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CalSavers Reminder

CalSavers will soon apply for those California businesses that have 1-4 employees, and you will need to register with CalSavers by December 31, 2025, UNLESS you participate in another retirement plan. There are many plans that can be implemented to avoid the need to register for CalSavers such as a SIMPLE IRA, SEP IRA, 401k, 403b, or pension plan. Read our prior blog post on how the program...

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Higher Catch-Up Contribution Available in 2025

A catch-up contribution is available for plan participants starting in the year age 50 is reached. For these participants, the annual deferral limit can be exceeded by the catch-up amount. Keep the following in mind: The annual deferral limit is based on the participant’s tax year; this is a calendar year limit, even if the plan year is an off-calendar plan year end. In order for a plan to...

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Monthly Market Update (November 2024): 3 Things You Need to Know

Animal spirits driven by the resolution of presidential election uncertainty, economic growth and expectations of Federal Reserve rate cuts prompted U.S. stocks to surge in November. Here are 3 things you need to know: U.S. stocks had a strong November, with the S&P 500 rising 5.73%, the Dow Jones Industrial Average gaining 7.54% and the Nasdaq Composite climbing 6.21% to post the markets'...

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Giving Tuesday – Charitable Giving

Falling later than usual this year, December 3rd is Giving Tuesday, a powerful reminder of the transformative impact generosity can have - not just for those we support, but also for ourselves. From a financial perspective, charitable contributions are a strategic tool for reducing taxable income, helping you to optimize your tax position as the year draws to a close. Consider how to support...

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Cost of Living Adjustments for 2025 are here!

On November 1, 2024, the IRS announced the Cost of Living Adjustments (COLAs) affecting the dollar limitations for retirement plans for 2025. In October, the Social Security Administration announced a modest benefit increase of 2.5%. Retirement plan limits also increased over the 2024 limits. COLA increases are intended to allow participant contributions and benefits to keep up with the “cost of...

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2024 Year-End Tax Tips

As we near the end of 2024, what are the tax planning strategies you should be considering? Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2025, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or...

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Can You Access Your Retirement Plan Money After a Disaster?

If you have been affected by Hurricane Helene, Hurricane Milton, or another recent federally declared major disaster, you may be relieved to hear that over the past few years, it has become easier to access your work-based retirement plan and IRA money. Following is a brief summary of the rules for qualified disaster recovery distributions and disaster-related plan loans. Penalty-free...

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Monthly Market Update (October 2024): 3 Things You Need to Know

Higher inflation, election uncertainty, and ongoing tensions in the Middle East caused weaker stock and bond returns for the month of October. Here are 3 things you need to know: The S&P 500 (-0.9%) lost ground for the first time in six months. The index did hit a record high on October 18, but disappointing earnings from big tech pushed it back into negative territory for the month. We saw...

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Monthly Market Update (September 2024): 3 Things You Need to Know

Global stocks and bond indices finished the month close to record levels as the Federal Reserve lowered interest rates by a half percentage point – its first reduction since 2020. Here are 3 things you need to know: The S&P 500 has now posted its strongest year-to-date performance of the 21st century so far (+20.8%), after rising 5.36% for the third quarter. Chinese equity markets rocketed...

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Required Distributions: Changes You Need to Know

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts to be emptied within 10 years of the original owner's death, with some exceptions. Where an exception applies, the entire account must generally be emptied...

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Medicare Open Enrollment Begins October 15th

If you are covered by Medicare, it’s not too early to start planning for the Medicare Open Enrollment Period (OEP). Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or your budget. Mark these dates on your calendar: Late September: Watch for your Annual Notice of Changes in late September and study it carefully....

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Tax Treatment of Work-Life Referral Services

The IRS has provided informal guidance on the federal income tax treatment to an employee of certain work-life referral services offered as an employee benefit. What is a work-life referral program? Employers often provide eligible employees with a work-life referral service as an employee benefit. Work-life referral services assist employees with identifying, contacting, and negotiating with...

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After a Massive Breach, Is Your Data in Danger?

National Public Data, a consumer data broker, confirmed that a hacker had targeted the company in December 2023, "with potential leaks of certain data in April 2024 and summer 2024."1 Other reports indicate that this leaked data had been found on the dark web and  could include the names, addresses, phone numbers, and Social Security numbers of millions of Americans.2 A data breach of this...

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Monthly Market Update (August 2024): 3 Things You Need to Know

August kicked off with some market turmoil and any hopes of a late summer lull were quickly dashed. However, by month end, the market had rebounded as investors began to price in more aggressive policy easing by the Federal Reserve (Fed). Here are 3 things you need to know: The S&P 500 was up for the 4th month in a row (+2.4% in total return terms). The Magnificent 7 continued to be a drag,...

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Real Estate Commissions Changes Around the Corner

In March 2024, the National Association of Realtors (NAR) reached a landmark $418 million settlement after losing an antitrust lawsuit filed by a group of home sellers. As many as 50 million people who paid commissions on homes sold in recent years could receive a small amount from the class-action settlement. The powerful industry group also agreed to change long-standing practices related to...

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