At MPM Wealth Advisors, we believe retirement planning should be as unique as you are. That's why we take the time to truly understand your needs and desires, so we can create a plan tailored specifically to you. Our Retire right process takes into account all aspects of your financial life, from investments, social security, taxes to estate planning, with the goal of maximizing your retirement income, minimizing risk and, helping you thrive in retirement. Step 1 – Plan We’ll look at the whole picture together. Have you always dreamed of traveling the world? Which charitable giving opportunities inspire you? What kind of legacy do you want to leave for your heirs? As we get to know you, we can create a plan that honors your values, addresses your concerns and provides you with a clear financial roadmap to achieve your goals. Step 2 – Invest Next, your advisory team will assess the timing of your goals along with your comfort level with risk and develop a personalized investment strategy. We don't believe anyone can consistently time the market or pick winning stocks. We follow an evidence-based approach to investing that focuses on global diversification, targeting premiums of returns, reducing expenses and turnover and minimizing taxes. Step 3 – Thrive Let MPM focus on the money, so you can focus on enjoying the special moments in life. Meet with your advisory team regularly to review your plan, if your circumstances change, or when you have questions, concerns or ideas you want to discuss. We have our finger on the pulse of the financial landscape and will let you know if we recommend any changes to your plan. *Content provided on this page, by MPM Wealth Advisors, should not be construed as investment advice.
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Holland, Ohio 43528, US
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Over age 50? You may be able to catch-up on retirement. https://lnkd.in/gaF4xQGj
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Q3 saw a Fed-fueled rally, but what's next? Our Quarterly Market Insights for October explores the latest economic indicators and what investors may be talking about in Q4. #InterestRates #StockMarket #FederalReserve https://lnkd.in/gzYXuiqD
29 years ago, Tom Damasco & Bryan Ohm started MPM Wealth Advisors. Their unwavering commitment to excellence is rooted in our core values of integrity and customer-centricity. For 29 years, these principles have guided our growth and success, fostering trust and loyalty among clients and employees alike. Through the years we have become a family owned business maintaining a dedication to our clients. As we look ahead, these values will continue to shape our journey forward. Cheers to Tom and Bryan whose vision became reality through their hard work, perseverance and dedication to what is good and honest; here's to many more years!
Check out this tip from our lead advisor and CFP, Chelsea Heintschel, CFP®
Guiding people through a fulfilling retirement with sound financial advice.
As we enter the last quarter of the year, I want to share a lesser-known tip for maximizing retirement savings: after-tax contributions to your 401(k). The most an employee can contribute to their Traditional or Roth 401(k) plan in 2024 is $23,000 ($30,500 if 50+). Most people stop contributing to their 401(k) once that limit is reached. HOWEVER Some plans allow participants to contribute above and beyond the employee contribution limit with after-tax dollars. The overall contribution limit, including employee and employer contributions, is $69,000 in 2024 (this may be lower for highly compensated employees to comply with IRS nondiscrimination requirements). So, let’s say you are 55 years old and max out your 401(k) contributions at $30,500. Your employer match totals $10,000. Your total 401(k) contribution for the year is $40,500. If your plan allows, you could make an additional after-tax contribution to your 401(k) of $28,500. These contributions are made with after-tax dollars and don’t reduce your taxable income in the year you make them. Withdrawals during retirement aren’t completely tax-free. Investment gains from your after-tax contributions are generally taxed as ordinary income when you begin taking qualified distributions. For this reason, I typically advise my clients to roll their after-tax 401(k) contributions into a Roth IRA. Since tax has already been paid on the contributions, the conversion would only require tax to be paid on any earnings that are converted. So, it may be advantageous to periodically move after-tax contributions out of the 401(k) plan and into a Roth IRA, if allowed. A few watchouts – not all employers allow for after-tax contributions into a 401(k), so check with your employer/HR department/plan sponsor. Lastly, this strategy is complex, so working with an advisor could save you time and help avoid potential penalties.
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You’ve heard Medicare Parts A, B, C, & D referenced, but what do they mean—and what do they cover? Find out more here: