The days are growing shorter and there aren’t many pages left on that 2024 calendar anymore. But as you prepare for all that 2025 will have to offer, it’s important to take a final look at what you can do financially for your future self.

With a bit of thought and foresight, small actions now can help make a considerable difference farther along in your journey. So, before you settle into “holiday mode” it will be helpful to consider¹:

• Max Out Retirement Contributions: You can continue to fund SIMPLE or SEP-IRA employer plan until December 31. 2024 contributions to traditional are Roth IRAs can be made until the April 2025 tax-filing deadline. 
• Take Required Minimum Distributions: A penalty of up to 25% of your required RMD can be levied if the minimum is not withdrawn in time.
• Tax-Free Savings: Converting to a Roth IRA allows tax-free growth and distributions once requirements are met. If you are still building towards retirement and plan to hold an IRA for at least five years and until you reach age 59 1/2, this strategy can help reduce your tax bill in retirement. 

Even if everything looks good on paper, it’s worth routinely checking in with an experienced financial professional to get assistance with optimizing your personal plan. Contact us at 678-539-9518 to schedule your complimentary consultation.

1. https://investor.vanguard.com/investor-resources-education/article/end-of-year-financial-checklist?msockid=2c9d3e05a3bc689100722ddda2906909

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