Tax Season 2025: A Cheat Sheet for Retirees and Retirement Accounts

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 4 March 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

To encourage Americans to save for retirement, Congress has set up tax-favored accounts. While these accounts offer plenty of benefits, there are some pitfalls when it comes to how and when you contribute to them, or take money out. Wall Street Journal reporter Laura Saunders joins host Ariana Aspuru to discuss what you need to know about IRAs, 401(k)s, contribution limits and penalties. To hear WSJ’s cheat sheet for tax information related to homeowners listen here. For issues related to investing, listen here. And our series on Tax Season 2025, can be found here. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Americans love using their credit cards, the most secure and hassle-free way to pay.
0:04.0	But DC politicians want to change that with the Durban Marshall Credit Card Bill.
0:08.0	This bill lets corporate megastores pick how your credit card is processed,
0:13.0	allowing them to use untested payment networks that jeopardize your data security and rewards.
0:18.0	Corporate megastores will make more money and you pay the price.
0:22.1	Tell Congress to Guard Your Card because Americans lose when politicians choose. Learn more at
0:28.1	guardyercard.com.
0:32.9	Here's your money briefing for Tuesday, March 4th. I'm Mariana Aspuru for the Wall Street Journal.
0:43.8	Congress has set up a variety of tax-friendly accounts to encourage saving for retirement.
0:49.8	While they offer plenty of benefits, it's important to be aware of the potential pitfalls.
0:56.1	If the money comes out of a traditional account, you will owe tax on it in general.
1:00.1	Also, if you're under 59.5, you probably will owe a 10% penalty, but not always.
1:06.2	So it's important to check on that and strategize.
1:09.5	We'll talk to Wall Street Journal reporter Laura Saunders about her latest guide to taxes for retirees or retirement account holders.
1:17.8	After the break.
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2:10.6	Tax season for retirees and people holding retirement accounts means paying attention to when and how you contribute and withdraw money from them. Wall Street Journal reporter Laura Saunders joins me.
2:13.6	Laura, before we dive into the tax benefits and pitfalls that filers need to be aware of this year,
2:19.5	let's do a little refresher on the main types of retirement savings accounts.
2:24.1	What are they?
	...

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