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.

Take a few minutes to review the five retirement plan tax-reduction strategies described in this article.

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

Here are the five opportunities for you to explore in this article:

If you have employees, establish your 2023 retirement plan before December 31 so you and your employees can make employee contributions for this year. If you are a sole proprietor or single member LLC with no employees, you can establish your solo 401(k) plan and make both your employer and employee elective deferral on your timely filed individual return (without extensions).1

Claim up to $15,000 in tax credits by having your business create a retirement plan that covers you and your employees.

Claim the new 2023 small employer pension contribution tax credit (up to $3,500 per employee).

Claim up to $1,500 in tax credits by enabling the automatic contribution.

Convert to a Roth IRA.

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