November 2024 Newsletter:

Wisdom & Wealth

As the end of the year gradually approaches, now is the perfect time to evaluate your finances and tidy up any loose ends. In this month’s newsletter, a few of our team members will share essential steps to help you navigate key topics like IRA contributions, and more.

Sara Kate Garman

CPA

As the year draws to a close, it’s a prime opportunity to ensure you’re maximizing your IRA contributions. For 2024, the contribution limit is $7,000 if you’re under 50, and $8,000 if you’re 50 or older. Making the most of these contributions can significantly boost your retirement savings while also providing potential tax benefits. If you haven’t reached the annual limit yet, consider topping off your account by December 31 for workplace plans or April 15 for traditional and Roth IRAs.

Remember, contributions to a Traditional IRA may qualify for a tax deduction, depending on your income and whether you’re covered by a retirement plan at work. Reviewing and maximizing your IRA contributions now can reduce your taxable income and strengthen your retirement fund, helping you finish the year with a meaningful financial gain.

Stephan Hess

CFP® CDFA®

In preparing to offer my best “End of Year” financial strategy, I found myself instead thinking of Michelangelo’s masterpiece the David. It was sculpted from a single block of marble that two previous artists abandoned due to imperfections. Michelangelo embraced the challenge and supposedly first created a wax version that he submerged in water, and slowly drained, to reveal each critical element. Imagine how much careful planning must have been involved. This is why my best year-end strategy is not a financial strategy at all.

Proactive and intentional preparation is the key to effective implementation and implementation is necessary for progress and successful outcomes.

Remember, a huge part of financial success lies in small adjustments over long periods of time. Take some time, right now, to consider how you could make progress with debt reduction, reduced taxes, increased savings, and spending discipline. Have a plan right now for future raises, tax refunds and larger expenses. Take a moment to visualize what lies within your marble block and chisel away a little stone every day to bring out the masterpiece within.