Money Guy Show 2025 Tax Changes You Can’t Afford to Ignore!
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Nov 18, 2024 Explore essential 2025 tax changes that could impact your retirement savings, including new contribution limits and provisions for part-time employees. Discover the differences between 529 and ABLE accounts, and how small contributions can lead to big gains. Learn about the importance of making intentional financial decisions and the balance of managing family loans versus maintaining relationships. The episode offers valuable insights to help you navigate financial help among loved ones with care and clarity.
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Update 401(k) Contributions
- Update your 401(k) contributions for the new year with HR.
- Start planning for the next year's contributions during year-end planning.
Power of Small Savings
- Small, consistent increases in savings add up significantly over time.
- Time and discipline are crucial for financial success.
Savings Habits vs. Optimization
- Prioritize good savings habits first, fine-tune asset allocation later.
- A consistent 20-25% savings rate sets most people up for financial success.