide access to early deals and discounts or, at least, free shipping. “That can be as simple as signing up for loyalty programs,” he said.
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Traders work on the floor of the New York Stock Exchange during morning trading in New York City.
Michael M. Santiago | Getty Images

Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox.
Here’s what CNBC TV’s producers were watching as stocks slipped on Wednesday, and what’s on the radar for the next session.

Apple

The company reports Thursday after the bell. CNBC TV’s Steve Kovach is set to cover the numbers and the stock.
Apple is up 5% in three months.
Apple hit a high Oct. 15, and it’s down 3% since then.

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Apple in the past three months

Microsoft

The tech giant beat on earnings and profit expectations.
The stock is down nearly 4% in after hours.
CNBC contributor Jeff Kilburg, fresh off scoring a big profit from a call on Tesla options, highlighted concerns about Microsoft spending too much on Copilot. “If we do see a pullback here, I want to buy more at $421,” he said on “The Exchange.”  “It makes a ton of sense to add here on any sort of pullback.”
The stock slid to about $416 in extended trading.
Shares of Microsoft are 7.6% from the July high and up 15% year to date.

The other Big Tech companies

Factoring in after-hours action…
Meta Platforms is up 23.7% in three months. It’s 2% from the early October high.
Netflix is up 21.3% in the past three months, and Nvidia is up 32.9% in that period. Both are just off their highs: Netflix is 2.5% from the Oct. 21 high, and Nvidia is 3.5% from the Oct. 22 high.
Amazon is up 5.4% in three months. It’s 4.2% from the July high.
Alphabet is up about 2% in three months. It’s 9% from the July high. The stock was up nearly 3% on Wednesday after the previous evening’s earnings report in which the company touted growth in the cloud business.

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Meta Platforms over the past three months

Also from the cloud

The stocks in the cloud sector are having a big October.
The First Trust Cloud Computing ETF (SKYY) is up 4.7% in October.
Datadog is up 11% in October, 7.5% from the February high.
Cloudflare is up 11% in October, 22% from the February high.
Zscaler is up 9.27% in October, 28% from the February high.
Asana is up 5.5% in October, 47% from the December 2023 high.
Snowflake is up 3.6% in October, 50% from the February high.
Atlassian is up about 20% in October, still 26% from the January high.

The industrials

The group ranks in the middle of the pack over the past three months versus the rest of the S&P sectors. It’s up more than 6% in that period.
On Thursday, Ingersoll Rand and W.W. Grainger report numbers. Both hit highs this month.
Ingersoll Rand is down nearly 2% in the past three months. The stock hit a high Oct. 15, and it has fallen more than 5% from there.
W.W. Grainger is up roughly 13% in the past three months. The stock hit a high Oct. 21 and is down 2.7% since then. It is the best performer in the sector, followed by Eaton and Trane Technologies.
Boeing, Textron and Stanley Black & Decker are at the bottom of the list. Stanley Black & Decker and Textron are down about 11% in three months. Boeing is down about 17% in that period.

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W.W. Grainger in the past three months

The utilities

This is the third best S&P performing sector in the last three months.
Xcel Energy reports Thursday, as does Southern Co.
Xcel is up about 8% in three months. The stock hit a high last week but has dropped 4% since then.
Southern Co. is up 7% in three months. This stock also hit a high last week and has dropped 5% since then.
Vistra, Constellation and NRG are the top performers. AES, American Water Works and American Electric Power are the laggards.

Li Auto

The Chinese automaker reports Thursday.
The stock is up 46% in three months.
Li Auto is 38% from the February high. More

If the thought of holiday spending makes you wince, you’re not alone.
Over 50% of surveyed shoppers with incomes of $100,000 or more said they can “easily afford” holiday expenses in 2024.
That’s the highest compared with other income groups, according to a report by Morning Consult, a survey research firm.

Betsie Van der Meer | Getty

Only one cohort of surveyed shoppers said they have enough financial runway to spend cash this holiday season without rolling into debt — and even so, many in that group anticipate struggling.
More than half, or 52%, of shoppers with incomes of $100,000 or more said they can “easily afford” holiday expenses in 2024, according to Morning Consult, a survey research firm.

That’s the highest share compared with other income groups.
Of those who earn $50,000 to $99,900, about 33% said they can afford holiday spending. Meanwhile, 18% of respondents who earn below $50,000 annually said they can sustain the costs, the report found.
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The survey polled 2,201 adults in the U.S. between August and September.
This lack of confidence stems from households still struggling with inflation, experts say.

“Inflation is like a regressive tax,” said Sofia Baig, economist at Morning Consult. “It hurts lower-income people more than higher-income people because it takes out a larger chunk of their wallet.”

Holiday debt can be a long-lasting problem

If spending cash on holiday purchases this year sounds like a stretch to your budget, you’re not alone. 
About 20% of Americans surveyed said they’ll have to go into debt to pay for holiday celebrations and obligations, according to Morning Consult.
Shoppers who plan to take on debt this holiday season need to keep in mind that credit card balances can be very sticky. About 28% of 2023 holiday shoppers are still paying off debt they incurred almost a year ago, according to NerdWallet, which polled 2,079 adults in September.
“Credit cards charge really high interest rates,” said Sara Rathner, a credit card expert at NerdWallet.
The average annual percentage rate for credit cards is around 20.50%, down from a record high of 20.79% in August, according to Bankrate.com. To compare, the average APR for retail credit cards is 30.45%, a high, Bankrate found.
“If you’re only making minimum payments on that debt, it is very possible to remain in credit card debt for a long time,” she said.

High earners have ‘wiggle room’ in their budgets

As the world reopened from pandemic-era lockdowns, there was an “increased income equality” because the labor market was favorable for workers and people still had Covid-19 stimulus payments saved, said Baig.
U.S. households received more than 476 million payments totaling $814 billion in financial relief, according to government data.
But as inflation grew in a rapid spiral in recent years, excess savings from the pandemic quickly began to deplete, she said.
High-income households were less affected by inflation, while lower-income households paid more out of their pockets for goods and services, Baig said.

They’re not nearly as budget conscious as people in lower wage-earning brackets.

Stacy Francis
president and CEO of Francis Financial, a wealth management, financial planning and divorce financial planning firm in New York City

“Higher-income consumers are not nearly as price sensitive,” said Stacy Francis, president and CEO of Francis Financial, a wealth management, financial planning and divorce financial planning firm in New York City.
“They’re not nearly as budget conscious as people in lower-wage-earning brackets,” said Francis, a member of CNBC’s Financial Advisor Council.
Higher-income people are “more buffered from the pains of inflation” as they have more “wiggle room in their budget to save and to spend,” Baig said.
About 68% of respondents who earn $100,000 or more said they can cover three months or more of basic expenses without income, Morning Consult found in a separate report that polled 2,025 adults in October. That is an increase from 65% in 2023.

Their high savings balances on top of high income gives them the strength to spend on retail purchases and travel this holiday season, the report found.
“The same thing can’t be said for low- and middle-income consumers,” said Baig.
Less than half, or 47%, of respondents with incomes between $50,000 and $99,000 said they have enough savings to cover three months of expenses, and the share is only 22% for those who earn less than $50,000 annually. More