Forward Wealth Group

TRUE or FALSE . . . Affluent American households gave over $30k on average to charitable organizations, according to a 2023 Bank of America study. It is TRUE! In fact, they gave, on average, almost $35k! (Affluent households have a net worth of $1 million or more–excluding their primary home–and/or an annual household income of $200,000 or more.) 🎁 Whether you’re above or below this average, as we approach year-end, it may be time to focus on your charitable contributions for 2024. Have you considered these strategies? • Utilizing Donor-Advised Funds (DAFs) • Exploring Charitable Remainder Trusts • Implementing Charitable Lead Trusts (CLTs) As financial professionals, we can help integrate your philanthropic goals into your overall financial strategy. We can work alongside your tax, legal, and accounting professionals to explore the pros and cons of various giving approaches before making a contribution or implementing a strategy. This collaboration can help you align your philanthropic aspirations with your broader financial strategy. Some donor-advised funds are considered mutual funds and are sold only by prospectus. The prospectus will provide information on charges, risks, expenses, and investment objectives and should be reviewed carefully before investing. Investment companies can provide a prospectus, or you may prefer to ask your financial professional. Please read it carefully before you invest or send money. Remember, charitable giving is an ongoing opportunity to make a difference while potentially enhancing your financial situation. #CharitableGiving #Financial #Philanthropy #PersonalFinance

The latest Reuters poll of 500 economists reveals an encouraging outlook: global economic growth is expected to maintain a solid 3.1% pace this year, with a projected 3% for 2025. This marks a significant upgrade from earlier forecasts, primarily driven by unexpected economic resilience. The U.S. continues demonstrating remarkable strength, outpacing its G10 peers with 2.6% growth this year. Meanwhile, Asia shows broad resilience, with India leading as the fastest-growing major economy. Japan's recent performance even suggests potential shifts in its long-standing monetary policies. Looking ahead, most economies are anticipated to see lower interest rates, though the U.S. may follow a different path. 🌐 #GlobalEconomy #EconomicGrowth #Markets #InternationalTrade https://lnkd.in/e6sQhTn8

📅 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

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

“Many partner firms only have one way to do things—their way. Our best ideas come from our advisors,” said Trap Kloman, Commonwealth’s president and COO. That’s the spirit behind the unveiling of key advancements to Commonwealth’s investment platform and technology, including the augmentation of existing direct indexing capabilities and outsourced IT support. Read our press release for more on the latest investments announced at our 2024 National Conference. https://bit.ly/3Y5co50 #CommonwealthNational #fintech

Happy Halloween from our team to yours! Taking a moment to wish all our clients, colleagues, and connections a safe and enjoyable Halloween. In the spirit of the season, we're curious to know what your favorite Halloween tradition is. Is it pumpkin carving, costume parties, or handing out candy? Share your favorite in the comments below—we'd love to hear from you! #HappyHalloween #ProfessionalConnections #CommunitySpirit

The IRS has released the 2025 tax brackets with a 2.8% inflation adjustment—the smallest increase in several years. Here's what's changing: ➡️ Standard deduction for married couples filing jointly rises to $30,000 ➡️ Single filers' standard deduction increases to $15,000 ➡️ Annual tax-free gift limit grows to $19,000 per recipient ➡️ Estate tax exclusion reaches $13.99 million (up from $13.61 million) ➡️ Earned Income Tax Credit maximum increases to $8,046 for qualifying families Understanding how tax brackets work remains crucial: you're only taxed at higher rates for income above each threshold, not your entire earnings. For example, if you're married filing jointly, you'll pay 10% on the first $23,850 of taxable income, then 12% on earnings above that amount. Important note: Some provisions aren't changing in 2025, including the $10,000 SALT deduction cap and the $2,000 Child Tax Credit. ⚖️ #TaxBrackets #IRSUpdate #TaxPlanning #EstateGift https://lnkd.in/gJVT8gWX

Which of the following mindsets best reflects yours? 🤔 I read an interesting article by entrepreneur, best-selling author, and speaker Seth Godin that breaks down 5 common mindsets: 1️⃣ The Journey Lovers: Motivated by learning itself, they prepare and train regardless of external events. 2️⃣ The Fierce Competitors: Always striving to outdo others, adapting their efforts to stay on top. 3️⃣ The Almost-Wins: Motivated by competition but held back by internal limits. 4️⃣ The Pack-Followers: Willing to put in effort but never see themselves as frontrunners. 5️⃣ The Minimum Effort Club: Finding satisfaction in doing the least possible. Key takeaway: While these "hats" can change over time, some believe the most resilient choice is to push yourself rather than wait for others to do it. Which hat are you wearing today? 🧢 #PersonalGrowth #Mindset #SelfImprovement