Aviance Capital Partners

📅 When was the last time you checked on your retirement contributions for the year? Here’s a must-do year-end retirement checklist: 1️⃣ Contribution Limits: For 2024, you can contribute up to $23,000 to most company retirement plans. 2️⃣ Catch-Up Contributions: If you’re 50 or older, you can contribute an additional $7,500. 3️⃣ Understand Employer Matches: Don’t miss out on employer matches. Some consider the employer match to a retirement plan a key part of an overall compensation package. 4️⃣ Required Minimum Distributions (RMDs): If you’re 73 or older, remember to follow your RMD guidelines. 5️⃣ What about a Roth IRA? To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals. Take the time to review your retirement accounts—it can make a big difference in the long run. #RetirementStrategy #YearEndReview Source: https://lnkd.in/ecMy2qbS https://lnkd.in/eUYRenzs.

Do you know someone who is helping to care for an aging parent or family member? November is #NationalFamilyCaregiversMonth, dedicated to highlighting caregivers and providing resources for self-care, advocacy, and stress management. Organizations like the National Council on Aging and AARP offer resources that can be helpful. Check out the AARP Facebook group, which has ~20,000 members connecting to share tips and support. Personal finance can play a role in preparing for the future. Many elderly clients are facing rising expenses, which makes budgeting a priority. If you haven’t thought about it, now’s the time. Please give a shout-out to any caregivers you know, whether volunteer or paid. It’s a vital role that requires a special person. #NationalFamilyCaregiversMonth #CommunitySupport

Important Reminder: The Affordable Care Act Open Enrollment Has Begun Here's a quick overview of the key dates for the upcoming open enrollment period: 👉 November 1, 2024: Open Enrollment Begun 👉 December 15, 2024: Deadline for January 1, 2025 Coverage 👉 January 15, 2025: Open Enrollment Ends Don't miss this opportunity to enroll, renew, or change your plan. Preparing for health care can be essential for your well-being and your personal finances. #AffordableCareAct #ACA #OpenEnrollment

Daylight saving time ends November 3. Remember to set your clocks BACK one hour before bed on Saturday night. Enjoy that extra hour of sleep on Sunday morning! #DaylightSavingTime #FallBack

Have You Heard of the "Mega Backdoor Roth"? 📊 How it works: Make after-tax contributions to your 401(k) Convert those contributions to a Roth IRA or Roth 401(k) 2024 Limits: Standard 401(k) limit: $23,000 ($30,500 if 50+) Mega Backdoor potential: Up to $69,000 total ($76,500 if 50+) 🔑 Key Points: ✅ Bypasses Roth IRA income limits ✅ Allows for tax-free growth ✅ Not all 401(k) plans offer this choice ⚠️ Important considerations: Tax implications of conversions Impact on employer matching Your overall financial goals Current vs. future tax rates This post is not a replacement for real-life advice. Your tax professionals can help you learn more about the tax implications of a mega backdoor Roth. 🔍 Is it right for you? Check if your plan allows: After-tax contributions In-service distributions or in-plan Roth conversions ✅ Once you turn 73, you must take the required minimum distribution from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½. ✅ With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances. The original Roth IRA owner is not required to take minimum annual withdrawals. With a Roth 401(k), employer matching with pre-tax dollars is not distributed tax-free during retirement. If you’d like to learn more about Backdoor Roth IRAs or discuss your retirement strategy, feel free to message us. #RetirementStrategy #MegaBackdoorRoth #PersonalFinance Source: https://lnkd.in/eWxkGiUF

🔌 Does an electric car save you money? We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with: Pros: ➕ You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional. 🔧 EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes! ⚡ Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper! Cons: 🏠 Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One. 🚗 Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model. ⚡ Finding an open EV charging port may be challenging, depending on where you live and drive. Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message! #ElectricVehicles #FinancialStrategy #EVOwnership

🚨Are major changes ahead for your estate strategy?🚨 With National Estate Planning Awareness Week just around the corner, it's the perfect time to examine your legacy strategy more closely, especially since some changes may be on the horizon. The Tax Cuts and Jobs Act (TCJA) of 2017 increased estate tax exemptions, but unless Congress acts, these changes expire at the end of 2025, according to a 2024 report from the Tax Foundation. ➡️ Here's what you need to know: 👉 2024 Exemption: $13.61M for individuals, $27.22M for couples. 👉 Post-2025: The exemption amount will revert to 2017 levels (adjusted for inflation). Why Act Now? With potential changes on the horizon, taking a proactive approach may put you in a better position to manage your estate in 2026 and beyond. 💡 You may want to consider creating an estate strategy. A financial professional can monitor the landscape of estate law and keep you updated on the status of potential changes! #nationalestateplanningweek #estatestrategy #financialguidance Source: https://lnkd.in/gmR9wSD8

🚨 Are You Doing These to Protect Your Identity? In today's digital age, identity theft is a major threat. Take a moment to check if you're taking these steps to help safeguard your personal and financial info: ✅ Freeze your credit: Prevent unauthorized access to your credit report by freezing your credit ✅ Don’t let your mail sit uncollected for too long. Don’t give thieves time to steal sensitive documents from your mailbox. ✅ Consider shredding documents with personal information. A household shredder can be used on documents with personally identifiable information. ✅ Opt out of prescreened credit offers: Manage the risk of fraud. ✅ Use unique passwords: Don’t use the same password for your accounts. ✅ Bypass the PIN at the gas pump. Use your zip code instead of your PIN, if possible. ✅ Safe disposal of digital devices. Properly disposing of old digital devices is a key–but often overlooked–part of identity theft. ✅ Consider identity theft protection services for added security. If you suspect identity theft, watch for signs like unexpected bills or loan denials. The next step to consider is placing fraud alerts or security freezes on your credit reports. Protecting your identity is crucial for financial health. Stay vigilant and implement these measures. If you have concerns, reach out. We're here to help provide you with information that can help improve your personal finances. 💼💡 #IdentityTheft #PersonalFinance #WealthPreservation #CyberSecurity

October is National Cyber Security Awareness Month! 🖥️🔒 In this increasingly digital world, protecting your online presence is CRITICAL! Are you doing all the following: 🔒 Using strong, unique passwords—and considering a password manager 🔒 Consider asking the credit bureaus to help monitor and/or freeze access to your credit 🔒 Enabling two-factor authentication where available 🔒 Staying alert for phishing attempts and scams 🔒 Keeping software up-to-date Can you check the box for each of these? Staying safe and taking precautions can help put you in a better position in the event of a cyber attack. #CyberSecurityAwareness #StaySafeOnline

🚨 Medicare Open Enrollment is here! 🚨 Key Dates: 🗓️ Start: October 15, 2024 🗓️ End: December 7, 2024 This annual window is your opportunity to: 🔍 Review Your Coverage: Ensure your current plan still meets your needs. 📊 Compare Plans: Explore new options that might offer better benefits or lower costs. 🔄 Make Changes for 2025: Adjust your plan to better suit your health and financial situation. 💡 Did You Know? 👉 Medicare Advantage Plans: These often include extra benefits like vision, dental, and wellness programs that Original Medicare doesn't cover. 👉 Prescription Drug Plans: Even if you don't take many medications now, enrolling in a Part D plan can protect you from high costs in the future. 👉 Medigap Policies: These supplemental plans can help cover out-of-pocket costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles. 📞 Questions about Medicare and your financial plan? Let's chat. We're here to help you navigate your options and ensure your healthcare coverage aligns with your financial goals. #FinancialFriday #MedicareEnrollment #Retirement #HealthCoverage #SeniorCare