Insight

As we move through the year, we want to take a moment to remind you of the importance of maximizing your retirement savings. Contributing to your IRA, Roth IRA, and workplace retirement plans is a crucial step in securing your financial future.

Here are a few key considerations to keep in mind:

• IRA & Roth IRA Contributions: The 2024 and 2025 contribution limits for traditional and Roth IRAs is $7,000 ($8,000 if you’re age 50 or older). Making your contributions early can help maximize the benefits of tax-deferred or tax-free growth. Remember, you can make a 2024 contribution up until you file your tax return by April 15^th, 2025.
• Workplace Retirement Plan Deferrals: If you have access to a 401(k) or other employer-sponsored retirement plan, it’s a good time to review your contribution levels. The 2025 deferral limit for 401(k), 403(b), and most 457 plans is $23,500, with an additional $7,500 catch-up contribution if you’re 50 or older.
• Health Savings Account (HSA) Contributions: if you are covered under a high-deductible health insurance plan and have a HSA account, this is a terrific opportunity to enjoy the possibility of triple tax-advantaged investment growth. The 2025 contribution limits are $4,300 for individuals and $8,550 for family coverage.
• Tax Planning Opportunities: Your contributions may offer tax advantages, depending on your income and eligibility. If you’re unsure of the best strategy for your situation, I’d be happy to review your options with you.

If you have any questions or would like to discuss your contributions in more detail, please don’t hesitate to reach out. We are here to help ensure you’re on track for a comfortable and secure retirement.