Clinton Wealth Management LLC

It's anything BUT Simple:

2025 SIMPLE IRA AND SIMPLE 401k contributions limits have been released by the IRS.

Starting limits are $16,500.

The catch-up contribution limit for employees 50 and over who participate in SIMPLE IRA plans is an additional $3,500, bringing total potential contributions for those over 50 to $20,000.

For employees aged 60-63 who participate in SIMPLE plans can benefit from a higher catch-up contribution limit of $5,250.

2025 SEP IRA Contribution Limits Are Here!

For small business owners and self-employed individuals, the SEP IRA remains a powerful retirement savings option! The IRS has raised the contribution limit for 2025 to $70,000 or 25% of your compensation—whichever is less. This means more tax-advantaged room to save for retirement while potentially reducing your taxable income!

Looking to maximize your retirement savings this year? A SEP IRA could be a game-changer. Let's plan ahead and make the most of your 2025 contributions!

It's open enrollment time which means you can make changes to your HSA and FSA contributions. The IRS just announced new contribution limits for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) for 2025!

➡️ HSA Limits: Single Coverage: Contribute up to $4,350
Family Coverage: Save up to $8,750
Catch-Up for Age 55+: Add an extra $1,000

➡️ FSA Limit: Set aside up to $3,300 for qualified medical expenses with pre-tax dollars!

Remember, maxing out these accounts can reduce taxable income and help you cover out-of-pocket medical costs. Make the most of your 2025 benefits? 💰

The IRS has just announced the new 401(k) contribution limit for 2025! You can now contribute up to $23,500 toward your 401(k), 403(b), and most 457 plans. That’s $500 more than last year, giving you even more opportunity to build your retirement savings!

➡️ Catch-up Contributions: If you’re 50 or older, you can make an additional $7,500 catch-up contribution (bringing your total to $31,000!)

➡️ Special Catch-Up: For those aged 60-63, there's a unique extra $11,250, thanks to SECURE 2.0, letting you turbocharge your savings even more!

This boost in limits means more room to save, invest, and build your financial future. Ready to make the most of 2025? Let’s talk strategy

One blood sucker of an expense that just doesn't need to happen?

Bank and credit card fees! That could include high interest payments, late fees, overdraft fees, ATM fees, account fees, and all the other expenses that could drain your bag.

You can take steps to utilize your banks and credit card companies in a more beneficial way by making the banks pay you through high interest accounts, avoiding unnecessary fees and ensuring you keep up with payments to avoid unnecessary debt.

High interest credit card companies are betting that you'll rack up those interest dues and miss payments so give em the good ol' stake in the heart!

We're all guilty of it, it's been a long day, you're tired from work, there's plenty of food in the pantry but the idea of cooking makes your blood drain.

In comes Uber Eats or DoorDash but the markup on those is astronomical so if you use them often, it can be a real drain on your wallet.

Here's a few other money suckers to avoid. Not to say that you can't indulge in these every once in a while, but if you can avoid these most of the time, it can mean more money in your pocket to put toward more important things.

Don't Let Impulse Purchases Haunt Your Budget! 🛍️💸

As tempting as those spooky sales and Halloween decor may be, impulse buys can creep up and drain your wallet before you know it!

Those little (or giant) impulse buys can rack up really fast. So, instead of buying on a whim, take a moment to plan ahead and stick to your budget. If it's something you still need after a time to cool off about it, you can add it into your budget!

🕸️ Pro Tip: Make a list and avoid shopping when you're feeling stressed or hungry (those are the real trick-or-treaters! 🎃🍬)

Keep your budget from getting ghosted! 👻

Beware of the Money Vampires lurking in your budget! 🧛‍♀️ Those unused subscription fees could be quietly draining your wallet. 💸

According to Self. - "85.7% of people have at least one paid subscription going unused each month."

Take a moment to count how many subscriptions you're paying for each month—streaming services, apps, magazines... the list might surprise you!

🦇 Pro Tip: Cancel anything you're not using to slay those hidden costs!

COLA benefits could go up next year, and retirees could see their monthly payments go up by $159 per month. CNBC has the details @ https://cnb.cx/3Qwio1L

Retirees on Social Security could see monthly benefit rise an average of $159 in 2023 due to inflation, estimate finds High inflation points to a possible 9.6% Social Security cost-of-living adjustment in 2023, according to a new estimate based on data released on Wednesday.

Acura and Honda have expanded their certified used car program to include cars as old as 10 years. USA Today has the details @ https://bit.ly/3uPFfeU

Honda, Acura expand certified pre-owned program to cars as old as 10 years To attract (and keep) younger buyers, Honda and Acura are offering warranties and a more rigorous inspection process on cars up to 10 years old.

Despite consumers trying to get ahead of the holiday shopping season, retail sales showed minimal growth for November. AP News has the scoop @ https://bit.ly/3scsH1C

Modest 0.3% November retail sales bump, optimism still high | AP News NEW YORK (AP) — Americans slowed their spending from October to November but continued shopping ahead of the critical holiday season, brushing off rising prices and shortages. Retail sales rose a modest, seasonally adjusted 0.3% in November compared with the previous month when sales jumped 1.8%, ...