Zeller Kern Wealth Advisors

? 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 Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty.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

Acquiring wealth is a milestone, but maintaining (protecting) and growing it requires more than luck. Consider this:?wealth can evaporate without the right protections in place.?it's essential to recognize the myriad risks that can threaten your financial well-being: Market Volatility: Sudden stock market crashes can erode investment portfolios. Business Challenges: Operational risks and unfavorable deals can jeopardize assets. Legal Threats: Lawsuits may lead to substantial financial liabilities. Tax Obligations: Estate and income taxes can significantly reduce wealth if not properly managed. Fraudulent Activities: Falling victim to scams can result in substantial losses. Debt Accumulation: Excessive debt can strain financial resources. Inflation: Rising costs can diminish purchasing power over time. Lack of Planning: Future financial security is uncertain without a business exit or retirement plan. Family Dynamics: Preserving family wealth beyond the first generation can be challenging. Unexpected Events: Sudden major expenses or untimely death can disrupt financial stability. Engaging in holistic wealth management offers a comprehensive approach to safeguarding and enhancing your wealth: ?? Build sustainable strategies for growth and security. ?? Position you to navigate life's uncertainties. ?? Stabilize legacy wealth for generations to come. ?? Personalized Strategies: Tailored financial plans align with your unique goals and circumstances. ?? Risk Mitigation: Identifying and addressing potential threats to preserve assets. ?? Tax Efficiency: Implementing strategies to minimize tax liabilities. ?? Diversification: Spreading investments across various asset classes to reduce risk. ?? Estate Planning: Ensuring a smooth transfer of wealth to future generations. ??? Continuous Monitoring: Regular reviews to adapt to changing financial ???????landscapes. ALL IN ONE PLACE ?? The truth is that wealth preservation is a journey, not a one-time event. If you want to move into the future while mitigating risks confidently, holistic financial advice might be your strongest shield. #wealthpreservation; #wealthadvisement; #proactivefinancialplanning; #holisticwealthadvisement

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

Private job growth can come in significantly below expectations, as we saw in February 2025, with just 77,000 jobs added, according to ADP. This marked the slowest hiring pace in months and signaled potential economic cooling. Key points to consider: ?? Trade, transportation, and utilities sectors can experience losses amid tariff concerns ? Leisure and hospitality sectors often show resilience even during slowdowns ?? Wage growth trends provide important context for overall economic health Market indicators suggest employers may become hesitant amid policy uncertainty and consumer spending fluctuations. Monitoring both ADP and BLS reports may offer a valuable perspective on employment trends. #JobsReport #EconomicIndicators #MarketOutlook https://lnkd.in/gHVfeP2S

? 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

?? A new Treasury report reveals a stark reality in home insurance: premiums in high-risk areas are averaging $2,321 - that's 82% higher than in lower-risk regions. With 84 billion-dollar disasters causing $609B in damages from 2018-2022, insurance costs are outpacing inflation by 8.7%. From California's wildfires to Florida's hurricanes, these events are reshaping insurance accessibility nationwide. The Southeast is seeing 20% more claims than average, while the Southwest faces nonrenewal rates 23.5% above the national average. Understanding your property's risk profile and insurance coverage has never been more crucial. If you own a home or are planning to buy one, now's the time to review your policy details, coverage limits, and potential vulnerabilities. These shifting patterns affect not just insurance costs but overall property ownership strategies. ?? #RealEstate #PropertyMarket #RiskManagement #HomeOwnership https://lnkd.in/grYVKADG

? 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