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Website Privacy Policy

Effective: February 7, 2022

Thanks for visiting our website. Our mission is to create a web based experience that makes it easier for us to work together. Here we describe how we collect, use, and handle your personal information when you use our websites, software, and services (“Services”).

What & Why

We collect and use the following information to provide, improve, and protect our Services:

Account information. We collect, and associate with your account, the information you provide to us when you do things such as sign up for your account, opt-in to our client newsletter or request an appointment (like your name, email address, phone number, and physical address). Some of our Services let you access your accounts and your information via other service providers.

Your Stuff. Our Services are designed to make it simple for you to store your files, documents, comments, messages, and so on (“Your Stuff”), collaborate with others, and work across multiple devices. To make that possible, we store, process, and transmit Your Stuff as well as information related to it. This related information includes your profile information that makes it easier to collaborate and share Your Stuff with others, as well as things like the size of the file, the time it was uploaded, collaborators, and usage activity. Our Services provide you with different options for sharing Your Stuff.

Contacts. You may choose to give us access to your contacts (spouse or other company staff) to make it easy for you to do things like share and collaborate on Your Stuff, send messages, and invite others to use the Services. If you do, we’ll store those contacts on our servers for you to use.

Usage information. We collect information related to how you use the Services, including actions you take in your account (like sharing, viewing, and moving files or folders). We use this information to improve our Services, develop new services and features, and protect our users.

Device information. We also collect information from and about the devices you use to access the Services. This includes things like IP addresses, the type of browser and device you use, the web page you visited before coming to our sites, and identifiers associated with your devices. Your devices (depending on their settings) may also transmit location information to the Services.

Cookies and other technologies. We use technologies like cookies to provide, improve, protect, and promote our Services. For example, cookies help us with things like remembering your username for your next visit, understanding how you are interacting with our Services, and improving them based on that information. You can set your browser to not accept cookies, but this may limit your ability to use the Services.

Marketing. We give users the option to use some of our Services free of charge. These free Services are made possible by the fact that some users upgrade to one of our paid Services. If you register for our free Services, we will, from time to time, send you information about the firm or tax and accounting tips when permissible. Users who receive these marketing materials can opt out at any time. If you do not want to receive marketing materials from us, simply click the ‘unsubscribe’ link in any email.

We sometimes contact people who do not have an account. For recipients in the EU, we or a third party will obtain consent before contacting you. If you receive an email and no longer wish to be contacted by us, you can unsubscribe and remove yourself from our contact list via the message itself.

Bases for processing your data. We collect and use the personal data described above in order to provide you with the Services in a reliable and secure manner. We also collect and use personal data for our legitimate business needs. To the extent we process your personal data for other purposes, we ask for your consent in advance or require that our partners obtain such consent.

With Whom

We may share information as discussed below, but we won’t sell it to advertisers or other third parties.

Others working for and with Us. We use certain trusted third parties (for example, providers of customer support, eSign and IT services) to help us provide, improve, protect, and promote our Services. These third parties will access your information only to perform tasks on our behalf in compliance with this Privacy Policy, and we’ll remain responsible for their handling of your information per our instructions. For a list of trusted third parties that we use to process your personal information, please see our third party vendors below.

Other users. Our Services display information like your name, profile picture, device, and email address to other users in places like your user profile and sharing notifications. You can also share Your Stuff with other users if you choose. When you register your account with an email address on a domain owned by your employer or organization, we may help collaborators and administrators find you and your team by making some of your basic information—like your name, team name, profile picture, and email address—visible to other users on the same domain. This helps you sync up with teams you can join and helps other users share files and folders with you. Certain features let you make additional information available to others.

Team Admins. If you are a user of a team, your administrator may have the ability to access and control your team account. Please refer to your organization’s internal policies if you have questions about this. If you are not a team user but interact with a team user (by, for example, joining a shared folder or accessing stuff shared by that user), members of that organization may be able to view the name, email address, profile picture, and IP address that was associated with your account at the time of that interaction.

Law & Order and the Public Interest. We may disclose your information to third parties if we determine that such disclosure is reasonably necessary to: (a) comply with any applicable law, regulation, legal process, or appropriate government request; (b) protect any person from death or serious bodily injury; (c) prevent fraud or abuse of our platform or our users; (d) protect our rights, property, safety, or interest; or (e) perform a task carried out in the public interest.

