2024 Q4 Newsletter
Current Economic Updates
Quick Thoughts: US election update—uncertainty reigns
With less than five weeks to the November 5 polling date, the US presidential as well as Senate and House majority outcomes remain too close to call. Franklin Templeton Institute’s Stephen Dover believes that a divided government in Washington, DC, with no single party controlling the White House, Senate and House of Representatives is likely. He discusses the possible effects of the elections on the markets and offers investment conclusions.
Source: Franklin Templeton
Financial Trends, Opportunities, & Strategies
Things To Consider Before Year End
As 2024 comes to an end, take a moment to review our list of tasks to consider. Nothing motivates quite like a deadline, making it important to be proactive in your financial planning. Consulting with your Financial Advisor and CPA early allows you to make informed decisions and take advantage of any last-minute opportunities. We are here for you. Call or email us to arrange a meeting time.
Important Dates & Reminders
OCTOBER
Get ahead on some college funding! While you can wait until next year to file a FAFSA for the 2024-2025 school year, you can start October 1st. Some colleges award on a first-come, first-served basis.
File your income tax return by October 15th if you requested a six-month extension back in April.
The last day to provide notice if looking to move a Simple IRA to a 401(k) is October 31st.
RMDs for end of the year - The government requires anyone 73 and older to take required minimum distributions (RMDs) annually from pre-tax retirement accounts by December 31st or the following April 15th for your first RMD.
TRY A CHARITABLE DONATION! - A QCD (qualified charitable distribution) is a direct transfer of funds from your IRA, payable directly to a qualified charity. Amounts distributed as a QCD can be counted toward satisfying your RMD for the year, up to $100,000. The QCD is excluded from your taxable income.
NOVEMBER
November 1st is the opening day of the federal health insurance marketplace enrollment for 2024 coverage. Take the time to review your health insurance coverage and other employer benefits.
Student loans usually kick in six months after graduation, so, if you or your child graduated college in May, they may be due soon.
The last day for 401(k)s to provide notice on their 2025 Safe Harbor provision intentions is December 1, 2024.
DECEMBER
Check your annual Social Security Statement. Compare your earnings record against your old tax returns for accuracy.
The deadline for Required Minimum Distributions for retirement accounts is December 31.
LFG in the community
- Brian, Justin, Paul, John, and Brad participated in the YMCA Golf Outing.
- We are proud to be a Paint on Port mural project sponsor.
- We sponsored the PWHS Booster Club Alumni Gold Outing.
- Paul took part in the Variety Golf Outing held in Lake Geneva.
- We proudly sponsored LIONSFEST again this summer.
- Justin and his wife Julia helped organize the Food Pantry fundraiser, Small Bites, Big Hearts and hosted the event in our event space, Engine Room 102.
- Paul helped coordinate a sailing event for a local Cub Scout troop in collaboration with the Milwaukee Sailing Center.
- We donated to a group of juniors and seniors at PWHS who are launching a school-based enterprise. This team is working on a car detailing business named Port High School Detailers. We wish the best of luck to everyone involved!
- A heartfelt THANK YOU to everyone who joined us for our annual Open House event! This year, we had our best turnout ever. Special thanks to Bob Welsch for the fantastic music, The Steerage for the delicious food, Andrea Moeller-Donham for the outstanding bar service, and to Inventors Brew Pub, Locally Inspired, and Pear & Simple for baskets! It truly is an understatement to say that we have the most incredible clients, family, friends, and community.
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