The clock continues to tick. Your retirement is one year closer.
You have time before December 31 to take steps that will help you fund the retirement you desire.
By taking the actions described in this article, you might find several thousand dollars (and maybe much more) in your pocket. But you’ll need to act now to get the cash.
Big Picture
First, a note: all limits and thresholds in this article reflect the IRS’s 2025 inflation adjustments.
Here are the five opportunities for you to explore in this article:
1.
Establish your 2025 retirement plan before December 31 so you can make both employee and employer tax-deductible contributions to your account. Yes, you can do this even if you are the sole owner/employee in a proprietorship or a corporation.
2.
Claim up to $15,000 in tax credits by having your business create a retirement plan that covers you and your employees.
3.
Claim the small employer pension contribution tax credit (up to $3,500 per employee).
4.
Claim up to $1,500 in tax credits by enabling the automatic contribution.
5.
Convert to a Roth IRA.
1. Establish Your 2025 Retirement Plan
First, a question: As you read this, do you have your (or your corporation’s) retirement plan in place?
If not, and if you have some cash you ... Log in to view full article.
