JMB Financial Managers, Inc.

Did you know there are over 29 million forgotten 401(k) accounts in the U.S., holding nearly $1.65 trillion in assets? With job changes and relocations, it’s easy to lose track of old retirement accounts. But that money is yours, and it should be working for you in retirement! If you think you might have a lost 401(k), check with past employers, plan administrators, and online databases to track it down. Read our blog to learn more. tinyurl.com/2cx73pss #Retirement #401k #Finance

Did you turn 73 in 2024? Don’t miss your first RMD deadline! Key Deadlines: 1. April 1, 2025: Final deadline for your 2024 RMD (NOTE—Only applies if you didn’t take it in 2024) 2. Based on December 31, 2023, account balance 3. December 31, 2025: Deadline for your 2025 RMD 4. Based on December 31, 2024, account balance Important Notes: - Applies to traditional IRAs, 401(k)s, 403(b)s, and other tax-deferred accounts - Roth IRAs are exempt during your lifetime - Current employer 401(k) may be exempt if still working Caution: Failing to take the full RMD can result in a 25% penalty on the amount not withdrawn (reducible to 10% if corrected promptly). An effective RMD strategy is key to optimizing your retirement income. Partner with a financial professional to create a distribution strategy that manages taxes and aligns with your long-term goals. Remember, once you turn 73, you must take 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?. 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. #RetirementPreparation #RMDs #PersonalFinance Sources: 1. IRS.gov, December 10, 2024 tinyurl.com/mwuer5a8

"If you mix your politics with your investment decisions, you're making a big mistake," said entrepreneur Warren Buffett, who knows a thing or two about investing. These are words to live by following a contentious 2024 election cycle.

Final Reminder: Medicare General Enrollment Ends March 31! The general enrollment period (GEP) is the chance of enrolling in Medicare if you missed doing so when you first became eligible (the initial enrollment period [IEP]). What’s the difference between the IEP and the GEP? Initial Enrollment Period (IEP): - Who: New Medicare-eligible individuals (turning 65 or newly disabled) - When: A seven-month window—three months before, the month of, and three months after your 65th birthday - What: Enroll in Part A (hospital coverage) and/or Part B (outpatient care and other medical services), with the option to add Part C (Medicare Advantage) or Part D (Prescription Drugs) General Enrollment Period (GEP): - Who: Anyone who missed their IEP and doesn’t qualify for a special enrollment period - When: January 1–March 31 each year - What: Enroll in Part A and/or Part B only. You must wait for the next enrollment window to add Part C/Part D. Take Action Before March 31st: 1. Review Your Coverage Needs: Decide if you need Part A, Part B, or both 2. Enroll Today: Visit ssa.gov or call your local Social Security office 3. Plan Ahead: Mark your calendar for the next chance to add Part C or Part D We have some resources at our offices if you have questions about navigating Medicare. #Medicare #HealthcareCoverage #Retirement Source: 1. NCOA.org, December 19, 2023 https://lnkd.in/dFn7Vwkf

Spring Forward This Sunday! Daylight saving time starts Sunday, March 9—don’t forget to set your clocks forward one hour. Here’s to longer, brighter days ahead! #DaylightSavingTime #SpringForward #MoreSunshine

"If you mix your politics with your investment decisions, you're making a big mistake," said entrepreneur Warren Buffett, who knows a thing or two about investing. These are words to live by following a contentious 2024 election cycle.

Happy Employee Appreciation Day! Today, we celebrate the incredible team that drives our success. As financial professionals, we know that serving our clients and running a strong business is only possible because of our team's hard work, dedication, and talent. To our employees—and to the hardworking teams everywhere—your commitment, passion, and drive make all the difference. Thank you for everything you do! #EmployeeAppreciationDay #Gratitude #Teamwork #FinancialProfessionals

Many groundbreaking women have this in common: someone saw her potential before she did and took the time to nurture their talents. This Women’s History Month, we’re celebrating the ripple effect of mentorship. It’s the manager who advocated for your first leadership role: maybe it was the professor who pushed you to think bigger or the colleague who helped you find your voice in the boardroom. But it's also the quiet moments: coffee chats that turned into career guidance, candid conversations about impostor syndrome, and the "you've got this" texts before big presentations. Who was that person for you? Tag a woman who helped you grow, or share how you're paying it forward. #WomensHistoryMonth #WomenInLeadership #PayItForward

Business Owners: The Federal Tax Deadline is March 15 Key Filing Requirements: S Corporations: - File Form 1120-S to report income, deductions, and credits - Distribute Schedule K-1s to shareholders Partnerships: - File Form 1065 to report business income - Distribute Schedule K-1s to partners Extension Option: - File Form 7004 for a six-month extension - If they extended, the new deadline would be September 15, 2025 - Note: An extension only extends the filing deadline, not the payment due date With the March 15 deadline approaching, double-check all documentation for accuracy and completeness. If you anticipate any issues meeting the deadlines, consult with your tax, legal, or accounting professional and consider filing for an extension. #BusinessTaxes #TaxDeadline #PersonalFinance Sources: 1. USAToday.com, January 5, 2025 https://lnkd.in/exD2fMun