Veritas Financial, LLC

As financial professionals, we're used to crunching numbers. But what if I told you the most valuable review doesn't involve a single spreadsheet? This year, I'm challenging myself (and you!) to conduct a personal year-end review that goes beyond finances. Here's a sneak peek at my top three reflection points: ? Celebrating wins (big and small) ? Skill evolution ? Gratitude check Why? Because true financial well-being is intrinsically linked to overall life satisfaction and personal growth. Want to join me in giving yourself a year-end review? Reach out to our office!

As December 31 approaches, don't forget to check your pre-tax health accounts: FSA (Flexible Spending Account): ? Review your balance ? Consider using the remaining funds for eligible expenses ? Remember: many FSAs have a "use it or lose it" policy HSA (Health Savings Account): ? Check your year-to-date contributions ? Consider adjusting your contribution amount in 2025 if appropriate ? Remember: 1) HSAs roll over, and 2) contribution limits reset annually Any money withdrawn from your HSA for a nonmedical reason is considered taxable income and faces an additional 20% penalty. This penalty is void after age 65; however, withdrawals would still become taxable income. Remember, once you start Medicare, you can no longer contribute pre-tax dollars to your health savings account (HSA). DCFSA (Dependent Care FSA): ? Verify your balance ? Don’t forget to submit receipts for eligible expenses (you have until April 30, 2025, but it's best to stay on top of these things) Take a few moments to check up on any FSA accounts and HSA before the year ends.

Whether it’s cash or buying them stock or a first home, here are the best ways to go about it.

Here’s a surprising stat! Almost 1/3 of investors who had rolled over their 401(k) into an IRA still had their assets in cash or cash equivalents a year later! That was the finding of a 2024 Vanguard study reported in the July 22 edition of The Wall Street Journal. And get this… rollovers that are still in cash after the first year are likely to stay that way for at least 7 years! Younger investors (ages 20–29) are least likely to move out of cash, which is a bit concerning since they have the most to gain from the power of time. If you—or anyone you know—has switched jobs, take a look at your rollover and understand how it's invested. Make sure your retirement savings are working hard for you. Remember, once you turn 73, you must take required minimum distributions from your 401(k), IRA, or other defined contribution plans in most cases. Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59?. Also, remember that investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

4 things you may not know about Social Security ? In February 2024, the average Social Security retirement benefit was around $1,862 per month or $22,344 per year, according to a May update from the Center on Budget and Policy Priorities. ? Depending on your circumstances, you may be eligible for Social Security benefits at any age. For example, if you are the spouse, child, or dependent parent of a deceased worker. ? Benefits can increase with age. You can increase your Social Security benefits by delaying benefits until age 70. ? It can get complicated: Understanding Social Security can be tricky due to factors like earnings limits, spousal benefits, and survivor benefits. Don’t take Social Security for granted. Understand the details and create a personalized strategy that works for you. A financial professional can help.

We're so excited to cheer on our own Stacy S. Segal this weekend as she heads to Arizona to complete her second #IronMan race! She completed the Iron Man 10 years ago and is challenging herself to do it again. We're so proud of your hard work training for this highly difficult feat and we'll be cheering you on this Sunday!

Today, we honor the brave men and women who have served our country. Thank you for your sacrifice and dedication. Your courage and service inspire us all. Happy Veterans Day!

TRUE or FALSE . . . Affluent American households gave over $30k on average to charitable organizations, according to a 2023 Bank of America study. It is TRUE! In fact, they gave, on average, almost $35k! (Affluent households have a net worth of $1 million or more–excluding their primary home–and/or an annual household income of $200,000 or more.) Whether you’re above or below this average, as we approach year-end, it may be time to focus on your charitable contributions for 2024. Have you considered these strategies? ? Utilizing Donor-Advised Funds (DAFs) ? Exploring Charitable Remainder Trusts ? Implementing Charitable Lead Trusts (CLTs) As financial professionals, we can help integrate your philanthropic goals into your overall financial strategy. We can work alongside your tax, legal, and accounting professionals to explore the pros and cons of various giving approaches before making a contribution or implementing a strategy. This collaboration can help you align your philanthropic aspirations with your broader financial strategy. Some donor-advised funds are considered mutual funds and are sold only by prospectus. The prospectus will provide information on charges, risks, expenses, and investment objectives and should be reviewed carefully before investing. Investment companies can provide a prospectus, or you may prefer to ask your financial professional. Please read it carefully before you invest or send money. Remember, charitable giving is an ongoing opportunity to make a difference while potentially enhancing your financial situation.

When was the last time you checked on your retirement contributions for the year? Here’s a must-do year-end retirement checklist: ? Contribution Limits: For 2024, you can contribute up to $23,000 to most company retirement plans. ? Catch-Up Contributions: If you’re 50 or older, you can contribute an additional $7,500. ? Understand Employer Matches: Don’t miss out on employer matches. Some consider the employer match to a retirement plan a key part of an overall compensation package. ? Required Minimum Distributions (RMDs): If you’re 73 or older, remember to follow your RMD guidelines. ? What about 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. Take the time to review your retirement accounts—it can make a big difference in the long run.

You know that exiting your business is not a matter of "if," but "when." But how do you pinpoint that precise moment? The Freedom Point: A Financial Planning Guide for All Business Owners is here to help. This eBook offers a simple framework to calculate the point at which selling your business will fund your desired lifestyle. Download the eBook now and unlock: ? A step-by-step process for calculating your Freedom Point ? Insights to determine if you've already surpassed your Freedom Point ? 3 financial options business owners face once they reach their Freedom Point ? The reasons more owners are planning to exit sooner Visit our eBook landing page and take charge of your exit strategy today! https://lnkd.in/eFpEwBgK