Day 11 Challenge: Or Should We Say š° Millionaire-in-the-Making Challenge? Fund Your IRA Before Itās Too Late! š
Hey millionaireME moversāitās time to secure your future! šÆ If you havenāt opened and funded your Traditional IRA or Roth IRA for 2024, the clock is ticking! ā³ You have until April 15, 2025, to stash away tax-advantaged dollars that can supercharge your retirement wealth. ā³ The Limits You NEED to Know: ā
Under 50? You can contribute up to $7,000 for 2024. ā
50 or older? You get an extra $1,000 catch-up contribution, bringing your total to $8,000. š§ Traditional IRA vs. Roth IRAāWhich Oneās for You? šµ Traditional IRA: Contributions reduce your taxable income today, but youāll pay taxes later when you withdraw. Great for tax savings now! š Roth IRA: You pay taxes upfront, but your money grows tax-free FOREVERāmeaning every dollar you take out in retirement is 100% yours. š” Strategy tip: If youāre in a lower tax bracket now, a Roth IRA is a no-brainer. If youāre making more and want to reduce your taxable income today, go Traditional! But wait⦠business owners, this part is for YOU! š š¦øāāļø 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. Hereās why: š„ 2024 SEP IRA Contribution Limits: You can sock away up to 25% of your compensation OR $69,000, whichever is lower. Thatās nearly 10x more than a personal IRA! š° 100% tax-deductible contributions: Every dollar you put in reduces your taxable income for the year. š Simple & Flexible: You donāt need employees to open one, and you can fund it all the way until your business tax filing deadline (including extensions). š Real Talk: If youāre self-employed and not using a SEP IRA, youāre leaving massive tax savings on the table. Get your CPA on board and make your future self proud! š¢ 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 š„ in the comments if youāre committing to this millionaire move! Letās build future wealth today! šŖš