Oaktree Financial Advisors, Inc.

Are you taking full advantage of your workplace benefits? Are health savings accounts (HSAs), 401(k)s, disability insurance, and flexible spending accounts (FSAs) offered by your workplace? Here's a quick breakdown: HSA: Triple tax-advantaged account for qualified medical expenses. Your contributions are pre-tax and grow tax-deferred, and withdrawals for qualified expenses are tax-free. If you spend your HSA funds on non-qualified expenses before age 65, you may be required to pay ordinary income tax and a 20% penalty. After age 65, you may be required to pay ordinary income taxes on HSA funds used for non-qualified expenses. HSA contributions are exempt from federal income tax; however, they are not exempt from state taxes in certain states. 401(k): Retirement savings plan with pre-tax contributions and potential employer matching. We can help individuals determine a contribution amount that fits their situation. Once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59?. Disability Insurance: Income replacement if unable to work due to illness or injury—a safety net designed to help you and your family. Disability obligations are dependent on the issuing company’s ability to make claim payments. FSA: A way to use pre-tax dollars for eligible healthcare and dependent care expenses. Unlike an HSA account, you may have to spend your FSA funds before year-end, adhering to the “use it or lose it” rule. There are some exceptions. Don't miss out on these valuable resources! Understanding and maximizing your benefits can help your financial situation. Need help navigating your workplace benefits? Let's connect. We might be able to offer some insights and help create a personalized strategy aligned with your financial goals. ?? #WorkplaceBenefits #FinancialWellness #HSA #401k #DisabilityInsurance #FSA

The alarming rise in elder financial exploitation (EFE) is reaching new heights, with adults aged 60 and over reporting more than $1.6 billion in losses per year due to scams, according to the Federal Trade Commission. What's even more concerning is the increasing sophistication of scams fueled by artificial intelligence (AI). ?? Scammers are now using AI-generated voices and deep fake videos to impersonate loved ones, government officials, and even celebrities, making distinguishing reality from fiction more challenging than ever. The Financial Crimes Enforcement Network (“FinCEN”) released its Financial Trend Analysis in April 2024. It focused on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”). Key findings include: ?? Banks filed 72% of all EFE-related filings. ?? 80% of EFE-related filings involve transferring money to a stranger for a promised benefit that the older adult does not receive. ?? 20% of EFE-related BSA filings involve theft, where a trusted person steals from an older adult. Unfortunately, 40% of elder theft reports named the elder adult’s children as the perpetrators. ?? Perpetrators mostly rely on approaches that minimize direct contact with bank employees, including previously compromised usernames and passwords, guessing passwords, or phishing emails that elicit replies containing sensitive information. We all have a role in helping protect our seniors from financial exploitation. Be sure to take proactive steps to help educate and protect your loved ones. #ElderFinancialExploitation #ProtectOurSeniors #AIScams

With the Summer Olympics in full swing, it's hard not to be inspired by the athletes' dedication and preparation. ??♂??? Just like swimming legend Mark Spitz, who famously said, "If you fail to prepare, you're prepared to fail," success in any field–including finances—requires preparation! Don't be a spectator in your financial future. Now is the time to strategize and equip yourself with the knowledge and tools you need to pursue your goals. A little preparation today can help you tomorrow! #Preparation #Success #FinancialStrategy #GoalSetting

In 2023, the number of 401(k) millionaires grew by 11.5%. Want to join the ranks of 401(k) millionaires? Avoid these common pitfalls! ? Not contributing enough In 2024, the annual 401(k) contribution limit is $23,000 ($30,500 if you're 50+) Review how much you contribute each year and consider making changes, if possible. ? Tapping into your 401(k) prematurely Borrowing from your 401(k) might disrupt your investment strategy. Taking money out of your 401(k) should be just one option to consider if you are preparing to make a purchase. ? Overspending and living beyond your means By reviewing your expenses and creating a budget, you may be able to prioritize retirement savings. The secrets to becoming a 401(k) millionaire? ? Commit to a contributions strategy and stick with it ? Choose investments that align with your risk tolerance and goals ? Set long-term goals and periodically monitor your progress Remember, once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59?. Remember, slow and steady wins the race! By staying committed to your long-term goals, you just might be able to join the growing number of 401(k) millionaires. #RetirementStrategy #401kMillionaire #FinancialMistakes #SaveSmartRetireHappy

