Clark Financial Partners

U.S. Service Members should consider taking advantage of programs that are available. #MilitaryFamilies

Did you know that disorganized estates can take years to settle, while well-prepared estates can be resolved in a shorter period of time? Here’s the truth: organizing your legacy isn’t about paperwork—it’s about helping to protect your loved ones. Our top tips: ?? Keep a physical “life folder” of essential documents—digital vaults are great, but in our experience, a paper folder can be more manageable for families to access when they need it most ?? Double-check those beneficiaries—in some instances, they actually override your will ?? Consider consolidating scattered accounts (your family will thank you later) ?? Look into TOD options to help manage the probate process ?? Get specific about sentimental items—they often cause the biggest conflicts The best time to organize your legacy? When you don’t need to. Let’s talk about making things better prepared for your loved ones. #PersonalFinance #EstateStrategy #Legacy #WealthManagement

It’s that time of year again! Nominations are now open for Bradenton’s Best 2025. Clark Financial Partners is a locally owned business that has deep connections to the Manatee County community. As Bradenton’s Best Silver Winners for the past 2 years, we would like to ask for your nomination. votebradenton.com We are listed under Services – Financial Planner – Insurance Agent. We are involved in the community in many ways. From our staff serving on various non-profit boards, to participating in the Leadership Manatee program, and supporting our Manatee Chamber of Commerce as Chairman Circle Members, Sponsors of the Manatee Young Professionals program (MYP), and serving on various committees. We hope that our community involvement shows why we are Bradenton’s Best!

?? Identity Alert: Being incorrectly listed as deceased by Social Security happens to fewer than 10,000 people annually, but the consequences can be devastating. If this happens to you, visit your nearest Social Security office immediately with your current ID. This error stops your benefits and affects your dependents, too, making prompt action crucial. The SSA receives death reports from states, funeral homes, family members, and other sources. While their records are highly accurate (less than 0.33% of death reports are incorrect), mistakes can happen and require immediate attention to resolve. #SocialSecurity #IdentityIssues https://lnkd.in/ejzg29kH

Sector investing may present an opportunity — if you do your homework. #investing

The Internal Revenue Service has announced key changes to retirement contribution limits for 2025. Here’s what you need to know:. Workplace Retirement Updates: ?? 401(k) contribution limit increases to $23,500 ?? Special catch-up provision for ages 60-63: up to $11,250 in additional contributions ??Standard catch-up amount remains $7,500 for those 50+ Individual Retirement Account (IRA) Changes: ?? Annual contribution limit stays at $7,000 ?? Traditional IRA phase-out range expands: $79,000-$89,000 for individuals ?? Roth IRA phase-out range increases: $150,000-$165,000 for individuals ?? Married filing jointly Roth phase-out: $236,000-$246,000 These adjustments could affect your retirement strategy. Want to discuss how to make the most of these opportunities? Remember, once you turn 73, you must take required minimum distributions (RMDs) from your 401(k) or other defined contribution plans in most cases. Withdrawals from these plans are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59?. Similarly, once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59?, may be subject to a 10% federal income tax penalty. With a Roth IRA, to qualify for tax-free and penalty-free withdrawal of earnings, 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. #RetirementPreparation #FinancialFuture #2025Savings

Have you considered how long-term-care costs could affect your retirement budget? Find out more. #LongTermCare

? April 15th is around the corner—Have you maximized your 2024 IRA and HSA contributions? As the April 15 deadline approaches, it’s important to review your retirement savings and understand the potential tax advantages for the 2024 tax year. Reminder of Contribution Limits: ?? IRA (Traditional or Roth): ??$7,000 for individuals under 50 ??$8,000 for those 50 and older ?? Health Savings Account (HSA): ??$4,150 for single coverage ??$8,300 for family coverage ??Additional $1,000 catch-up for those 55+ With just a few weeks remaining, review your contribution status and consult with a financial professional to check whether you’re taking advantage of these opportunities and whether they align with your overall financial strategy. Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59?, may be subject to a 10% federal income tax penalty. With 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. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty. This penalty is void after the age of 65; however, it will still become taxable income. #RetirementPreparation #TaxStrategy #FinancialWellness

Supplementing your Medicare insurance doesn’t have to be confusing. Depending on your situation, you have a variety of options to choose from. Read more here:

March Madness is here, and the bracket drama is in full swing! The tournament showcases some fascinating storylines this year: ?? Auburn, Duke, Florida, and Houston have secured the coveted No. 1 seeds ?? Perennial powerhouses like Kansas and UConn find themselves as the No. 8 seeds ?? Traditional basketball schools like Indiana and Oklahoma have been on the bubble, fighting to secure their tournament spots Whether your alma mater is competing or you're just enjoying the games, remember that tournament time reminds us of timeless principles: diversification matters, unexpected outcomes happen, and staying disciplined through volatility pays off in the long run. Who are you cheering for this year? #MarchMadness #BasketballTournament https://lnkd.in/ekJDsJjz