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
