Despite being high earners, HENRYs face financial challenges due to high living costs and expenses, making it hard to save and manage taxes.
Bill Harris explains that for HENRYs, 'it’s remarkably difficult to make ends meet on very high compensation', as high expenses and taxes impede savings.
Maximizing contributions to retirement accounts is one of the easiest ways HENRYs can lower their taxable income each year, especially with increased limits coming.
Starting in 2025, individuals aged 60 to 63 can further capitalize on retirement savings by contributing up to an additional $11,250 to their 401(k)s.
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