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New Year Jumpstart Guide

Another year is upon us, and we’re here to help get it started on the right foot. Review your contact info so you never miss important account updates, keep an eye on the future by maximizing your contributions and savings, mark those calendars for your 2024 tax forms, and more!

Stay up to date

Your financial well-being begins with making sure all your information is current so we can reach out if needed. Now is also a great time to have your beneficiaries in order and keep a watchful eye on your accounts.

  • Contact details: Did you move in 2024? Change your name? Get a new phone number or email? Verify your contact info in digital banking (here’s how), call us at 800-445-4483, or start a live chat during business hours. Don’t miss important account communications (or helpful guides like this one)!
  • Beneficiaries: While you’re verifying your account info, take the opportunity to review and update your beneficiary information as well. 
  • Alert notifications: Keep tabs on your accounts by setting up transaction alerts via email, text, or push notifications.

Maximize your contributions and savings

Before you start planning for 2025, make sure you’ve made the most of 2024.

Save in 2025

Despite the Federal Reserve lowering interest rates three times in 2024, the rate environment is still conducive to parking your money and watching it grow. A great place to start is our banking Duo, which pairs Link Digital Checking and Cultivate Savings to give you a combo account that offers checking rewards, faster savings, and no monthly or overdraft fees. While you’re at it, why not get your children started early on their financial journeys with a Vault Youth Savings account? Once you’re set up, you can set targets and meet long-term savings goals with our Savings Goal calculator and Savings Goal tool in digital banking. For additional financial resources, check out the “Related Articles” at the bottom of the page.

Keep your retirement on track

To ensure a steady income stream in retirement, continue to regularly contribute to your retirement accounts while working. The following breaks down the maximum amounts you can add to these accounts each year:  

 

It’s not too late! You have until April 15 to meet your maximum annual IRA contribution. As a reminder, the maximum limits for 2024 were $7,000 if you’re under 50 and $8,000 if you’re over 50. (Just make sure to note the contribution is for the prior year.)

As the calendar flips to 2025, contribution limits remain the same for both traditional and Roth IRAs. As a reminder, you can contribute to a traditional IRA at any age if you’re still earning income.

  • If you’re under 50, the maximum contribution is $7,000.
  • If you're 50+, you can contribute up to $8,000.

Contribution limits have increased for 2025:

  • If you’re under 50, the maximum contribution is $23,500 (up from $23,000).

  • If you’re 50-59 and 64+, the catch-up contributions remain at $7,500, meaning you can now contribute up to $31,000.

  • Under an amendment to the SECURE 2.0 Act of 2022, employees aged 60-63 can now contribute an additional $11,250, meaning the maximum contribution will be $34,750.   

For the 2025 calendar year, maximum Health Savings Account contributions are also increasing. 

  • If you’re under 55, the new maximums are $4,300 for individuals (up from $4,150) and $8,550 for families (up from $8,300).
  • If you’re 55+, you can now contribute up to $5,300 (up from $5,150) to an individual HSA or $9,550 (up from $9,300) to a family HSA.  

Meet your withdrawal requirements

Required Minimum Distributions (RMDs) are required from traditional IRAs when you reach age 73. You then have until April 1 of the following year to make your first RMD. As a reminder, Roth IRAs don’t require RMDs. Speak with your financial advisor to learn specific details.

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Retirement planning questions?

Whether you’re interested in opening a retirement account, reviewing your portfolio, or learning if other changes in 2024 affect your future planning, our CFS Financial Advisors* can help. Make an appointment to fit your schedule using our online scheduling tool.

When to expect your tax forms

For a complete list of tax forms—and when you can expect them—visit selco.org/tax-forms. (Please note: SELCO members will only receive a 1099-INT form if total dividends earned for the year were $10.00 or more.)

 

Setting up a SELCO direct deposit for a refund

Expecting a tax refund? In 2024, you likely will receive a substantial Oregon Tax Kicker in your tax return, so make sure you’re receiving your refund as quickly as possible by verifying that you’ve included SELCO’s routing number (323274445) and your full 14-digit account number. You can find your account information in a few places:

  • In digital banking, click or tap the account you wish to directly deposit funds into, then “Details,” and you’ll find the routing number and full account number for ACH/direct deposit.
  • On a check, your account number is the 14-digit number in the lower-middle portion.

A new year brings fresh opportunities to take steps to reach your financial goals. We hope this guide will help you get there.

Related Articles

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Realistic (Financial) New Year’s Resolutions

Here are a few New Year’s resolution ideas you can stick to for the long haul. We’ve got you covered with a list of realistic (and practical) financial resolutions that will help you save a little more money, stay informed, and plan for your future.

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*Nondeposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Nondeposit investment products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. SELCO Community Credit Union has contracted with CFS to make nondeposit investment products and services available to credit union members.