See how your contributions can add up

Contribution rates

The default contribution rate

The default savings rate for a New York Secure Choice account is 3% of your gross pay. This amount is deducted from your paycheck after taxes have been taken out.

An annual increase

You can elect to apply a 1% annual increase in your savings rate for your account that takes effect automatically each January.

For example, if you start out at 3%, next year your savings rate will increase to 4%. Your savings rate can increase each year thereafter, until you reach 10%.

Changing your rate

You can change your savings rate at any time to as little as 1% or up to a maximum of 100%, within IRS limits. Contributions are made post-tax, and your employer can deduct contributions only from the amount available in your paycheck after other payroll deductions required by law have been made.

Contribution limits

Your New York Secure Choice account is a Roth IRA, so the total amount you save must be within the federal government’s Roth IRA contribution limits This limit applies to the total amount you can contribute each year across all your IRAs.

Depending on your modified adjusted gross income (MAGI) and your tax filing status, you may be eligible to contribute the maximum amount to a Roth IRA, a reduced amount, or nothing at all. However, you can’t contribute more than you earned in income for the year. The table below shows how your modified adjusted gross income affects your contribution limit. See IRS Publication 590-A for details.

Tax Year 2025
		Contribution limit
Filing status	Modified adjusted gross income	Age 49 or younger	Age 50 and older
Single	Less than $150,000	$7,000	$8,000
	$150,000 or more but less than $165,000	Reduced amount	Reduced amount
	$165,000 or more	Not eligible	Not eligible
Married filing jointly	Less than $236,000	$7,000	$8,000
	$236,000 or more but less than $246,000	Reduced amount	Reduced amount
	$246,000 or more	Not eligible	Not eligible

Computing your modified adjusted gross income (MAGI)

For more information and an easy-to-follow worksheet for computing your MAGI, review the IRS's publication 590-A (2024), Contributions to Individual Retirement Arrangements (IRAs).

Read the IRS publication

Determining how much to save

We have a number of tools and resources to help you plan, as well as our retirement calculator. You can also talk to a financial or tax advisor to help you assess your options.

See tools and resources

Try the retirement calculator

Example of investments with an assumed 3% annual rate of return

This hypothetical example shows the potential of what an initial investment of $500 and a monthly contribution at a 3% projected annual rate of return could become over time.

Have questions?

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Check out our frequently asked questions (FAQs) for answers to common questions.

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