Sneaky November
Did November sneak up on you?
It feels like one moment we're carving pumpkins, and the next we’re deep into holiday plans — whether you’re excited for the season or bracing yourself for Thanksgiving dinner!
As the year winds down, this is a great time to take stock of your finances and set yourself up for a strong start in 2025. The last few months of the year are pivotal in financial planning, giving you the chance to maximize contributions to retirement and other savings accounts, and to make any adjustments well before April of next year.
In this month’s newsletter, we’re sharing tips and reminders to help you make the most of your 2025 plan. No one wants a last-minute rush to the finish line—so give yourself the gift of less stress by starting early.
We wish you and yours a happy and peaceful Thanksgiving holiday.
In this issue
- Meg’s Corner: 2025 Numbers You’ll Want To Know Now
- November Is National Diabetes Awareness Month
- Maggie Mae Comes To The Office
- Recipe: Roasted Sweet Potatoes with Garlic and Parmesan
- Featured Blog: Beyond the Million-Dollar Mark: Defining Your Retirement Goals
2025 Numbers You’ll Want To Know Now
Director of Financial Planning - Dedham, MA
Our newsletter wouldn’t be complete without a few numbers and reminders from Meg. This month, she shares pertinent contribution limits and other numbers for 2025.
Read them carefully as they are bound to impact some aspect of your savings!
Medicare Part B
- Medicare Part B base premium: 5.9% increase bringing monthly premium to $185.00 (an increase of $10.30)
Social Security
- Social Security Cost of Living Adjustment (COLA) 2.5%
401(k)/403[b]/TSP
- 401[k]/403[b]/TSP max contribution: $23,500.
- 50 or over (birth year 1975 or earlier) catch-up contribution: $7,500, for total of $31,000.
- For those 60-63 (birth years 1962-1965) higher catch-up contribution which is $11,250 for total of $34,750. (See article in last month’s newsletter for more details.)
NOTE: The contribution limit refers to what you as the employee can contribute. Any employer match or profit sharing is in addition to this.
Simple IRA
- SIMPLE IRA max contribution: $16,500.
- 50 or over (birth year 1975 or earlier) catch-up contribution: $3,500, for total of $20,000.
- For those 60-63 (birth years 1962-1965) higher catch-up contribution which is $5,250 for total of $21,250. (See article in last month’s newsletter for more details.)
Traditional or Roth IRA
- IRA max contribution (Traditional or Roth) is $7,000.
- 50 or over (birth year 1975 or earlier) catch-up contribution $1,000, for total of $8,000.
Gift tax
- Maximum gift tax exclusion $19,000
Health Savings Accounts (HSAs)
- Single – $4,300
- Family - $8,550
- 55 or over (birth year 1970 or earlier) can contribute another $1,000, for a total of $5,300 or $9,500.
NOTE: HSA contributions are allowed for each month enrolled in an eligible health plan, so if you are only enrolled for part of the year, you are limited. Please reach out to Meg to discuss if you are not enrolled for the full year, because there is an exception to this. Also, the contribution limit applies regardless of who contributes.
Required Minimum Distributions (RMDs) on IRAs
IRA owners age 73 (birth year 1952) must start taking annual distribution as of 2025. This must be done by April 1, 2026, though most often it’s best to take by December 31, 2025. Our service teams have probably been in touch with you already, so this is just a reminder. If you have any questions, please contact us.
Inherited IRAs
Beneficiaries of IRA that were inherited in 2020 or later, you will now be required to take annual distributions or be subject to penalties. This is a reminder so we can work with you to review the most tax-efficient distributions in your specific case.
As always, if you have any questions about any of these numbers, don’t hesitate to be in touch!
November is Diabetes Awareness Month
Did you know that November is National Diabetes Awareness Month? Widespread awareness brings us closer to advancing breakthroughs to cure, prevent, and treat type 1 diabetes (T1D).
As you may know, this year, Managing Partner Jim Bode is the President-Elect of the Greater New England Chapter of Breakthrough T1D (formerly JDRF). In late September this year, as in the past, the Bodes hosted another successful walk to end T1D, in honor of their daughter, Anna, who was diagnosed when she was 4 years old.
Now, at age 10, Anna continues to thrive. She is also a champion fundraiser! The Bode’s team, called Anna’s All-Stars, exceeded its goal of $25,000 and raised a whopping $30,661.
Here are a few photos from the event. ☺
Maggie Mae Comes To The Office
Operations Support - Portsmouth, NH
This month’s featured pet is shared by Roxanne O'Donoghue, Operations Support, Portsmouth, New Hampshire.
“If you visit the Beck Bode office in Portsmouth, New Hampshire on a Wednesday or Thursday, you will likely be greeted by Maggie. Considered 'the office dog' by all and, of course, the beautiful model for our brochure, Miss Maggie Mae O’Donoghue was born on February 9, 2014,” says Roxanne of her beautiful Golden Retriever.
“Maggie went from being an energetic puppy — often referred to as Phoebe (from the hit show Friends) — to being a most loving, patient, and beloved family member. She is best known for her kisses and snuggles, and she is the protector of all babies.
She is truly loved by all, especially Jim and me.”
Recipe Corner: Roasted Sweet Potatoes with Garlic and Parmesan
Client Services Manager - Traverse City, MI
“This recipe is deeeelicious...a real winner!” says Bonnie of her roasted sweet potatoes with garlic and parmesan side dish. There aren’t too many ingredients; most of them will likely be in your pantry. Try them, perhaps these will make it onto your Thanksgiving table!
Ingredients
- 2 sweet potatoes, peeled and sliced
- 2 teaspoons minced garlic
- 1 tablespoon olive oil
- 2 tablespoons butter, melted
- 4 tablespoons grated Parmesan cheese
- 1/2 teaspoon garlic salt
- 1/2 teaspoon fresh cracked pepper
- 1/2 teaspoon Italian Seasoning
- Fresh thyme
Instructions
- Peel and cut sweet potatoes into thin slices. In the meantime, preheat your oven to 400ºF.
- Place the sweet potato slices in a resealable bag. Throw in the garlic, oil, butter, salt, pepper, Parmesan cheese, and Italian seasoning and shake until well coated.
- Lightly butter a baking dish and arrange coated sweet potatoes into a spiral. Sprinkle with fresh thyme and a little parmesan if you like.
- Roast the sweet potatoes for 30-35 minutes. Serve your garlic parmesan roasted sweet potatoes warm and sprinkle with fresh thyme. Enjoy!
Do you have a recipe you love? Feel free to share it with us by emailing social@beckbode.com, we are always here for a good bite.
Featured Blog: Beyond the Million-Dollar Mark: Defining Your Retirement Goals
By Jim Bode
Managing Partner - Dedham, MA
A number is not a retirement goal; what’s your goal, really?
When it comes to retirement, many people throw around the idea of needing a specific amount — like $1 million, or $2 million or $5 million — without fully grasping what that figure represents. It’s not just about the number; it’s about what that money will achieve for you.
I often ask clients, “What does a million dollars get you?” Is it just a number you’re chasing, or does it align with specific life goals?
That wraps up our November issue of The Long View. Until the next time, take a look at more of the latest articles on our blog.
Thanks for reading, and for following us. If any part of this month’s topics suggests a question or concern you may have, or if you need anything else, please call or write — we look forward to speaking with you!
From all of us at Beck Bode.