Stewardship of your data is critical to us and a responsibility that we embrace. We believe that your data should receive the same legal protections regardless of whether it’s stored on our Services or on your home computer’s hard drive. We’ll abide by Government Request Policies when receiving, scrutinizing, and responding to government requests (including national security requests) for your data:

• Be transparent,
• Fight blanket requests,
• Protect all users, and
• Provide trusted services.

How

Security. We have a team dedicated to keeping your information secure and testing for vulnerabilities. We also continue to work on features to keep your information safe in addition to things like blocking repeated login attempts, encryption of files at rest, and alerts when new devices and apps are linked to your account. We deploy automated technologies to detect abusive behavior and content that may harm our Services, you, or other users.

User Controls. You can access, amend, download, and delete your personal information by logging into your account.

Retention. When you sign up for an account with us, we’ll retain information you store on our Services for as long as your account is in existence or as long as we need it to provide you the Services. If you delete your account, we will initiate deletion of this information after 30 days. But please note: (1) there might be some latency in deleting this information from our servers and back-up storage; and (2) we may retain this information if necessary to comply with our legal obligations, resolve disputes, or enforce our agreements.

Where

Around the world. To provide you with the Services, we may store, process, and transmit information in the United States and locations around the world—including those outside your country. Information may also be stored locally on the devices you use to access the Services.

EU-U.S. Privacy Shield and Swiss-U.S. Privacy Shield. When transferring data from the European Union, the European Economic Area, and Switzerland, We rely upon a variety of legal mechanisms, including contracts with our customers and affiliates. We comply with the EU-U.S. and Swiss–U.S. Privacy Shield Frameworks as set forth by the U.S. Department of Commerce regarding the collection, use, and retention of personal information transferred from the European Union, the European Economic Area, and Switzerland to the United States.

We are subject to oversight by the U.S. Federal Trade Commission. JAMS is the US-based independent organization responsible for reviewing and resolving complaints about our Privacy Shield compliance—free of charge to you. We ask that you first submit any such complaints directly to us via privacy@CountingWorks.com. If you aren’t satisfied with our response, please contact JAMS at https://www.jamsadr.com/eu-us-privacy-shield. In the event your concern still isn’t addressed by JAMS, you may be entitled to a binding arbitration under Privacy Shield and its principles.

Changes

If we are involved in a reorganization, merger, acquisition, or sale of our assets, your information may be transferred as part of that deal.

We may revise this Privacy Policy from time to time, and will post the most current version on our website. If a revision meaningfully reduces your rights, we will notify you.

Your Right to Control and Access Your Information

You have control over your personal information and how it is collected, used, and shared. For example, you have a right to:

• Erase or delete all or some of Your Stuff in your portal account.
• Change or correct personal data. You can manage your account and the content contained in it, as well as edit some of your personal data, through your portal account setting.
• Access and take your data. You can download a copy of Your Stuff in a machine readable format by visiting the portal.

Contact

Your personal information is controlled by CountingWorks, Inc. Have questions or concerns about CountingWorks, our Services, and privacy? Contact our Data Protection Officer at privacy@CountingWorks.com. If they can’t answer your question, you have the right to contact your local data protection supervisory authority.

Third Party Vendors

Box.com
HelloSign
Google
Rackspace
DialogTech
Wufoo.com
Sendgrid
Twilio
Plausible
Amazon Web Services
Yext
MailGun
Bright Local
TransUnion
Terms of Service
Effective: February 7, 2022

Thanks for using our services! These terms of service (“Terms”) cover your use and access to our services, client software and websites ("Services"). We use CountingWorks, Inc. as our technology platform to enable us to provide our services in a secure environment. By using our Services, you’re agreeing to be bound by these Terms, and our Privacy Policy. If you’re using our Services for an organization, you’re agreeing to these Terms on behalf of that organization.

Your Stuff & Your Permissions

When you use our Services, you provide us with things like your files, content, messages, contacts, and so on (“Your Stuff”). Your Stuff is yours. These Terms don’t give us any rights to Your Stuff except for the limited rights that enable us to offer the Services.

We need your permission to do things like hosting Your Stuff, backing it up, and sharing it when you ask us to. Our Services also provide you with features like eSign, file sharing, email newsletters, appointment setting and more. These and other features may require our systems to access, store, and scan Your Stuff. You give us permission to do those things, and this permission extends to our affiliates and trusted third parties we work with.

