Eagle Harbor Advisors

?? Travel Deal Tuesday (December 3rd) is approaching, and the data shows some interesting trends! Last year, 83% more travel deals were made compared to Cyber Monday and 92% more than Black Friday. Smart travel considerations for the season ahead: - Research shows 50% of travelers are cutting other expenses to afford holiday trips - Flight and hotel availability may be limited for specific dates - Many airlines offer 24-hour cancellation policies for non-basic economy fares - Early planning remains key for securing preferred dates and destinations ?? Remember: The best strategy depends on your flexibility. While deals can be enticing, securing your must-have travel dates might be more valuable than waiting for potential savings. ?? #TravelDeals #TravelTuesday #HolidayTravel #TravelTips #SmartTravel https://lnkd.in/eMb9XXZ6

As Thanksgiving approaches, families gather to celebrate gratitude. But it's also an opportune moment for a crucial conversation: discussing finances with aging parents. As financial professionals, we've seen too many families postpone this "Money Talk." Sound familiar? Don't wait. Your parents will appreciate your concern, and addressing this now can benefit everyone in the long run. Here's our guidance to navigate this important discussion: 1?? Timing is Key: It's easier to discuss personal finances when there's no immediate pressure. 2?? Set the Right Tone: Frame the conversation around helping them maintain independence, not taking control. 3?? Come Prepared: Familiarize yourself with their potential concerns–healthcare costs and living arrangements. 4?? Use 'I' Statements: "I want to make sure I understand your wishes." To some, that sounds better than, "You need to tell me about your finances." 5?? Start Broad: Begin with general questions before diving into specifics. 6?? Be Patient: This may not be a one-and-done conversation. It may take several talks to build an understanding. 7?? Recognize Their Experience: Acknowledge the wisdom they've accumulated over the years. 8?? Suggest a Family Finance Day: Propose a day where the family openly discusses financial matters, making it a normal topic. Remember, the goal is to help your parents feel supported, not scrutinized. Every family's situation is unique, and there's no one-size-fits-all approach. For personalized strategies, our team can help guide these sensitive conversations. #FamilyFinances #RetirementTalk #ElderCare

Important updates about Medicare Part B premiums for next year: The standard monthly premium is increasing to $185.00, up $10.30 from 2024. Key changes to know: Monthly premium: $185.00 (up from $174.70) Annual deductible: $257 (up from $240) This change affects both automatic deductions and manual payments. It's worth noting that these adjustments reflect typical healthcare cost trends and usage patterns. Higher-income beneficiaries may see different premium amounts based on their specific situation. Remember: These changes take effect in January 2025. If you're receiving Social Security benefits, adjustments will happen automatically. #MedicareCoverage #Retirement #HealthcareCosts #SeniorCare https://lnkd.in/emeDRufg

Looking at October's inflation numbers, there's an interesting story unfolding. The overall rate hit 2.6%, but the shelter costs are raising eyebrows. They're still climbing and made up over half of the month's increase. ?? A few key insights worth noting: - Housing costs rose 0.4% in October, double September's increase - Energy costs have stabilized after recent declines - Food prices saw a modest 0.2% uptick - Used vehicle prices are trending up again The real story here isn't just in the numbers - it's about understanding how everyday costs continue to evolve in our economy. While some areas show improvement, others remind us why staying informed about economic trends matters for long-term financial confidence. #FinancialEducation #EconomicTrends #InflationUpdate #MoneyMatters #MarketInsights #WealthMindset https://lnkd.in/e2DyPdxe

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

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

?? 2025 IRS Update Alert! Your workplace retirement contribution limits are getting a boost. Here's what you need to know: ↗? Basic limit: $23,500 ↗? Age 50+ catch-up: $7,500 ? NEW! Ages 60-63 super catch-up: $11,250 What this means: If you're between 60-63, you could contribute up to $34,750 in 2025! These increased limits will apply to most workplace retirement accounts, including 401(k)s, 403(b)s, and government TSPs. While IRA limits remain at $7,000 ($8,000 if you're 50+), this extra room in workplace accounts opens up new possibilities for your retirement strategy. Just keep in mind that employers will need to opt in to offer the super catch-up provision. ?? #RetirementSavings #IRSUpdates #FinancialFuture #Retirement2025 https://lnkd.in/eTzCSaAS

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