🎉 New Year, New Goals! Retirement Saving Strategies for 2025 🕰️Start the year off right with actionable tips to boost your retirement savings! In this episode of Elevate Wealth, Clarke Holt and Deanne Rosso dive into smart strategies you can implement now to make the most of 2025. 💡What You’ll Learn:✅ New 401(k) contribution limits for 2025 – increase your savings potential!✅ IRA and ROTH contribution rules and how to take advantage of them.✅ How to make the most of a raise – save more without feeling the pinch.💬 Need an accountability partner or expert advice? We’re here to help you create a customized retirement strategy.👉 Visit elevate-wealth.com and click “Let’s Talk” to start your journey toward financial freedom.🔔 Subscribe for more tips on retirement planning, wealth management, and achieving your financial goals.#RetirementPlanning #FinancialGoals #ElevateWealth #SaveMore #2025Tips #WealthManagementit's a new year and the best time to implement strategies to save for retirement. We'll help you map it out today on Elevate Wealth. Hi, I'm Clarke Holt with Elevate Wealth Advisory and I'm very happy to have with me my colleague and our CEO and President Deanne Rosso. Hey Clarke. Welcome Deanne. Thank you, So Deanne, people around the world are making New Year's resolutions for 2025, and one of the big ones that we hear a lot is getting their finances in order or getting their finances in place. What are some things people can do right now to save more money for retirement? Sure, that's a great question, you know the two top New Year's resolutions: save more money, lose weight. So today, let's talk about saving money. There are quite a few things that you can do and you can implement right at the beginning of a year and especially to meet those goals in your New Year's resolutions, if you will, of saving more money. So first thing is the 401K salary deferral limit increased this year, so if you already maximize what you can put in your 401k, you might just want to go into your payroll system, make sure to bump that up by $500. So the new salary deferral limit for 2025 is $23,500, or if you're not maximizing or you're just saving, just start now to save in your 401k, or bump up your savings rate a little bit. That's a good way to kick off your New Year's savings goals. So that's one strategy is saving in your 401k. Another one is contributing to your IRA. So Ira contributions this year did not change. They're still $7,000 if you are under age 50, or you get an extra thousand to bump that up to $8,000 if you're over age 50 this year, but if you haven't contributed to an IRA or a Roth before, make plans to do that. That's a good way to either get tax deferral on that money in an IRA or get money that's tax-free later if you save in a Roth. So planning to do that um is another good strategy. Lastly, for this podcast anyway, if you got a raise this year or if you're planning on getting a bonus, maybe plan how you're going to use it before you get it. And if saving more is a New Year's resolution of yours, maybe you should plan to set some or all of that raise aside this year, using your 401k or using an IRA or a Roth, or just in a savings account. Or if you get a bonus, map out how you're going to utilize that bonus before you actually get the money. That helps us make sure we've got a plan for it before it's actually in hand, and we know that cash tends to evaporate once it gets in hand. So. Great ideas. Thanks, Deanne. And as we mentioned a bunch last year, having an accountability partner really helps us stick to our plan over time. If you need help setting up a strategy for saving for retirement, we're here to help. Visit elevate-wealth.com and click "Let's Talk!" Thanks!

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