Sharing Your Stuff

Our Services let you share Your Stuff with others, so please think carefully about what you share.

Your Responsibilities

You’re responsible for your conduct. Your Stuff and you must comply with applicable laws. Content in the Services may be protected by others’ intellectual property rights. Please don’t copy, upload, download, or share content unless you have the right to do so. We may review your conduct and content for compliance with these Terms. With that said, we have no obligation to do so. We aren’t responsible for the content people post and share via the Services.

Help us keep you informed and Your Stuff protected. Safeguard your password to the Services, and keep your account information current. Don’t share your account credentials or give others access to your account.

You may use our Services only as permitted by applicable law, including export control laws and regulations. Finally, to use our Services, you must be at least 13, or in some cases, even older. If you live in France, Germany, or the Netherlands, you must be at least 16. Please check your local law for the age of digital consent. If you don’t meet these age requirements, you may not use the Services.

Software

Some of our Services allow you to download client software (“Software”) which may update automatically. So long as you comply with these Terms, we give you a limited, nonexclusive, nontransferable, revocable license to use the Software, solely to access the Services. To the extent any component of the Software may be offered under an open source license, we’ll make that license available to you and the provisions of that license may expressly override some of these Terms. Unless the following restrictions are prohibited by law, you agree not to reverse engineer or decompile the Services, attempt to do so, or assist anyone in doing so.

Beta Services

We sometimes release products and features that we are still testing and evaluating. Those Services have been marked beta, preview, early access, or evaluation (or with words or phrases with similar meanings) and may not be as reliable as other non-beta services, so please keep that in mind.

Our Stuff

The Services are protected by copyright, trademark, and other US and foreign laws. These Terms don’t grant you any right, title, or interest in the Services, others’ content in the Services, CountingWorks and our trademarks, logos and other brand features. We welcome feedback, but note that we may use comments or suggestions without any obligation to you.

Copyright

We respect the intellectual property of others and ask that you do too. We respond to notices of alleged copyright infringement if they comply with the law, and such notices should be reported to legal@CountingWorks.com. We reserve the right to delete or disable content alleged to be infringing and terminate accounts of repeat infringers. Our designated agent for notice of alleged copyright infringement on the Services is:

Copyright Agent
CountingWorks, Inc.
2549 Eastbluff Drive #448
Newport Beach, CA 92660
legal@CountingWorks.com

Termination

You’re free to stop using our Services at any time. We reserve the right to suspend or terminate your access to the Services with notice to you if:

(a) you’re in breach of these Terms,

(b) you’re using the Services in a manner that would cause a real risk of harm or loss to us or other users, or

We’ll provide you with reasonable advance notice via the email address associated with your account to remedy the activity that prompted us to contact you and give you the opportunity to export Your Stuff from our Services. If after such notice you fail to take the steps we ask of you, we’ll terminate or suspend your access to the Services.

We won’t provide notice before termination where:

(a) you’re in material breach of these Terms,

(b) doing so would cause us legal liability or compromise our ability to provide the Services to our other users, or

(c) we're prohibited from doing so by law.

Discontinuation of Services

We may decide to discontinue the Services in response to unforeseen circumstances beyond CountingWorks control or to comply with a legal requirement. If we do so, we’ll give you reasonable prior notice so that you can export Your Stuff from our systems.

Services “AS IS”

We strive to provide great Services, but there are certain things that we can't guarantee. TO THE FULLEST EXTENT PERMITTED BY LAW, CountingWorks AND ITS AFFILIATES, SUPPLIERS AND DISTRIBUTORS MAKE NO WARRANTIES, EITHER EXPRESS OR IMPLIED, ABOUT THE SERVICES. THE SERVICES ARE PROVIDED "AS IS." WE ALSO DISCLAIM ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. Some places don’t allow the disclaimers in this paragraph, so they may not apply to you.

