October is here, and while Halloween brings thoughts of spooky fun, we at Dixon Financial Group, LLC are focused on something else: the nightmare of a missed IRA contribution!
Enjoy the fall season, but don’t let the festivities distract you from your financial future. As 2025 ends, now's an ideal time to review your retirement savings and confirm you’ve made your full IRA contributions.
The Treat: Maximize Your Retirement Savings
Think of your IRA contribution as a valuable gift to your future. For 2025, you can contribute up to $7,000. If you're 50 or older, you can add an additional $1,000, bringing the total to$8,000.
Your total annual contributions to all IRAs can't exceed the limit, even if split between account types.
The Trick: Don't Miss the Deadline
Unlike Halloween surprises, the IRA contribution deadline is firm. You have until Tax Day, April 15, 2026, for your 2025 contributions.
Don’t wait until the last minute. Acting now lets you avoid last-minute rush, ensuring your contributions have more time to grow.
Roth or Traditional: What's Your Flavor?
Making your contribution is the first step, but choosing the correct type of IRA is just as important.
- Roth IRA: After-tax contributions, tax-free qualified withdrawals. If you'll be in a higher tax bracket, consider this option.
- Traditional IRA: Contributions may be tax-deductible, and withdrawals are subject to taxation. If you'll be in a lower bracket, this may save you more.
Need a Ghost-Buster for Your Financial Plan?
If this feels overwhelming, we're here for you. Dixon Financial Group, LLC can help review your goals and keep your IRA contributions on track.
Please schedule a consultation with us today to ensure your financial future is on track.
Happy Halloween, and happy saving!
- Jacob
- David
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Disclaimer: The information provided in this blog post is for educational purposes only and should not be considered financial or tax advice. Please consult with a qualified financial advisor and tax professional to discuss your specific situation.