Plan Your Retirement Goals for 2025

Published On: April 7th, 2025Categories: Accounting, Business Tax, Consulting, Financial Planning, Individual, Small Business, Tax Planning, Taxes

As we move further into 2025, now is a great time to refocus on your long-term financial goals—especially your retirement planning. Whether you’re just getting started or fine-tuning your approach, reviewing your options and maximizing available programs can set you up for future success. Here are some key strategies to consider.

Maximize your employer retirement benefit. The first place to start is to look to see what your employer offers in the way of retirement benefits and ensure you are taking full advantage of those benefits. So if your employer offers matching contributions, now is a great time to double check that you’re contributing enough to your 401(k) to take full advantage of this benefit. Matching contributions are essentially free money that can significantly boost your retirement savings over time.

Leverage new catch-up contribution limits. One of the most significant updates for 2025 is the increased catch-up contributions for certain retirement accounts. For 401(k), 403(b), and SIMPLE IRA plans, individuals age 50 and older can contribute additional amounts beyond the standard annual limit. There’s also now a supersized catch-up contribution limit if you’re age 60 to 63.
Re-evaluate your investment portfolio. Consider reviewing your portfolio regularly or consulting with a financial advisor to ensure it aligns with your retirement timeline and risk tolerance.
Explore Health Savings Accounts (HSA). If you’re enrolled in a high-deductible health plan, an HSA can be a valuable tool for retirement planning. Contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are also tax-free. After age 65, you can use HSA funds for non-medical expenses, though these withdrawals will also be taxed like regular income.
Consider opening an IRA. Many employees maintain employer-provided plans without realizing they could also establish a traditional or Roth IRA. Use this time to review your situation and see if these additional accounts might benefit you or someone else in your family.
Automate your savings. Consistency is key when it comes to retirement savings. Consider setting up automatic contributions to your retirement accounts to ensure you’re consistently saving.

The earlier you take action, the more you can benefit from the increases in annual contribution limits and other retirement savings opportunities. Remember many tax beneficial retirement plans have annual limits. If you do not max out your annual opportunity, that year’s unused limit is gone forever. Take the time now to ensure you’re making the most of your retirement savings potential.

"*" indicates required fields

Company

This field is for validation purposes and should be left unchanged.

Name*

First Last

Company Name

Phone*

Email*

Address*

Street Address City State ZIP Code

What services are you interested in?*

Business Consulting

CPA Services

Technology Services

Marketing Services

N/A

How Did You Hear About Eccezion?*

Message*

Form Security*

Enter the answer to the equation: 4 + nine

About the Author: Shelly Spata, CPA

Shelly Spata joined the firm in 1998. She now serves as the Managing Partner of the firm. "As a business owner myself, I understand the complexities and challenges business owners face, and I strive to add value by helping clients understand their financial statements, manage tax consequences, and clearly see the financial and tax ramifications — both positive and negative — of decisions they make," she explains. "Without good financial information, it’s like driving a car blind, but with good information, clients are able to maximize profits."