2025 Q1 Newsletter
Current Economic Updates
2025: A Year of Promise and Paybacks
Although difficult to predict, the economic outlook for 2025 is shaped by various factors, including global trends, technological advancements, and shifts in consumer behavior. One consensus is clear: significant changes are on the horizon this year with the arrival of a new Presidential Administration. To learn more about how the economic changes may affect you this year, be sure to read the full article.
Source: First Trust Economics Blog
Financial Trends, Opportunities, & Strategies
Starting the New Year right:
Why financial goals matter
As we embrace the New Year, many of us turn our attention to self-improvement goals, such as emphasizing our health, family, or hobbies. Yet, it's equally important to establish financial objectives. Our team has compiled a helpful list of tips to encourage you to consider how to improve your financial health. Take a moment to go through them, and remember that our team is here to support you on your path to reaching your financial dreams.
Important Dates & Reminders
JANUARY
- Make 2024 fourth quarter estimated tax payments by January 15 if you’re self-employed or underpaying based on your income.
- Make HSA, Roth and Traditional contributions for the 2024 tax year by April 15.
- HSA; Self -$4,150, Family - $8,300, Age 55+ catch-up $1,000
- Max IRA contributions $7,000, catch-up $1,000 by 4/15
- SEP 25% or $69k, whichever is lower.
- Make HSA, Roth and Traditional contributions for the 2024 tax year by April 15.
- If you receive an annual bonus from your employer, use it thoughtfully to increase its potential benefit. It's tempting to splurge, but consider using a bonus to pay down debt, contribute to your retirement plan, or build an emergency fund.
FEBRUARY
- Organize your W-2s, interest and dividend statements, and other tax docs as soon as you receive them. Annual tax forms 1099, 1098, and W-2 should be mailed to you no later than January 31 (February 15 for some 1099s).
- Make a date with your 401(k). Log in to check progress and see if you can give it some love by increasing your contributions.
- Check your insurance policies (property and casualty, liability, health, disability, life) to be sure you're not paying too much for the wrong kind of coverage. We are available to discuss and answer questions about your life, disability income, long term care, and health insurance coverage.
MARCH
- Select a date in March to allocate any tax refunds, bonuses, or pay increases you might get.
For Medicare Advantage enrollees, the last day to change your Medicare Advantage Plan for 2025 is March 31st.
APRIL
- Don't forget to file your tax return, or request an extension, by April 15th. This date is also the deadline for making contributions to your 2024 IRA.
LFG in the community
- This year, our office staff teamed up to donate Christmas presents to a local family in need. We were excited to fulfill the wish lists of the two children, so they could enjoy opening gifts on Christmas morning.
- Lake Financial’s staff donated tons of items to the food pantry this year. Some of these items included birthday cake and pie kits, pasta night ingredients, as well as handmade knitted hats, and a snuggie.
- In November, Brian participated in Equitable Advisors’ annual Day of Service for Feeding America. Together they packed more than 10,000 pounds of food!
- We hosted our 7th annual Christmas Lights Competition this holiday season. The competition included 31 homes around Port Washington in various neighborhoods. After a total of NUMBER votes, three winners were chosen. One by public vote, one chosen by Port Washington Main Street, and the third chosen by the Port Washington Police Department.
- This year, Brian, Justin and Bridget ran the Warm Up Station at Port Washington’s Christmas on the Corner event. Along with them, two Port high students volunteered to help with setup and the distribution of smore ingredients. There was a fire pit, lounging furniture, lights, Christmas music, and lots of smores being made.
- The Port Washington Road Rally is a long standing tradition taking place the night before Thanksgiving, and serves as an adult scavenger hunt around the town and city of Port Washington. Since Brian’s team was the winner for 2023, they were in charge of organizing the event for 2024. There were 20 teams and 102 total participants, with the top 3 teams winning a cash prize, and lots of fun had by all.
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