Rally Wealth and Benefits

The Internal Revenue Service has announced key changes to retirement contribution limits for 2025. Here’s what you need to know:. Workplace Retirement Updates: ?? 401(k) contribution limit increases to $23,500 ?? Special catch-up provision for ages 60-63: up to $11,250 in additional contributions ??Standard catch-up amount remains $7,500 for those 50+ Individual Retirement Account (IRA) Changes: ?? Annual contribution limit stays at $7,000 ?? Traditional IRA phase-out range expands: $79,000-$89,000 for individuals ?? Roth IRA phase-out range increases: $150,000-$165,000 for individuals ?? Married filing jointly Roth phase-out: $236,000-$246,000 These adjustments could affect your retirement strategy. Want to discuss how to make the most of these opportunities? Remember, once you turn 73, you must take required minimum distributions (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?. Similarly, once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59?, may be subject to a 10% federal income tax penalty. With a Roth IRA, to qualify for tax-free and penalty-free withdrawal of earnings, 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 #FinancialFuture #2025Savings

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? April 15th is around the corner—Have you maximized your 2024 IRA and HSA contributions? As the April 15 deadline approaches, it’s important to review your retirement savings and understand the potential tax advantages for the 2024 tax year. Reminder of Contribution Limits: ?? IRA (Traditional or Roth): ??$7,000 for individuals under 50 ??$8,000 for those 50 and older ?? Health Savings Account (HSA): ??$4,150 for single coverage ??$8,300 for family coverage ??Additional $1,000 catch-up for those 55+ With just a few weeks remaining, review your contribution status and consult with a financial professional to check whether you’re taking advantage of these opportunities and whether they align with your overall financial strategy. Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59?, may be subject to a 10% federal income tax penalty. 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. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty. This penalty is void after the age of 65; however, it will still become taxable income. #RetirementPreparation #TaxStrategy #FinancialWellness

March Madness is here, and the bracket drama is in full swing! The tournament showcases some fascinating storylines this year: ?? Auburn, Duke, Florida, and Houston have secured the coveted No. 1 seeds ?? Perennial powerhouses like Kansas and UConn find themselves as the No. 8 seeds ?? Traditional basketball schools like Indiana and Oklahoma have been on the bubble, fighting to secure their tournament spots Whether your alma mater is competing or you're just enjoying the games, remember that tournament time reminds us of timeless principles: diversification matters, unexpected outcomes happen, and staying disciplined through volatility pays off in the long run. Who are you cheering for this year? #MarchMadness #BasketballTournament https://lnkd.in/eXW6Afns

CIO Gene Goldman, CFA, doesn’t expect the Fed to discuss rate cuts at its meeting this week, but he still expects to learn significant information. Join him on #TheWeekAhead as he explains his top three (or four) expectations from this week’s meeting. https://lnkd.in/e9HvDRed

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 ?? Based on December 31, 2023, account balance 2. December 31, 2025: Deadline for your 2025 RMD ?? 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

?? Meet Whitetop, the world's oldest llama who just broke the Guinness World Record at 27 years (and counting)! This bucktoothed sweetheart spends his days comforting chronically ill children at Victory Junction camp in North Carolina. What makes this remarkable animal special isn't just his longevity but also his loving personality. Whitetop has a knack for helping shy campers come out of their shells with his gentle nature and apparent love for selfies—he even positions himself for the perfect camera angle! The camp now sells "Still Spit'n" t-shirts in his honor, though staff notes he's too happy in his job to spit. Now that's dedication! #AnimalTherapy #GuinnessWorldRecord #HeartwarningStories https://lnkd.in/e6ERSj2B

Ever wonder who’s really managing America’s wealth? The answer might surprise you. ?? 49% of women now serve as their households’ financial decision-makers, up from 41% in 2021! To put that in perspective: Before 1974, women often couldn’t even open a bank account without a male co-signer. Today, they’re projected to control $34 trillion in U.S. investable assets by 2030. What makes women exceptional financial leaders? Research shows they: ??Tend to take a more patient approach to investment decisions ??Maintain strategies during market volatility ??Champion sustainable and socially responsible investments ??Know when to seek guidance Women’s History Month is a powerful reminder of women's progress in pursuing financial independence and leadership. As more women take control of their financial futures, opportunities to help build lasting wealth, create financial strategies, and shape meaningful legacies have never been greater. #WomensHistoryMonth #WomenInFinance #FinancialEmpowerment

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The Social Security Fairness Act has reached a significant milestone with over 1.1 million retroactive payments issued to public servants. The average Social Security payment of $6,710 provides meaningful support to teachers, firefighters, and police officers who previously faced reduced benefits. Looking ahead, eligible Social Security recipients will see permanent increases in their monthly payments starting in April. This represents an important change in how retirement benefits work for those who maintained public pensions while contributing to Social Security throughout their careers. Worth noting: Some beneficiaries may see modest increases while others could receive over $1,000 more monthly. #SocialSecurity #RetirementIncome #PublicService https://lnkd.in/gr6tPmjv