Civic Financial

?? Another #tuesdaytip for your End-of-Year financial planning. Are you thinking about a Roth conversion? ?? Now is a key time to make this move, as converting from a tax-deferred vehicle into a Roth IRA before the year-end deadline can be a great planning tool to reduce your (or your heirs') tax liability in the future. This is particularly relevant if you find yourself in a lower income bracket this year than others (we're looking at you, early retirees and those enjoying a career break!). #financialplanning #RetirementPlanning #RothConversion #YearEndPlanning

Weekly End-of-Year Financial Planning Tip: ?? 529 Contributions ?? As 2024 winds down, it’s a great time to consider maximizing contributions to 529 plans. These contributions grow tax-free and can be a valuable way to support future education costs. Many states offer a tax credit as well! ?? IMPORTANT: As of 2024, the IRS created a new rule allowing 529 plan owners to roll over a maximum of $35,000 of unused funds from a 529 plan to a Roth IRA for the beneficiary, tax-free and penalty-free. This offers flexibility that otherwise did not previously exist with 529 plans. Let us help you maximize the benefits of your 529 plans. #EducationPlanning #529Plan #YearEndPlanning #financialplanning

???♀? Planning for retirement just got a boost! For 2025, employee contributions to 401(k) plans have increased by $500 to $23,500 for those under 50. Employees aged 50 and older can still contribute an additional $7,500 in catch-up contributions. ?? New for 2025, individuals aged 60-63 can contribute up to $11,250 as a catch-up, allowing greater savings flexibility for those nearing retirement. Think an extra $500 isn't enough to enhance your retirement savings? Here’s the potential impact of just the extra $500 per year retirement contribution, assuming an 8%* annual return: 10 years: $7,243 15 years: $13,576 20 years: $22,881 25 years: $36,553 30 years: $56,642 35 years: $86,158 40 years: $129,528 These figures illustrate the power of consistent annual contributions and compound interest over time! *Not a guarantee.

Every Tuesday during the month of November, Civic will share a #financialplanning tip relevant to end-of-year planning. First Up: Tax Loss Harvesting ?? ???? Don’t sleep on potential savings this year! Consider tax loss harvesting to offset gains or carry forward losses as 2024 draws to a close. This strategy may reduce your taxable income by selling underperforming investments at a loss while remaining invested. At Civic, we do this proactively for our clients, resulting in the potential for material tax savings. Reach out to us to see if it’s right for your portfolio. #TaxPlanning #InvestmentManagement #YearEndPlanning

?? Happy Halloween! Our beloved pets have dressed up for the occasion. Cast your vote below ?? for Best Dressed Pet (and a year's worth of bragging rights for one of our team members)! ?? #halloween #team #pets

?? Our most recent team Spotlight Award was presented to Shannon Fadden, Director of Client Relations. Shannon plays a pivotal role in leading insurance and investment operations for Partner Connor Hall. She ensures that things are done seamlessly for our clients. A Civic veteran, Shannon is the go-to resource for our three new analysts as their responsibilities grow. Shannon’s dedication, attention to detail, and proactive approach make a significant impact, consistently driving efficiency and supporting the firm’s success. Congratulations, Shannon! ??

?? Key 2025 Tax Updates for High Earners ?? The IRS has announced important updates for 2025 that impact high-net-worth individuals. Here are a few highlights: ?? Tax brackets increased by about 2.8%, with the top bracket for married filers now starting at $750,000+ ?? Lifetime gift and estate tax exemption increased to $13.99M per person ?? Standard deduction raised to $15,000 per person ($30,000 for married filers) ?? Annual gift tax exclusion increased to $19,000 per person, up from $18,000 ?? Capital gains write-off cap remains at $3,000, and the $10,000 SALT deduction cap stays the same per the Tax Cuts and Jobs Act (TCJA) Note: ? The TCJA is set to sunset at the end of 2025, cutting the estate tax exemption nearly in half. Now is the time to take advantage of significant tax planning opportunities before it’s too late. Reach out to Civic Financial for help!

What a day of fun last week sponsoring the Boston Inclusive Cornhole Tournament benefiting the Special Olympics Massachusetts! ?? Civic took home the trophy, but the real win was supporting such a fantastic cause and spending time with teammates from the Special Olympics. Further strengthening our commitment to inclusivity, four of Civic's advisors hold certifications to best support special needs individuals and their families in their financial planning. #specialolympics #communityfirst #financialadvisor

Yesterday, Shannon Needleman, Connor Hall, Scott DeSantis, and Dan Monaghan, CFP? spoke before the Synergist Network at Bain Capital in Boston. We discussed personal finance for investors, shedding light on how uniquely positioned #synergistnetwork members and many of our clients in private equity are with co-investments, capital calls, and carry. And we brought Brick Street Bagels because our expertise extends beyond personal finance. ?? Thank you for having us! #financialplanning

Emilio Bardini, Connor Hall, and Patrick Donoghue had a blast competing in the BSMG 23rd Annual Charity Golf Invitational in support of Amos House and Day One RI. Shout out to Team Civic Financial for bringing home the 'ship for a second year in a row! ?