William Madison Advisors

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 Caution: Failing to take the full RMD can result in a 25% penalty on the amount not withdrawn (reducible to 10% if corrected promptly).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

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

? Final Reminder: Medicare General Enrollment Ends March 31! The general enrollment period (GEP) is the chance of enrolling in Medicare if you missed doing so when you first became eligible (the initial enrollment period [IEP]). ?? What’s the difference between the IEP and the GEP? ?? Initial Enrollment Period (IEP): ??Who: New Medicare-eligible individuals (turning 65 or newly disabled) ??When: A seven-month window—three months before, the month of, and three months after your 65th birthday ??What: Enroll in Part A (hospital coverage) and/or Part B (outpatient care and other medical services), with the option to add Part C (Medicare Advantage) or Part D (Prescription Drugs) ?? General Enrollment Period (GEP): ??Who: Anyone who missed their IEP and doesn’t qualify for a special enrollment period ??When: January 1–March 31 each year ??What: Enroll in Part A and/or Part B only. You must wait for the next enrollment window to add Part C/Part D. ? Take Action Before March 31st: 1. Review Your Coverage Needs: Decide if you need Part A, Part B, or both 2. Enroll Today: Visit ssa.gov or call your local Social Security office 3. Plan Ahead: Mark your calendar for the next chance to add Part C or Part D We have some resources at our offices if you have questions about navigating Medicare. #Medicare #HealthcareCoverage #Retirement

? ? Spring Forward This Sunday! ?? Daylight saving time starts Sunday, March 9—don’t forget to set your clocks forward one hour. Here’s to longer, brighter days ahead! #DaylightSavingTime #SpringForward #MoreSunshine

?? Happy Employee Appreciation Day! ?? Today, we celebrate the incredible team that drives our success. As financial professionals, we know that serving our clients and running a strong business is only possible because of our team's hard work, dedication, and talent. To our employees—and to the hardworking teams everywhere—your commitment, passion, and drive make all the difference. Thank you for everything you do! #EmployeeAppreciationDay #Gratitude #Teamwork #FinancialProfessionals

? Business Owners: The Federal Tax Deadline is March 17 Key Filing Requirements: S Corporations: ??File Form 1120-S to report income, deductions, and credits ??Distribute Schedule K-1s to shareholders Partnerships: ??File Form 1065 to report business income ??Distribute Schedule K-1s to partners Extension Option: ??File Form 7004 for a six-month extension ??If they extended, the new deadline would be September 15, 2025 ??Note: An extension only extends the filing deadline, not the payment due date With the March 17 deadline approaching, double-check all documentation for accuracy and completeness. If you anticipate any issues meeting the deadlines, consult with your tax, legal, or accounting professional and consider filing for an extension. #BusinessTaxes #TaxDeadline #PersonalFinance

?? Today is National Read Across America Day, a reminder of the lifelong value of reading. As financial professionals, we constantly read to stay informed about markets, strategies, and trends so that we can better guide our clients. But beyond the numbers, we also turn to books for personal growth, fresh perspectives, and even a little inspiration. What are you reading right now—for business or for pleasure? We’d love to hear what’s on your reading list. #ReadAcrossAmerica #FinancialWellness #LifelongLearning

Here's a stunning fact: Over 29 million forgotten retirement accounts hold nearly 1.65 trillion dollars in the U.S. With frequent job changes, it’s easy for retirement accounts to get lost. Left unattended, they can even be turned over to the state as unclaimed property. Here’s how to find them: 1?? Check with past employers. HR or plan administrators can provide account details. 2?? Search online tools like the National Registry of Unclaimed Retirement Benefits or MissingMoney.com. 3?? Use state or federal resources to track unclaimed funds. ?? Good news: The SECURE Act 2.0 has directed the Department of Labor to create a comprehensive, searchable database to make locating lost retirement accounts easier than ever. This tool is expected soon. If you or anyone you know has questions about potential missing retirement accounts, please don’t hesitate to contact us. #RetirementStrategy #401k #FinancialWellness #SecureAct

??For many, this is annual bonus payment season. What are your plans for this year’s bonus? Before you start considering your home improvement projects, vacations, or other splurges, any time you receive a lump sum of money, it’s worthwhile to think about the following: ?? Step 1: Pay Off High-Interest Debt Tackle credit card balances first—knocking out high-interest debt can help you manage those costly payments. ?? Step 2: Boost Your Emergency Fund If you haven’t already, set aside 3-6 months of expenses to help pay for unexpected events. ?? Step 3: Grow Your Wealth Evaluate your strategy with tax-advantaged retirement accounts. A financial professional can offer some guidance if you have questions. ?? Step 4: Balance Multiple Goals Not sure where to start? One idea to consider is splitting your windfall. For example: ?? 50% to debt repayment ?? 30% to savings ?? 20% to long-term investments ? Every dollar you manage intentionally today may improve the outlook for your financial future. Don’t waste these opportunities. #SmartMoney #WealthBuilding #DebtFree #FinancialGoals #MoneyManagement

Healthcare costs can be one of the most significant and often unexpected expenses in retirement. The decisions you make today about your health might have a lasting impact on your financial and physical well-being. February is National Wise Healthcare Consumer Month, so what can you do? Think of yourself as the CEO of your health: ?? Ask questions about recommended tests and procedures. ?? Research providers to see if they align with your needs. ?? Have an open dialogue about costs—knowledge is power when it comes to navigating care choices. Taking a proactive approach to healthcare isn't just about saving money—it's about looking to receive the best care possible. Small steps today can lead to better health and financial confidence tomorrow. #HealthCarePreparation #RetirementWellness #SmartChoices #FinancialHealth