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Retirement Answer Man
Retirement Year End Planning: Contributing to Assets
Nov 13, 2024
Explore essential year-end financial strategies to boost your retirement savings! Discover how to maximize contributions to 401(k)s, IRAs, and HSAs. Learn about Roth conversions and how they might affect your Medicare surcharges. Plus, get tips for charitable giving and 529 plans. The heartwarming tribute to a WWII veteran adds a personal touch, honoring service and sacrifice. Tune in for practical insights and reflective stories that marry finance with gratitude.
38:40
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Quick takeaways
- Year-end contributions to retirement accounts like 401(k)s and IRAs can significantly enhance financial planning and tax advantages.
- Strategies such as Roth conversions and utilizing Health Savings Accounts play a crucial role in optimizing retirement savings and healthcare costs.
Deep dives
Optimizing Year-End Contributions
Year-end contributions to various retirement accounts can significantly enhance financial planning. For instance, contributions to a 401(k) allow individuals under age 50 to contribute up to $23,000 in 2024, with an additional catch-up limit of $7,500 for those over 50. It's crucial to review your contribution status to ensure maximizing these benefits, especially if recent job changes have affected eligibility. Furthermore, considering Roth versus pre-tax options provides strategic advantages, particularly for high earners who might be ineligible for Roth IRA contributions due to income limits.
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