--- title: End of the Year Retirement Checklist | TIME description: Jill Schlesinger has a list of things you need to be doing for your retirement account before the end of the year. canonical: https://time.com/video/8F3xMjn4/ og:title: End of the Year Retirement Checklist og:description: Jill Schlesinger has a list of things you need to be doing for your retirement account before the end of the year. og:url: https://time.com/video/8F3xMjn4/ og:image: https://cdn.jwplayer.com/v2/media/8F3xMjn4/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: End of the Year Retirement Checklist twitter:description: Jill Schlesinger has a list of things you need to be doing for your retirement account before the end of the year. twitter:image: https://cdn.jwplayer.com/v2/media/8F3xMjn4/poster.jpg?width=720 --- # End of the Year Retirement Checklist > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: End of the Year Retirement Checklist [Watch (HLS stream): End of the Year Retirement Checklist](https://cdn.jwplayer.com/manifests/8F3xMjn4.m3u8) (2:42)  _Published 2016-10-10. Jill Schlesinger has a list of things you need to be doing for your retirement account before the end of the year._ --- Jul 27, 2023 8:56 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Raise Year End v03](/video/F5RewpS7/) ### Raise Year End v03 [Year-End Financial Advice](/video/5GK0eMto/) ### Year-End Financial Advice [Year-End Tax Tips with Jill Schlesinger](/video/IqlBe550/) ### Year-End Tax Tips with Jill Schlesinger --- ## Transcript It's October and that means that the new year is just around the corner. Now before we start with another list of resolutions. Here are some action items to consider to make the most of the end of the year. To walk us through them is Jill Schlesinger. Hi Jill. Hello. Tell me what's going on. I hear there's a big deadline coming up in mid- October. Well, if back in April you were smart enough to file for a six month extension for your tax returns, it is time to pay Uncle Sam. Your six months is up October 17th. So you gotta file and pay your taxes and any fees that have accumulated. Be careful about that, of course. Also, for those folks who are filing on extension, and who also have a sep IRA, which is usually for smaller employer plans. Or self- employed. Self- employed people. These folks have to make their contribution to those plans. Now, here's how the rules work. You have to put in the lesser of 25 % of what you made. Or $ 53, 000, but it's the lesser so that's the important piece of this. On the subject of retirement, what achieve be doing now where kind of approaching the end of the year? If you're lucky enough and you make more than $ 118, 500 We should all be so lucky Right, something nice probably is happening around now which is Once you've reached that threshold, you no longer have to pay FICA tax. You don't have to pay into Social Security, so your paycheck's a bit fatter. What a great opportunity, instead of spending it, to sock it away. Top off those retirement. And accounts $ 18000 limit for a 401k or 403b, 24000 if you're over the age of 50. Now are there any other deadlines we should know about? We really seem to wait until the last week of December to make all of our charitable contributions. Wouldn't it be nice for you to just kind of say, hey how did I give last year, and be thoughtful about it. Rather than scrambling to the bitter end. You also may want to give those $ 14, 000 gifts out if you're doing some estate planning. You can give $ 14, 000 to any individual. And not to pay any gift tax on that. There's also another kind of retirement plan that needs to be established before the calendar year end. And that is a solo 401 ( k ). Very similar to the [ UNKNOWN ] with a caveat. Remember we talked about the lesser of one versus the other. Right. This isn't the lesser of. This actually allows people People who don't' make a ton of money, to put a lot of money away. Who would that be, that person, maybe if you're married to someone who makes a lot of money and you can shove a lot of your income into retirement. Cuz you don't need to live on it. This is a Really good plan to consider. And that is for people who are self- employed or people who are married to someone who is self- employed. Absolutely and that is beautiful benefit for taking all that risk for being a self- employed person. That's good news to hear. Thanks a lot Jill, really appreciate it. Thank you. 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