Royal Wealth Management

Secure your future and retire with ease through 403(b) plans! Check out our latest blog post to know why this retirement benefit is a must-have for all non-profit employees. Read more: https://hubs.la/Q029bTRc0 #RetirementSavings #403bPlans #EmployeeBenefits #NonProfitOrganizations

"3 Days to Go! 🚀 Wealth Creation Today® Class Is Almost Here! In just a few days, we’ll dive deep into financial strategies that can help you create a solid retirement plan, no matter how busy life gets. If you haven’t registered yet, this is your last chance! Join us: https://lnkd.in/gpnAkMm5 #WealthCreationToday #FinancialFluency #RetirementFocus"

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

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

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

Last Week to Join Our Wealth Creation Today® Class! 🕒 It's not too late to boost your financial fluency. Our Wealth Creation Today® class gives you a comprehensive plan for retirement while you manage your career, kids, and aging parents. Act fast and save your seat today: https://lnkd.in/gpnAkMm5 #RetirementReady #WealthManagement #FinancialLiteracy"

Just read about a pretty good iPhone hack, so I thought I’d share! Have you ever wanted to take a picture but missed it trying to open your camera? Or wanted to take a quick screenshot and struggled to push the buttons on both sides simultaneously? Did you know you can set it up so that you can make either of these happen just by tapping the back of your phone? 🤯 Here's the scoop on "Back Tap": ⚡️ Quick Setup: Settings > Accessibility > Touch > Back Tap You’ll see two choices: “Double Tap” and “Triple Tap.” Each lets you tell your phone to do something when you tap its back twice or three times. 🎯 Cool uses: ✅ Take a quick screenshot ✅ Use your camera quickly ✅ Mute ringer instantly ✅ Turn on the flashlight 🤔 What would you use Back Tap for? Share your ideas below! #iPhoneTips #ProductivityTricks

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

🔌 Does an electric car always 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