Limitation of Liability

WE DON’T EXCLUDE OR LIMIT OUR LIABILITY TO YOU WHERE IT WOULD BE ILLEGAL TO DO SO—THIS INCLUDES ANY LIABILITY FOR CountingWorks OR ITS AFFILIATES’ FRAUD OR FRAUDULENT MISREPRESENTATION IN PROVIDING THE SERVICES. IN COUNTRIES WHERE THE FOLLOWING TYPES OF EXCLUSIONS AREN’T ALLOWED, WE'RE RESPONSIBLE TO YOU ONLY FOR LOSSES AND DAMAGES THAT ARE A REASONABLY FORESEEABLE RESULT OF OUR FAILURE TO USE REASONABLE CARE AND SKILL OR OUR BREACH OF OUR CONTRACT WITH YOU. THIS PARAGRAPH DOESN’T AFFECT CONSUMER RIGHTS THAT CAN'T BE WAIVED OR LIMITED BY ANY CONTRACT OR AGREEMENT.

IN COUNTRIES WHERE EXCLUSIONS OR LIMITATIONS OF LIABILITY ARE ALLOWED, CountingWorks, ITS AFFILIATES, SUPPLIERS OR DISTRIBUTORS WON’T BE LIABLE FOR:

i. ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, EXEMPLARY, OR CONSEQUENTIAL DAMAGES, OR

ii. ANY LOSS OF USE, DATA, BUSINESS, OR PROFITS, REGARDLESS OF LEGAL THEORY.

THESE EXCLUSIONS OR LIMITATIONS WILL APPLY REGARDLESS OF WHETHER OR NOT CountingWorks OR ANY OF ITS AFFILIATES HAS BEEN WARNED OF THE POSSIBILITY OF SUCH DAMAGES.

IF YOU USE THE SERVICES FOR ANY COMMERCIAL, BUSINESS, OR RE-SALE PURPOSE, CountingWorks, ITS AFFILIATES, SUPPLIERS OR DISTRIBUTORS WILL HAVE NO LIABILITY TO YOU FOR ANY LOSS OF PROFIT, LOSS OF BUSINESS, BUSINESS INTERRUPTION, OR LOSS OF BUSINESS OPPORTUNITY. CountingWorks AND ITS AFFILIATES AREN’T RESPONSIBLE FOR THE CONDUCT, WHETHER ONLINE OR OFFLINE, OF ANY USER OF THE SERVICES.

Resolving Disputes

Let’s Try To Sort Things Out First. We want to address your concerns without needing a formal legal case. Before filing a claim against CountingWorks or our affiliates, you agree to try to resolve the dispute informally by contacting legal@CountingWorks.com. We’ll try to resolve the dispute informally by contacting you via email.

Judicial forum for disputes. You and CountingWorks agree that any judicial proceeding to resolve claims relating to these Terms or the Services will be brought in the federal or state courts of Orange County, California, subject to the mandatory arbitration provisions below. Both you and CountingWorks consent to venue and personal jurisdiction in such courts. If you reside in a country (for example, European Union member states) with laws that give consumers the right to bring disputes in their local courts, this paragraph doesn’t affect those requirements.

IF YOU’RE A U.S. RESIDENT, YOU ALSO AGREE TO THE FOLLOWING MANDATORY ARBITRATION PROVISIONS:

We Both Agree To Arbitrate. You and CountingWorks agree to resolve any claims relating to these Terms or the Services through final and binding arbitration by a single arbitrator. This includes disputes arising out of or relating to interpretation or application of this “Mandatory Arbitration Provisions” section, including its enforceability, revocability, or validity.

Arbitration Procedures. The American Arbitration Association (AAA) will administer the arbitration under its Commercial Arbitration Rules and the Supplementary Procedures for Consumer Related Disputes. The arbitration will be held in the United States county where you live or work, Orange County (CA), or any other location we agree to.

NO CLASS ACTIONS. You may only resolve disputes with us on an individual basis, and may not bring a claim as a plaintiff or a class member in a class, consolidated, or representative action. Class arbitrations, class actions, private attorney general actions, and consolidation with other arbitrations aren’t allowed. If this specific paragraph is held unenforceable, then the entirety of this “Mandatory Arbitration Provisions” section will be deemed void.

Controlling Law
These Terms will be governed by California law except for its conflicts of laws principles. However, some countries (including those in the European Union) have laws that require agreements to be governed by the local laws of the consumer's country. This paragraph doesn’t override those laws.

Entire Agreement

These Terms constitute the entire agreement between you and CountingWorks with respect to the subject matter of these Terms, and supersede and replace any other prior or contemporaneous agreements, or terms and conditions applicable to the subject matter of these Terms. These Terms create no third party beneficiary rights.

