Day 11 Challenge: Or Should We Say 💰 Millionaire-in-the-Making Challenge? Fund Your IRA Before It’s Too Late! 🚀
Hey millionaireME movers—it’s time to secure your future! 🎯 If you haven’t opened and funded your Traditional IRA or Roth IRA for 2024, the clock is ticking! ⏳ You have until April 15, 2025, to stash away tax-advantaged dollars that can supercharge your retirement wealth. ⏳ The Limits You NEED to Know: ✅ Under 50? You can contribute up to $7,000 for 2024. ✅ 50 or older? You get an extra $1,000 catch-up contribution, bringing your total to $8,000. 🧐 Traditional IRA vs. Roth IRA—Which One’s for You? 💵 Traditional IRA: Contributions reduce your taxable income today, but you’ll pay taxes later when you withdraw. Great for tax savings now! 🌟 Roth IRA: You pay taxes upfront, but your money grows tax-free FOREVER—meaning every dollar you take out in retirement is 100% yours. 💡 Strategy tip: If you’re in a lower tax bracket now, a Roth IRA is a no-brainer. If you’re making more and want to reduce your taxable income today, go Traditional! But wait… business owners, this part is for YOU! 🚀 🦸♂️ Self-Employed? Get Even Bigger Tax Breaks with a SEP IRA! If you own a business (even a side hustle), a SEP IRA can help you save big on taxes while building massive wealth. Here’s why: 🔥 2024 SEP IRA Contribution Limits: You can sock away up to 25% of your compensation OR $69,000, whichever is lower. That’s nearly 10x more than a personal IRA! 💰 100% tax-deductible contributions: Every dollar you put in reduces your taxable income for the year. 🛠 Simple & Flexible: You don’t need employees to open one, and you can fund it all the way until your business tax filing deadline (including extensions). 🚀 Real Talk: If you’re self-employed and not using a SEP IRA, you’re leaving massive tax savings on the table. Get your CPA on board and make your future self proud! 📢 The Challenge: Take action NOW. Open and fund your Traditional, Roth, or SEP IRA before April 15, 2025 to lock in your 2024 contribution! Drop a 🔥 in the comments if you’re committing to this millionaire move! Let’s build future wealth today! 💪🚀