Congrats, you’re retiring this year! Are you ready? Now is the time for steps to take before it’s too late. On top of covering your basics, we have some expert strategies that you can use to better secure your retirement in 2025. If you need help to strategize or make sure everything is in line for you to retire this year, Maggi Tax Tampa is here with professional retirement planning services and financial advice near you!
While you’re waiting for your consultation, take a moment to review these strategies that you might want to implement before you retire this year:
- Increase Your Retirement Savings Account Contributions
- Balance Multiple Retirement Savings Accounts
- Coordinate With Your Spouse For Maximum Rewards
- Re-Evaluate Your Credit Lines
- Consider Phased Retirement (Working In Retirement)
- Have Your Exit Plan Ready to Go
Although it’s better to maximize your 401(K) and Roth IRA contributions as early as possible, it’s also not too late to put in heftier deposits. Upping your retirement savings contributions as close to the maximum amount as possible can reduce the taxes on your paychecks which can put more cash in your pocket when you retire.
The only thing better than having a retirement savings account is having two retirement savings accounts. Nourishing a 401(K) and a Roth IRA at the same time can double your income during retirement while maximizing your taxes. This strategy is one of the top ways that people enjoy a stress-free retirement with little financial worry.
Do you have a spouse? You’ll want to think twice before you both retire at the same time. There’s a benefit to having one person delay retirement, and this strategy is called the 62/70 split. By having one of you retire at the legal retirement age of 62 and the other person delaying retirement until the maximum retirement age of 70, you can enjoy distributions on one side while manifesting greater benefits on the other. It’s like getting the best of both worlds!
What happens when you enter retirement with credit card debt? You’ll find yourself using your retirement savings to try to catch up or make minimum payments when it should be used on living expenses and other fun things. Prioritize paying off credit lines that have expired APR promotions and get as much of your debt paid down as possible before you retire.
Not ready to let go of your job? Plenty of people choose to continue working after retirement as a valid strategy for maximizing income and taxes. The choice to work in retirement is often referred to as “phased” retirement, and all it takes is a few hours at a part-time job to see a big difference in your benefits. Dedicating just a handful of hours a week still gives you plenty of time to relax during your retirement years.
Don’t wait until moments before retirement to figure out what you’re going to do. Have an exit plan ready so you can enjoy your retirement to the fullest and earn all kinds of wonderful benefits! Read our guide on creating an exit plan pre-retirement with expert tips from our team of experienced financial advisors and retirement planners.
Secure Your Retirement With Expert Advice From Maggi Tax!
The best part of retirement is retiring. Enjoy your peaceful years stress-free with expert advice on implementing these strategies before you retire. Schedule a consultation with Maggi Tax Tampa today by calling (727) 799-1701 and secure your retirement!
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