Mar 11 (edited) • General discussion
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! 💪🚀
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Day 11 Challenge: Or Should We Say 💰 Millionaire-in-the-Making Challenge? Fund Your IRA Before It’s Too Late! 🚀
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