Tomren Wealth Management

🍀 Happy St. Patrick’s Day from Tomren Wealth Management! 🍀 Luck can be a wonderful thing, but a thoughtful financial strategy makes all the difference when it comes to building and preserving wealth. At Tomren Wealth Management, we focus on smart, strategic decisions—managing risk, planning for the future, and staying disciplined through market ups and downs—so our clients don’t have to rely on luck alone. Here’s to a year of financial confidence, steady growth, and maybe just a little bit of Irish luck! Sláinte! ☘️ #StPatricksDay #FinancialPlanning #LuckOfTheIrish #TomrenWealth

⏰ April 15th is around the corner—Have you maximized your 2024 IRA and HSA contributions? As the April 15 deadline approaches, it’s important to review your retirement savings and understand the potential tax advantages for the 2024 tax year. Reminder of Contribution Limits: 👉 IRA (Traditional or Roth): ▪️$7,000 for individuals under 50 ▪️$8,000 for those 50 and older 👉 Health Savings Account (HSA): ▪️$4,150 for single coverage ▪️$8,300 for family coverage ▪️Additional $1,000 catch-up for those 55+ With just a few weeks remaining, review your contribution status and consult with a financial professional to check whether you’re taking advantage of these opportunities and whether they align with your overall financial strategy. Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. With 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. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty. This penalty is void after the age of 65; however, it will still become taxable income. #RetirementPreparation #TaxStrategy #FinancialWellness #TomrenWealth

🎉 Celebrating 10 Years of Leadership & Excellence – Alexis Johnson! 🎉 We are proud to celebrate Alexis Johnson’s 10-year anniversary with Tomren Wealth Management! As our Chief Operating Officer, Alexis has been a driving force behind our success, leading with expertise, dedication, and an unwavering commitment to both our clients and team. To honor this incredible milestone, our entire team—both in person and those joining us on screen—came together to celebrate Alexis and her remarkable contributions. It was a moment filled with appreciation, gratitude, and a deep sense of teamwork, reflecting the impact she has made on all of us. Here are just 10 reasons why Alexis is such an invaluable part of TWM: ✅ Inspirational Leadership – Guides with vision, integrity, and a client-first mindset. ✅ Commitment to Excellence – Consistently raises the bar for our team and services. ✅ Deep Industry Knowledge – A trusted expert in wealth management. ✅ Mentorship & Support – Invests in the success and growth of her colleagues. ✅ Client-Centric Approach – Builds lasting relationships based on trust and transparency. ✅ Innovative Thinking – Embraces change and drives progress. ✅ Dedication to Growth – Encourages professional development and continuous learning. ✅ Empathy & Compassion – A supportive presence for both clients and teammates. ✅ Unwavering Integrity – Respected for her honesty and reliability. ✅ Team Spirit & Collaboration – Helps make TWM a thriving, connected community. Alexis, thank you for 10 years of impact and leadership! Your dedication continues to shape our success, and we are incredibly grateful for all you do. Please join us in celebrating Alexis in the comments! 👏 #Leadership #WorkAnniversary #10YearsStrong #WealthManagement #ThankYouAlexis #TomrenWealth

Did you turn 73 in 2024? Don’t miss your first RMD deadline! 📅 Key Deadlines: 1. April 1, 2025: Final deadline for your 2024 RMD ▪️ 👉 NOTE—Only applies if you didn’t take it in 2024 ▪️ Based on December 31, 2023, account balance 2. December 31, 2025: Deadline for your 2025 RMD ▪️ Based on December 31, 2024, account balance 💡 Important Notes: ▪️Applies to traditional IRAs, 401(k)s, 403(b)s, and other tax-deferred accounts ▪️Roth IRAs are exempt during your lifetime ▪️Current employer 401(k) may be exempt if still working ⚠️ Caution: Failing to take the full RMD can result in a 25% penalty on the amount not withdrawn (reducible to 10% if corrected promptly). An effective RMD strategy is key to optimizing your retirement income. Partner with a financial professional to create a distribution strategy that manages taxes and aligns with your long-term goals. Remember, once you turn 73, you must take RMDs from your 401(k) or other defined contribution plans in most cases. Withdrawals from these plans 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 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. #RetirementPreparation #RMDs #PersonalFinance #TomrenWealth

