PowHERhouse Money Coaching

Balance what you CAN be doing with what you SHOULD be doing in your business and get more time back in your day with our bookkeeping services!

A bookkeeper who just categorizes transactions isn’t helping you grow. If your bookkeeper isn’t having meaningful conversations with you— ? About tax strategy ? About cash flow ? About profitability ? About how to elevate your business Then they’re just keeping score… not helping you win the game. That’s exactly why we launched bookkeeping with strategy. Because knowing your numbers is one thing—leveraging them to build a stronger, more profitable business? That’s where the magic happens. ?? If you’re ready for financial clarity that actually moves the needle, let’s talk. https://lnkd.in/gNRSZ-sp

??Changes to Social Security in 2025: What You Need to Know ?? As we step into 2025, there are some updates to Social Security and tax you should be aware of. Here’s a breakdown of the most important changes and what to plan for: ?? Social Security Updates 1?? Cost-of-Living Adjustment (COLA): Benefits will increase by 2.5% in 2025. This adjustment ensures benefits keep up with inflation, directly impacting over 72.5 million Americans. (https://www.ssa.gov/cola) 2?? Supplemental Security Income (SSI): The Federal Benefit Rate (FBR) has increased to $967 per month for individuals and $1,450 for couples, providing additional support to those who need it most. 3?? Full Retirement Age (FRA): If you were born in 1960, your FRA of 67 takes effect this year. Claiming benefits before this age can permanently reduce your monthly payout. (ssa.gov) ?? Tax Updates to Plan For: 1??401(k) Contribution Limits: Increased to $23,500 (+$7,500 over 50) , giving you a chance to supercharge your retirement savings. (www.irs.gov) ?? Enhanced Catch-Up Contribution (Ages 60 to 63): A new provision allows individuals aged 60 to 63 to make an extra catch-up contribution of $11,250, increasing their total contribution limit to $34,750. 2?? IRA Contribution Limits: The limit remains unchanged at $7,000, but maximizing this account is still a smart move. If you're over 50, $8,000 is the max. 3??Tax Brackets and Standard Deduction Adjustments: Inflation-based changes have been made, so double-check where you fall this year and review with your CPA. ?? Top Things to Plan For: 1?? Review Your Retirement Strategy: Use the increased contribution limits to build a stronger financial foundation for the future. 2?? Understand Your Social Security Options: If you’re nearing retirement, carefully consider when to claim your benefits. Delaying up to age 70 can increase your monthly payout by as much as 24%! 3?? Plan for Expiring Tax Cuts: The Tax Cuts and Jobs Act provisions are set to expire in 2025. Work with your financial team (or ask me!) to prepare for potential changes in your tax liability. ?? Want to review your strategy? Let’s talk! #SocialSecurity #RetirementPlanning #FinancialGoals #2025Updates #TaxPlanning Neither MML Investors Services, LLC nor any of its subsidiaries, employees or representatives are authorized to give legal or tax advice. Estate Planning services are provided working in conjunction with your Estate Planning Attorney, Tax Attorney and/or CPA. Consult your own personal attorney legal or tax counsel for advice on specific legal and tax matters. CRN202801-7839439

Your Legacy, Your Control ?? What if you could protect your loved ones, preserve your wishes, and leave a legacy of security? With the right estate plan, you can. Here’s what a strong plan can do: ?? Protect Your Kids: Ensure your children receive guidance and financial support if you’re no longer here. ?? Avoid Court Delays: A trust allows your family to bypass probate, saving time and stress. ?? Safeguard Privacy: Unlike a will, a trust keeps your financial details out of the public record. ?? Our Role in the Process: As your financial planner, we focus on aligning your financial resources with your estate goals. From ensuring your retirement accounts and life insurance policies are properly titled to providing projections for multi-generational wealth transfers, we help you stay one step ahead. ?? Collaborating with Experts: We partner with trusted estate planning attorneys to translate your goals into actionable legal strategies. Together, we make sure every detail is covered—from tax efficiency to the well-being of your beneficiaries. Estate planning isn’t about money—it’s about peace of mind and empowerment. Let’s create a plan that honors your values and protects your future. #legacyplanning #financialfreedom #trustplanning Neither MML Investors Services, LLC nor any of its subsidiaries, employees or representatives are authorized to give legal or tax advice. Estate Planning services are provided working in conjunction with your Estate Planning Attorney, Tax Attorney and/or CPA. Consult your own personal attorney legal or tax counsel for advice on specific legal and tax matters. CRN202801-7839439

Another week of upward trends: the S&P and Dow Jones both continued to set new highs while the Nasdaq continues to inch closer towards the record set in July. Read our weekly market perspective for more key insights.

A recent Supreme Court ruling has changed how life insurance proceeds could impact the value of your business for estate tax purposes. Sarah Blankenship, MBA on our team is the guru when it comes to Life Insurance Planning, wealth protection and estate. If you have not reviewed your buy-sell agreement in a while- or don't know if you even have one, we should talk! #moneybitch #financepro #lawchanges #planahead #protectyourassets

Don’t you forget it?? #moneybitch?#worththeeffort?#becomingpowherhouse?#goals

Facing Rising College Costs? 529 Plans Can Help! College Costs: Average annual cost: $38,270 (includes books, supplies, living expenses) In-state average annual cost: $27,146 ($108,584 for four years) Debt Challenges: Average starting salary for new grads: $62,609 52% of recent grads underemployed; 45% still underemployed after 10 years High debt + low starting salary = long repayment periods 529 Plans, as a solution: What is it? Tax-advantaged accounts for educational expenses (K-Grad) Types: Education Savings Plans: Tax-deferred growth, tax-free withdrawals for qualified expenses Prepaid Tuition Plans: Lock in current tuition rates for future use, only covers tuition and fees Usage Stats: Only 30% of Americans used 529 plans in 2023 54% of parents unaware of 529 plans Advantages: Tax-free withdrawals for education expenses Roth IRA rollovers: $35,000 of unused funds Covers tuition, fees, room, board, and some apprenticeship and loan repayment costs Why Consider a 529 Plan? Helps manage and reduce student debt Funds grow over time Possible state tax benefits Bottom Line: 529 plans are a strategic way to save for education, reducing future financial burdens and opening doors to higher education opportunities.

Which trends shaped the market last week? Check out our weekly market perspective to catch the highlights.

Investing isn’t just about the proper allocation to stocks, bonds, and cash. It’s also about careful estate and wealth transition planning. Let’s discuss your plans to help ensure they meet your family’s needs.