As the year winds down and your calendar fills with holiday events, it’s easy to put financial planning on the back burner. But before you close out December, there’s one gift you should give yourself: a quick check-in on your retirement savings. Whether you have a 401(k), an IRA, or both, now is the perfect time to make sure you’re on track, maximize your contributions, and set yourself up for a stronger year ahead.
Why December Is a “Sweet Spot” for Retirement Planning
For many retirement accounts, the deadline for contributions that count toward the current tax year is December 31. That makes this month your final chance to:
- Boost your contributions if you’ve fallen behind.
- Take advantage of employer matching before the end of the year.
- Map out your strategy for next year’s contribution limits.
A short review now can mean more savings in your account, potential tax benefits, and peace of mind going into the new year.
Five Steps to Make the Most of Year-End Retirement Planning
Here’s how to maximize your savings before the clock strikes midnight on December 31:
- Review your current contributions. Compare your numbers to the annual limits for your account (whether IRA, 401(k), or other). If you’re not where you want to be, even a slight increase in your last few paychecks can make a difference. (Please note that you can typically make IRA contributions through April 15 of the following year, but 401(k) deadlines are usually December 31.) To see the maximum contributions allowed in 2025, click here.
- Take advantage of catch-up contributions. If you’re 50 or older, you can contribute extra to a retirement account, which can help you close the gap if you haven’t always been able to contribute the maximum. Consult with your financial advisor or tax advisor for guidance before making any decisions. To set up an appointment with a Quail Creek Bank Financial Advisor, click here or call 405-755-1000.
- Confirm you’re getting your full employer match. An employer match is essentially free money toward your future. Check your contributions to ensure you’re not leaving any part of that match unclaimed.
- Plan for next year’s limits. Contribution limits often increase to keep up with inflation. Review your budget now and decide if you can raise your contribution percentage starting in January. That way, you’ll hit the ground running in 2025.
- Get guidance if you’re unsure. Retirement rules and deadlines can be confusing, especially when you’re juggling year-end priorities. Talking to a knowledgeable financial advisor can help you decide whether to make last-minute adjustments, use catch-up contributions, or set new goals for next year. We’re here to help you sort through the details and make confident choices. You can schedule an appointment here or call 405-755-1000.
Make Your Retirement a Priority
Before you turn the page to a new calendar year, give yourself the gift of a stronger retirement plan. December offers one last opportunity to review, adjust, and maximize your contributions—steps that can have a significant impact over time.
