Alongside WBEZ, we’re gathering your questions about all things money and finances. Each week, we bring you answers from the people who know best.

Dan asked:

“I have $500,000 in my 401(k). Is there anything I can do to minimize taxes? I am thinking about retirement in a couple of years.”

Maximize your contributions

While it won’t reduce your taxes, you should prioritize putting more money into retirement accounts, according to Andy Timmerwilke, managing director and financial adviser at Merrill Lynch Wealth Management.

For those under 50, the maximum annual contribution is $23,500 in 2025. If you’re 50 or older, you also can include a $7,500 catch-up contribution for a max of $31,000.

“For a lot of people, that’s a high number to achieve,” Timmerwilke said. “My advice would be to alw

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