Waiver, Severability & Assignment

CountingWorks failure to enforce a provision is not a waiver of its right to do so later. If a provision is found unenforceable, the remaining provisions of the Terms will remain in full effect and an enforceable term will be substituted reflecting our intent as closely as possible. You may not assign any of your rights under these Terms, and any such attempt will be void. CountingWorks may assign its rights to any of its affiliates or subsidiaries, or to any successor in interest of any business associated with the Services.

Modifications

We may revise these Terms from time to time to better reflect:
(a) changes to the law,

(b) new regulatory requirements, or

(c) improvements or enhancements made to our Services.

If an update affects your use of the Services or your legal rights as a user of our Services, we’ll notify you prior to the update's effective date by sending an email to the email address associated with your account or via an in-product notification. These updated terms will be effective no less than 30 days from when we notify you.

If you don’t agree to the updates we make, please cancel your account before they become effective. By continuing to use or access the Services after the updates come into effect, you agree to be bound by the revised Terms.

CN Accounting & Business Services LLC
(240) 206-8673
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October 9, 2025

Maximize Retirement Savings: Don’t Overlook Catch-Up Contributions for Taxpayers Aged 50 and Over

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Maximize Retirement Savings: Don’t Overlook Catch-Up Contributions for Taxpayers Aged 50 and Over

Article Highlights:

  • Catch-Up Contributions
  • Simplified Employee Pension Plans (SEP)
  • Simple Savings Incentive Match Plan for Employees (SIMPLE Plans)
  • Deferred Income Arrangements (401(k) Plans)
  • Tax Sheltered Annuity (TSA)
  • Other Strategies to Increase Funds for Retirement
    o   Health Savings Accounts (HSAs)
    o   Strategic Roth IRA Contributions
    o   Contributions Beyond Age Barriers

As retirement approaches, many older Americans seek strategies to maximize their savings and ensure financial stability. Retirement plans often provide "catch-up" contributions, a frequently overlooked opportunity to significantly boost retirement funds. This article explores various retirement plans and their catch-up features, highlighting key opportunities for older taxpayers as they near retirement.

SIMPLIFIED EMPLOYEE PENSION PLANS (SEP)

SEP IRAs are designed to provide a simple, tax-advantaged way for self-employed individuals and small business owners to save for retirement. Contributions are tax-deductible, and investments grow tax-deferred, offering efficient savings growth over time.

Unlike other retirement plans such as 401(k)s or SIMPLE IRAs, SEP IRAs do not have specific catch-up contribution provisions for older taxpayers. Instead, SEP IRAs are distinguished by relatively high contribution limits, offering ample opportunity for participants to save aggressively as they near retirement age.

As of 2025, the contribution limit for a SEP IRA is the lesser of 25% of the employee's compensation or $70,000. This high limit enables older Americans to aggressively fund their retirement accounts, compensating for the absence of a formal catch-up contribution mechanism.

SIMPLE SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES (SIMPLE)

For 2025, the standard employee elective contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans are set at $16,500. For participants aged 50 and over, an additional catch-up contribution of $3,500 is permitted, bringing the total possible contribution to $19,000. This age-based provision is particularly beneficial for those looking to increase their retirement savings in the final stretch before retirement.

However, there's a special provision under the Secure 2.0 Act for contributors aged 60, 61, 62, or 63 beginning in 2025. The catch-up contribution limit for these individuals is the greater of $5,000 or 50 percent more than the regular catch-up amount, which makes the 2025 limit $5,250. The increased amounts are indexed for inflation after 2025.

Eligibility for these catch-up contributions is determined by the age you will be on December 31 of the given year: if you are 59 at the beginning of 2025 and turn 60 by year’s end, you qualify for the increased catch-up contributions. Conversely, if you are 63 at the start of the year and turn 64 by the end, you are not eligible for the increment under this provision.

Employer Matching - Under SIMPLE plan rules, employers are mandated to provide one of the following contributions:

  1. Matching Contribution: A dollar-for-dollar match up to 3% of the employee's compensation. This incentivizes full participation by rewarding employees who contribute to their accounts.

  2. Non-Elective Contribution: A contribution of 2% of the employee's compensation, made regardless of the employee's own contributions. This ensures that even employees who cannot contribute maximally still receive a boost to their retirement funds.

