ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray shares part two of an interview with Nelson Simmons III, a seasoned financial advisor who’s no stranger to our show.
Nelson kicked off the second half by outlining contribution limits in 2025.
“For 2025, there hasn’t been any change with the IRA contribution. You can only contribute, again, $7,000,” he said. “You should be working towards fully maxing out the IRA, so $7,000 for people under 50, that’s $503.31 per month. Now, there’s an additional thousand-dollar catchup for people over 50, and you can contribute $8,000.”
[EXCLUSIVE: Become a News 6 Insider (it’s FREE) | PINIT! Share your photos]
Addressing tax strategies, Simmons told listeners to explore deductions and credits, particularly in real estate and retirement contributions.
“There’s a lot of write-offs if you own the right property,” he said, emphasizing the benefits of contributing to traditional IRAs for tax deductions. “The worst way to be taxed is at ordinary income, right? And so you have to own property, own a business or invest, and those are the ways that you can really reduce your taxes.”
Hear the interview and more in Season 6, Episode 6 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.
Copyright 2022 by WKMG ClickOrlando – All rights reserved.
