As we approach the new year, it’s essential to stay informed about the financial changes that could impact your retirement planning. The latest episode of the Caffeine and Cash Flow podcast will provide you with updates for 2025, focusing on pension and retirement plan contribution limits.
Michael shares his insights on various financial adjustments, including IRAs, 401ks, and Social Security. These changes, although sometimes subtle, can significantly affect your financial strategy. For instance, while the contribution limit for traditional and Roth IRAs remains at $7,000 for 2025, there are new catch-up contributions available for those aged 60 to 63. This means there are even more opportunities to give your retirement savings a substantial boost.
Make sure you’re working with a financial advisor to navigate these changes effectively. With personalized advice, you can determine the best course of action for your unique financial situation, ensuring you’re making the most of the opportunities available in 2025.
Here’s some of what we discuss in this episode:
- The maximum amounts you can put into different types of IRAs.
- Should you be maxing out the catch-up contributions?
- Something that’s brand new for 2025.
- Social Security COLA increase and other changes to benefits.
- The gift tax exclusion is going up as well.
Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com.