DEFERRED INCOME ARRANGEMENTS (401(k) PLANS)

Cash or deferred arrangements (CODAs), popularly known as “401(k)” plans (referring to the Internal Revenue code section that covers such plans) allow an eligible employee to defer a portion of payroll into a 401(k)-retirement account. The maximum amount allowed each year is inflation adjusted annually and for 2025 is $23,500. For taxpayers age 50 and over there is a catch-up amount of $7,500 allowing older taxpayers to contribute up to $31,000 in 2025.  

However, there's a special provision under the Secure 2.0 Act for contributors aged 60, 61, 62, or 63. For these individuals, the catch-up contribution limit has been elevated to $11,250, which increases their overall contribution cap to $34,750 for 2025. This policy aims to provide more significant benefits to those nearing retirement age by helping them bolster their retirement savings.

Eligibility for these catch-up contributions is determined by the age you will be on December 31 of the given year: if you are 59 at the beginning of 2025 and turn 60 by year’s end, you qualify for the increased catch-up contributions. Conversely, if you are 63 at the start of the year and turn 64 by the end, you are not eligible for the increment under this provision.

TAX SHELTERED ANNUITY (TSA)

For those with 403(b) Tax-Sheltered Annuity (TSA) accounts, catch-up contributions present a valuable opportunity to significantly boost retirement funds.

403(b) accounts are retirement savings plans designed primarily for employees of public schools and certain tax-exempt organizations, including churches and non-profits. These plans offer tax-deferred growth on contributions, allowing participants to save an inflation adjusted amount, up to $23,500 for 2025.  

A unique feature of 403(b) plans is the ability to make catch-up contributions. For individuals aged 50 and older, the standard catch-up provision allows an additional $7,500 to be contributed annually, beyond the regular contribution limits. This lets older savers enhance their contributions and accelerate their savings growth as they approach retirement age.

Moreover, the “15-Year Rule” offers another layer of benefits for long-term employees. If you have completed at least 15 years of service with an eligible employer, you may qualify for an additional contribution of up to $3,000 per year, with certain lifetime limits. This provision is especially advantageous for those who have dedicated their careers to education or other qualifying roles, allowing more flexibility and increased savings potential.

On top of that, as with 401(k)s, TSAs are subject to a special provision under the Secure 2.0 Act allowing additional contributors for plan participants aged 60, 61, 62, or 63 increasing the maximum contribution for 2025 to $34,750.

OTHER STRATEGIES T0 INCREASE FUNDS FOR RETIREMENT

  • Health Savings Accounts (HSAs) - Health Savings Accounts (HSAs) are often viewed merely as a tax-advantaged means to cover immediate medical expenses. However, they hold immense potential as a strategic retirement vehicle, offering benefits that savvy savers can leverage for long-term financial security.

    HSAs provide a rare and robust triple tax advantage: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are also tax-free. This distinctive combination not only helps reduce taxable income during active working years but also allows the account to grow over time, mirroring the tax advantages of traditional retirement accounts like IRAs and 401(k)s.

    Upon reaching age 65, HSA withdrawals for non-medical expenses become penalty-free, albeit taxable as income, similar to distributions from a traditional IRA. This feature allows retirees flexibility in how they use their funds, whether to cover healthcare costs, supplement income, or other personal financial needs.

  • Strategic Roth IRA Contributions - For many older Americans, Roth IRAs continue to be an attractive retirement vehicle because, unlike traditional IRAs, they do not require annual minimum distributions (RMDs) at any age. This feature allows funds to continue growing tax-free, providing flexibility in retirement planning and preserving wealth for their heirs tax-efficiently.

    Older workers can also perform strategic Roth conversions—transferring funds from a traditional IRA or other retirement plan funds to a Roth IRA. This strategy, often executed in lower-income years, can reduce future taxable RMDs and allow for tax-free withdrawals in retirement.

  • Contributions Beyond Age Barriers - Previously, individuals aged 70½ and older were not allowed to make contributions to a traditional IRA. However, with the passage of the SECURE Act, this limitation was lifted, providing older Americans with the ability to continue to contribute to their IRAs regardless of their age—provided they have earned income. This change allows retiree-aged individuals to bolster their retirement savings even after initiating withdrawals, potentially offsetting some financial instability caused by withdrawals.

Maximizing contributions to retirement savings requires astute tax planning. Don't hesitate to contact this office for tailored advice to maximize your retirement potential.


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