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    Key takeaways

    As we near year-end, take note of the following deadlines  

    401(k) & 403(b) Contributions 

    • The maximum employee deferral for 2025 is $23,500. 
    • If you are 50 or over, you can contribute an extra $7,500 (“catch-up contribution”) for a total of $31,000. 
    • ***New for 2025*** If you are 60-63, you can contribute an extra $11,250 (“super catch-up contribution”) for a total of $34,750. 

    529 Withdrawals  

    • All 529 reimbursements need to be made in the calendar year that the expense occurred. Remember to take all necessary distributions by 12/31.    

    Qualified Charitable Distributions (QCDs)   

    • Those 70.5 or older can make non-taxable distributions from their IRA directly to charity.  
    • To qualify for 2024, the charity needs to cash checks by 12/31. To make sure there’s no delay with the holidays we recommend not delaying.   

    Medicare Open Enrollment     

    • The Medicare Annual Enrollment Period begins October 15 and runs through December 7. Review and potentially switch your current Medicare coverage.   
    • Medicare health and drug plans make changes each year—e.g., cost, coverage, and what providers and pharmacies are in their networks. 
    • Even if you are happy with your coverage here are some reasons why you may want to shop around:  
      • Save Money – Drug plans may raise premiums, add or remove drugs, or change pricing.  
      • Use preferred doctors and pharmacies – Provider networks change all the time.  
      • Align plan with changing health needs