I’ve shared tax filing tips before, but this year, I want to focus on one item in particular: IRA contributions.
What is an IRA?
An IRA (Individual Retirement Account) is a tax-advantaged retirement account that you fund independently of an employer-sponsored plan like a 401(k).
We say it all the time: You want to start thinking about your financial future as early as possible. But it can be difficult in your 20s, as you’re getting out of school, finding a job, and transitioning to being out on your own. It’s easy to set aside those early years when it comes to saving and investing, and, if that describes you, I completely understand.
Listen, we said it would be challenging as the entire world tried to interpret what a Trump presidency and a Musk Department of Government Efficiency would mean. It still will be. Add in that we’ve yet to see the impact of hurricanes, floods, and fires on the cost of goods. Think inflationary. It’s reasonable to think that there will be historic supply chain pressure as tens of thousands of families around the country rebuild their homes and replace lost possessions.
These years seem to pass by before we know it. Going into 2024, some of you may have said “This is the year I _______,” and then you blinked and it’s December. That’s why it’s so important as we turn over into 2025 to have a solid plan to position yourself for financial success. I’m going to mention four areas to look at, but your individual plan may look different. Either way, taking care of these things now can help ensure that your money works effectively for you throughout the year.
Sometimes the question of when to retire is easy. Your occupation has a mandatory retirement date, or your pension kicks in after a specific number of years. Most of the time, though, it’s up in the air. Maybe you’re waiting to draw Social Security, or until you’ve saved towards a certain number, or when you’re age-eligible for Medicare. There’s no one-size-fits-all.
Despite rising prices and tightened budgets, holiday spending remains as robust as ever. The average shopper plans to spend more than $1,000 on gifts this year, not to mention the additional costs of travel, hosting, and special events.
Let’s get this out of the way — my job is not to take a political position. I’m here to help you grow your family’s nest egg while doing my best to protect it from harm.
If you’re like me and my family, you’re going to have Democrats, Republicans, and the rest around your table this Thanksgiving. While many families avoid talking politics, the ramifications of the recent election will be on everybody’s mind. Over the last few weeks, our whole team has had conversations with clients and prospective families, and every one of them is concerned about the changes that may be coming with the new administration.
Hiring a financial advisor is a very personal choice that lots of people have made to help them achieve financial success. But often I hear, especially from younger folks, that they’re waiting for the right time to start working with an advisor. Usually that “right time” involves having a certain net worth that they feel would make financial advice beneficial.
As expected, the Federal Reserve announced last month that it is making its first interest rate cut, with all signs pointing to more in the near future. I’ve been writing about this for a while, and it should mean good news for those of you who are in the market for a new home or car or are simply looking to save a little money each month by refinancing a loan.
You already know that taking care of your body by working out, eating well, and getting good sleep is incredibly important for your physical and mental health. But what a lot of people don’t consider is that it can help improve your financial health as well, both in the short and long term.
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