Bleakley Financial Group - Houston

As financial professionals, we're used to crunching numbers. But what if I told you the most valuable review doesn't involve a single spreadsheet? ?? This year, I'm challenging myself (and you!) to conduct a personal year-end review that goes beyond finances. Here's a sneak peek at my top three reflection points: ?? Celebrating wins (big and small) ?? Skill evolution ?? Gratitude check Why? Because true financial well-being is intrinsically linked to overall life satisfaction and personal growth. Want to join me in giving yourself a year-end review? Reach out to our office! #YearEndReview #PersonalGrowth #FinancialWellbeing

As December 31 approaches, don't forget to check your pre-tax health accounts: 1?? FSA (Flexible Spending Account): ? Review your balance ? Consider using the remaining funds for eligible expenses ? Remember: many FSAs have a "use it or lose it" policy 2?? HSA (Health Savings Account): ? Check your year-to-date contributions ? Consider adjusting your contribution amount in 2025 if appropriate ? Remember: 1) HSAs roll over, and 2) contribution limits reset annually Any money withdrawn from your HSA for a nonmedical reason is considered taxable income and faces an additional 20% penalty. This penalty is void after age 65; however, withdrawals would still become taxable income. Remember, once you start Medicare, you can no longer contribute pre-tax dollars to your health savings account (HSA). 3?? DCFSA (Dependent Care FSA): ? Verify your balance ? Don’t forget to submit receipts for eligible expenses (you have until April 30, 2025, but it's best to stay on top of these things) Take a few moments to check up on any FSA accounts and HSA before the year ends. #HealthSavings #TaxStrategy #FSA #HSA #YearEndStrategy

?? 4 things you may not know about Social Security 1?? In February 2024, the average Social Security retirement benefit was around $1,862 per month or $22,344 per year, according to a May update from the Center on Budget and Policy Priorities. 2?? Depending on your circumstances, you may be eligible for Social Security benefits at any age. For example, if you are the spouse, child, or dependent parent of a deceased worker. 3?? Benefits can increase with age. You can increase your Social Security benefits by delaying benefits until age 70. 4?? It can get complicated: Understanding Social Security can be tricky due to factors like earnings limits, spousal benefits, and survivor benefits. Don’t take Social Security for granted. Understand the details and create a personalized strategy that works for you. A financial professional can help. #SocialSecurity #Retirement #FinancialProfessional

As a society, we often focus on the rewards of material wealth. However, perhaps a larger return on investment comes from performing acts of kindness–thinking of others and not ourselves. Today is World Kindness Day! ?? A good time to be intentional about shifting our focus to the rewards of generosity. Some ideas for random acts of kindness our team came up with: ?? Buy a coffee for the person behind you in line ?? Hold the door open a little longer ?? Assist someone who needs it, like carrying groceries or helping an elderly neighbor ?? Write a thank-you note to someone who has helped you or means something special to you ?? Donate your time to a local charity or organization Share your acts of kindness using the hashtag #WorldKindnessDay and inspire others to spread positivity. #WorldKindnessDay #PayItForward

Here’s a surprising stat! Almost 1/3 of investors who had rolled over their 401(k) into an IRA still had their assets in cash or cash equivalents a year later! That was the finding of a 2024 Vanguard study reported in the July 22 edition of The Wall Street Journal. ?? And get this… rollovers that are still in cash after the first year are likely to stay that way for at least 7 years! Younger investors (ages 20–29) are least likely to move out of cash, which is a bit concerning since they have the most to gain from the power of time. If you—or anyone you know—has switched jobs, take a look at your rollover and understand how it's invested. Make sure your retirement savings are working hard for you. Remember, once you turn 73, you must take required minimum distributions from your 401(k), IRA, or other defined contribution plans in most cases. Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59?. Also, remember that investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. #RetirementSavings #401kRollover #InvestmentTips #PersonalFinance

Today, we honor the brave men and women who have served our country. Thank you for your sacrifice and dedication. Your courage and service inspire us all. Happy Veterans Day! #VeteransDay #ThankAVeteran

TRUE or FALSE . . . Affluent American households gave over $30k on average to charitable organizations, according to a 2023 Bank of America study. It is TRUE! In fact, they gave, on average, almost $35k! (Affluent households have a net worth of $1 million or more–excluding their primary home–and/or an annual household income of $200,000 or more.) ?? Whether you’re above or below this average, as we approach year-end, it may be time to focus on your charitable contributions for 2024. Have you considered these strategies? ? Utilizing Donor-Advised Funds (DAFs) ? Exploring Charitable Remainder Trusts ? Implementing Charitable Lead Trusts (CLTs) As financial professionals, we can help integrate your philanthropic goals into your overall financial strategy. We can work alongside your tax, legal, and accounting professionals to explore the pros and cons of various giving approaches before making a contribution or implementing a strategy. This collaboration can help you align your philanthropic aspirations with your broader financial strategy. Some donor-advised funds are considered mutual funds and are sold only by prospectus. The prospectus will provide information on charges, risks, expenses, and investment objectives and should be reviewed carefully before investing. Investment companies can provide a prospectus, or you may prefer to ask your financial professional. Please read it carefully before you invest or send money. Remember, charitable giving is an ongoing opportunity to make a difference while potentially enhancing your financial situation. #CharitableGiving #Financial #Philanthropy #PersonalFinance

?? When was the last time you checked on your retirement contributions for the year? Here’s a must-do year-end retirement checklist: 1?? Contribution Limits: For 2024, you can contribute up to $23,000 to most company retirement plans. 2?? Catch-Up Contributions: If you’re 50 or older, you can contribute an additional $7,500. 3?? Understand Employer Matches: Don’t miss out on employer matches. Some consider the employer match to a retirement plan a key part of an overall compensation package. 4?? Required Minimum Distributions (RMDs): If you’re 73 or older, remember to follow your RMD guidelines. 5?? What about 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 59?. 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. Take the time to review your retirement accounts—it can make a big difference in the long run. #RetirementStrategy #YearEndReview

Do you know someone who is helping to care for an aging parent or family member? November is #NationalFamilyCaregiversMonth, dedicated to highlighting caregivers and providing resources for self-care, advocacy, and stress management. Organizations like the National Council on Aging and AARP offer resources that can be helpful. Check out the AARP Facebook group, which has ~20,000 members connecting to share tips and support. Personal finance can play a role in preparing for the future. Many elderly clients are facing rising expenses, which makes budgeting a priority. If you haven’t thought about it, now’s the time. Please give a shout-out to any caregivers you know, whether volunteer or paid. It’s a vital role that requires a special person. #NationalFamilyCaregiversMonth #CommunitySupport

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