Dara Torres completed her last Olympics at the incredible age of 41, proving that age is just a number when it comes to chasing your passions. What dream have you been putting off? Dara inspires us to say, "Never put an age limit on your dreams!" Let's hear yours in the comments! ?? #NeverTooLate #DaraTorres #OlympicDreams

Dreaming of one of those fancy, luxurious recreational vehicles (RVs)? ?? Be ready for some potential sticker shock. RVs, like the Foretravel Motorcoach Presidential Series Realm FS605 or the Newmar King Aire, can cost over $1 million. And the real cost of owning an RV goes beyond the initial price tag. Don’t forget insurance, maintenance, fuel, towing equipment, campground fees, and other amenities, like Wi-Fi hotspots or dash cameras. And how often you use it might factor into the cost as well. Using a $60,000 RV for 10 days a year means you're effectively paying $6,000 per day. If you’re not sure you’re going to be a lifelong RV’er, you might consider the pros and cons of renting. Either way–buy or rent–if you're dreaming of hitting the road in style, make sure to consider all the costs. The open road might be free, but the ride definitely isn't! #RVOwnership #RealCosts #LuxuryRVs

A 2024 survey by Caring.com revealed that only 32% of Americans have a will as part of their estate strategies. Many put it off, thinking it’s too early or they don’t have enough money to need one. Estate management can be complex. So, it can be helpful to consider your estate strategy as an ongoing process. We’ve seen many families negatively impacted by common preparation mistakes. Here are just a few: 1?) Overlooking the benefits (and limitations) of a Financial Power of Attorney or Advance Health Care Directive 2?) Not providing details on how to access digital tools 3?) Not accounting for non-financial assets such as heirlooms, pets, etc. 4?) Not periodically reviewing your estate strategy 5?) Not preparing for the expiration of the Tax Cuts and Jobs Act (TCJA) at the end of 2025. Even if there are no changes to your situation, you may want to meet periodically with your estate team to discuss whether your estate strategy reflects current best practices in estate management. #EstateManagement #LegacyStrategy #PersonalFinance #WealthTransfer

?? First, the good news: according to the latest Retirement Confidence Survey, most pre-retirees (68%) and retirees (74%) are optimistic about financing a comfortable retirement! ?? Inflation remains a top concern, with 83% of surveyed pre-retirees worried that rising costs will make it harder to save as much as they'd like. For many, there’s still a gap between the nest egg they want ($1.5M+) and what they have saved. ?? So what does this mean? Inflation may weigh on savings efforts, but most surveyed pre-retirees are feeling good about their retirement choices and their future! #Retirement #RetirementConfidence #Inflation #savings #surveysays

Are you visiting one of the top 20 destinations for this summer? Google recently unveiled the top 20 summer destinations based on insight from past flight booking data and search trends. A few places have fallen out of favor since last year, and there are some new additions. 1. London 2. Paris 3. Tokyo 4. Rome 5. New York 6. Cancun 7. Orlando 8. Las Vegas 9. Seattle 10. Athens 11. Los Angeles 12. Miami 13. Barcelona 14. Dublin 15. Fort Lauderdale 16. Honolulu 17. Denver 18. Madrid 19. Boston 20. San Juan According to Google, the biggest changes from 2023 are Cancun dropping from #2 to #6 and Tokyo rising from #8 to #3. Newcomers to the top destinations list include San Juan, Puerto Rico, and Madrid. Sorry, but Chicago and San Francisco didn't make the top 20 this year. If you’re traveling, before you go, it’s a good idea to consider contacting your bank and credit card companies to help manage payment issues. And if you're traveling internationally, you might want to keep printed pictures of your passport handy if it goes missing. Any surprises on this list? Where are you going this summer?