🎉 Happy Employee Appreciation Day! 🎉 Behind every great client experience is an amazing team—and at Tomren Wealth Management, we’re lucky to have the best! But here’s the real secret… it’s our incredible clients who make it all worthwhile. 💙 Your trust and confidence in us keep our team motivated, inspired, and ready to go the extra mile every day. So today, we’re celebrating our team for their dedication AND our clients for giving us the opportunity to do what we love! 👏We appreciate our team, and we appreciate you!👏 🚀 #BestTeamEver #EmployeeAppreciationDay #ThankYouClients #teamtomren #tomrenwealth

Ever wonder who’s really managing America’s wealth? The answer might surprise you. 💪 49% of women now serve as their households’ financial decision-makers, up from 41% in 2021! To put that in perspective: Before 1974, women often couldn’t even open a bank account without a male co-signer. Today, they’re projected to control $34 trillion in U.S. investable assets by 2030. What makes women exceptional financial leaders? Research shows they: ▪️Tend to take a more patient approach to investment decisions ▪️Maintain strategies during market volatility ▪️Champion sustainable and socially responsible investments ▪️Know when to seek guidance Women’s History Month is a powerful reminder of women's progress in pursuing financial independence and leadership. As more women take control of their financial futures, opportunities to help build lasting wealth, create financial strategies, and shape meaningful legacies have never been greater. #WomensHistoryMonth #WomenInFinance #FinancialEmpowerment #TomrenWealth

Ever wonder who’s really managing America’s wealth? The answer might surprise you. 💪 49% of women now serve as their households’ financial decision-makers, up from 41% in 2021! To put that in perspective: Before 1974, women often couldn’t even open a bank account without a male co-signer. Today, they’re projected to control $34 trillion in U.S. investable assets by 2030. What makes women exceptional financial leaders? Research shows they: ▪️Tend to take a more patient approach to investment decisions ▪️Maintain strategies during market volatility ▪️Champion sustainable and socially responsible investments ▪️Know when to seek guidance Women’s History Month is a powerful reminder of women's progress in pursuing financial independence and leadership. As more women take control of their financial futures, opportunities to help build lasting wealth, create financial strategies, and shape meaningful legacies have never been greater. #WomensHistoryMonth #WomenInFinance #FinancialEmpowerment #TomrenWealth

Behind every strong woman is someone who recognized her potential and helped her grow. ✨💙 This Women’s History Month, we’re celebrating the power of mentorship—the leaders, colleagues, and mentors who have shaped careers through advocacy, encouragement, and support. From pivotal career moves to quiet moments of guidance, their impact lasts a lifetime. 🌱💡 What’s one piece of advice from a female mentor that has shaped you into who you are today? 💬🚀 #WomensHistoryMonth #WomenInLeadership #MentorshipMatters #PayItForward #TomrenWealth

Mortgage rates saw a slight dip last week to 6.93%, yet overall mortgage applications fell by 6.6%. This reflects the broader housing market dynamics we're experiencing in early 2024. 🏠 Despite refinance applications being up 39% compared to last year, weekly numbers dropped 7%. What's particularly interesting is that purchase applications, while down 6% for the week, showed a 7% increase year-over-year. The housing market continues to evolve, with MBA economist Joel Kan noting that "loosening inventory may help support activity in the coming months." #HousingMarket #MortgageRates #RealEstateNews #MarketUpdate #HousingTrends #TomrenWealth Note: Market data as of February 19, 2025. Past performance doesn't indicate future outcomes. Source: https://lnkd.in/e2iJSf7r

⏰ For those Business Owners out there: The Federal Tax Deadline is March 17 Key Filing Requirements: S Corporations: ▪️File Form 1120-S to report income, deductions, and credits ▪️Distribute Schedule K-1s to shareholders Partnerships: ▪️File Form 1065 to report business income ▪️Distribute Schedule K-1s to partners Extension Option: ▪️File Form 7004 for a six-month extension ▪️If they extended, the new deadline would be September 15, 2025 ▪️Note: An extension only extends the filing deadline, not the payment due date With the March 17 deadline approaching, double-check all documentation for accuracy and completeness. If you anticipate any issues meeting the deadlines, consult with your tax, legal, or accounting professional and consider filing for an extension. #BusinessTaxes #TaxDeadline #PersonalFinance #TomrenWealth