By Senior Advisor Jennifer Smiljanich, CFP® & Associate Advisor Austin Grizzell, CFP®.
As we begin the new year, we have some ideas for concrete actions to start your new year on the right foot, financially.
Review Retirement Contributions & Gifting Goals
In 2024, the IRS is boosting retirement contribution limits to new highs, as detailed in the table below. The IRS is also increasing the amount you may gift to an individual recipient to $18,000 in 2024, without affecting lifetime gift tax exemptions.
2024 Select Retirement Plan Contribution Limits
Source: “Retirement Topics - Contributions“. IRS, irs.gov. See Important Disclosure Information
Notify Your Accountant
It is important to notify your accountant of any contributions or donations that may have a tax consequence, as your tax documents that you provide your accountant may not explicitly state all of your contributions and donations. For example, retirement plan contributions, charitable donations (particularly qualified charitable distributions (QCDs) from your Traditional IRA if you are over age 70 1/2), and 529 plan contributions can all potentially help you save on taxes.
Keep SJS Apprised Of Trusted Advisor Changes
We want to keep up with changes affecting your family, including changes to your attorneys, accountants, or bankers. Please let us know if you have made changes to the professionals you work with.
Update Your Estate Plan
It is a good practice to regularly review your beneficiary designations to ensure they match your current wishes and align with your estate planning documents. Reviewing your estate planning documents periodically is also recommended, at least every five years or when there is a major change in your life situation.
Keep Your Wealth Protected
Wealth accumulation is only part of the equation; the other piece is wealth protection. We strive to help keep your personal data safe, including avoiding sending personal information via email and reaching out to you to confirm that requests we receive from you are legitimate. Taking additional steps like changing passwords periodically and adding multi-factor authentication can help to keep your information safe.
As always, we are here to help you put your best foot forward. We are glad to meet with you to help keep you on track!
Important Disclosure Information & Sources:
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal professional or tax professional for specific advice.
Hyperlinks to third-party information are provided as a convenience.
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