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Posted: December 20, 2024
The new year is nearly here, which means it’s time to start thinking about year-end IRA contributions and changes for 2025. Individual retirement accounts (IRAs) and 401(k) accounts are your best friends when it comes to saving for retirement, so it’s important to stay on top of changes that affect the way you save.
Year-End reminders
The deadline to contribute to a 401(k) is December 31, 2024. You can continue to make 2024 contributions to Roth and traditional IRAs until April 15, 2025. If you exceed your contribution limit ($7,000 for people under age 50 and $8,000 for people age 50 and older), you can withdraw excess funds by April 15, 2025. If you fail to do this, you will incur a 6% tax each year on the excess amount in your IRA.
People aged 73 and older must take a required minimum distribution (RMD) on retirement savings accounts each year. If you fail to take your RMD for 2024, you will face an excise tax. Remember that the RMD must be calculated separately for each account.
5 Changes to 401(k)s for 2025
Important changes are coming for 2025 that affect your retirement accounts. Here’s what to look out for.
Find the Right Plan
A secure retirement is one of the best gifts you can give yourself—contact us at (414) 761-1000 or visit any WaterStone Bank location for help selecting the account that suits you!
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