Luongo Wealth Management

?? 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 Source: https://lnkd.in/etVPMp6b

A Basket of Uncertainty Bolsters the Dollar| Weekly Market Commentary | November 25, 2024 Learn more by checking out this week's Market Commentary. https://lnkd.in/eGyJY3se

Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will succeed. A...

The IRS has released the 2025 tax brackets with a 2.8% inflation adjustment—the smallest increase in several years. Here's what's changing: ?? Standard deduction for married couples filing jointly rises to $30,000 ?? Single filers' standard deduction increases to $15,000 ?? Annual tax-free gift limit grows to $19,000 per recipient ?? Estate tax exclusion reaches $13.99 million (up from $13.61 million) ?? Earned Income Tax Credit maximum increases to $8,046 for qualifying families Understanding how tax brackets work remains crucial: you're only taxed at higher rates for income above each threshold, not your entire earnings. For example, if you're married filing jointly, you'll pay 10% on the first $23,850 of taxable income, then 12% on earnings above that amount. Important note: Some provisions aren't changing in 2025, including the $10,000 SALT deduction cap and the $2,000 Child Tax Credit. ?? #TaxBrackets #IRSUpdate #TaxPlanning #EstateGift Source: https://lnkd.in/gJVT8gWX

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 Source: https://lnkd.in/eGSFD7C3

?? Think it's too late for an affordable Thanksgiving getaway? The latest travel trends might surprise you! Here's what's catching our attention: International escapes are looking especially attractive: ?? Tokyo flights from Charlotte: $776 (34% less than last year!) ?? Caribbean getaways starting at $330 from NYC ?? Costa Rica adventures from LA under $350 Even domestic travel has some hidden gems: ?? Denver to Boston under $200 ?? Dallas to Hawaii starting at $358 ?? NYC to Miami below $150 Pro tip: This holiday season is shaping up to be the busiest ever, with travel interest spiking 9% even before recent events. The window for Christmas booking sweet spots is open right now! #TravelDeals #HolidayTravel #TravelTips #Wanderlust #InternationalTravel Source: https://lnkd.in/eP6ZMtmH

Holiday Shopping Trends: Buy Now, Pay Later Set to Break Records ?? Key points to consider this holiday season: ?? BNPL spending is projected to reach $18.5 billion, up 11.4% from last year. ?? This outpaces the expected 8.4% rise in overall holiday spending. ?? BNPL allows purchases to be paid in installments, often over 4 payments. While BNPL offers flexibility, be aware of potential risks: ?? Some use credit cards for BNPL payments, potentially increasing debt ?? Credit card delinquency rates are at their highest since 2011 ?? Consumer watchdogs warn about possible debt cycles As you plan your holiday shopping: ?? Consider your budget and ability to meet future payments ?? Understand the terms of BNPL services ?? Explore alternative payment methods that suit your financial situation Responsible spending is key to long-term financial health. ?? #BNPL #HolidayShopping #FinancialLiteracy Source: https://lnkd.in/ggg8K4Pn

Trade, Tariffs, and Inflation | Weekly Market Commentary | November 18, 2024 Learn more by checking out this week's Market Commentary. https://lnkd.in/eGyJY3se

Individuals who exercise regularly and focus on better health, developing their bodies, stamina, and mental clarity understand what it encompasses. There are steps that people take when they engage in physical fitness and work toward...