Evershore Financial Group

🎉 Happy New Year! Wishing you a year filled with good health, exciting opportunities, and meaningful moments with those who matter the most. May 2025 be a year of growth, happiness, and fulfillment for you and your loved ones. ✨ #HappyNewYear #NewBeginnings #2025Goals #Evershore

As 2024 wraps up, it's a great time to reflect on what we've learned and prepare for the year ahead. 💡 My Take: 1️⃣ Market Volatility: Strong overall performance, but with plenty of ups and downs—highlighting the value of staying focused on long-term goals. 2️⃣ Fed's New Direction: Rate cuts to support the labor market have wide-reaching effects, proving how impactful the Federal Reserve's impact is on financial markets. 3️⃣ AI's Rise: The rapid adoption of AI has reshaped industries, driving both opportunities and challenges for investors. 4️⃣ Global Events & Market Sentiment: Unexpected events can quickly sway markets, underscoring the need for adaptable strategies. 2025 will be a year of both new opportunities and challenges. Staying informed will, of course, be key to making the most of what lies ahead. We’ll do our best to continue to share insights and keep you updated as events unfold. #PersonalFinance #2025Outlook #InvestmentStrategy #AI #Markets #FinancialGoals

Ever wondered if you've left money behind in old retirement accounts? You're not alone! Recently, we learned about someone who uncovered thousands of forgotten retirement money from previous employers. How? By simply reaching out to their past workplaces. 👉 Take action now: 1. Review your resume to make a comprehensive list of all your past employers 2. Create a simple form letter requesting information about potential retirement accounts 3. Send the letter to HR departments or plan administrators of each former employer 4. Contact them to follow up Remember, it's YOUR money. Don't let it get lost in the shuffle of life's changes. Have you ever rediscovered a forgotten account? Share your story below! 👇 #RetirementStrategy #FinancialWellness #HiddenMoney

Legacy is more than financial assets—it’s the values, traditions, and memories we pass down, the pieces of ourselves that live on. For many, this time of year can also bring the weight of loss and the absence of loved ones. Yet, the true power of a legacy is in how it continues to shape us, even when those who created it are no longer here. Here are a few ideas families have shared that may inspire you to start some new traditions: 📚 Family Recipe Book: Collect cherished family recipes and print them in an 'Official Family Recipe Book.’ 🤝 Annual Family Reunions: Gather regularly at a favorite spot to strengthen bonds and create lasting memories. 🎁 Volunteer Together: Each Christmas, pick a family in need of support and teach the value of giving back. 🍪 Holiday Crafting or Baking: Bake the same sweets or craft ornaments each year to create tangible memories. The most important legacies are built on love, traditions, and unforgettable experiences—those precious pieces that live on beyond us. What traditions do you hope will continue with future generations? #Legacy #FamilyTraditions #HolidaySeason

TRUE or FALSE . . . Healthcare costs are one of the largest expenses most retirees will face. 💯 It is TRUE! Healthcare is often a significant and inadequately projected expense. Many people wait until retirement to understand their healthcare options, often because they’re accustomed to employer-sponsored plans. This delay can lead to inadequate savings and uncertainty about covering these significant expenses. 💡 Key Considerations, according to a 2024 study by Fidelity: • Healthcare costs continue to outpace general inflation, driven by longer lifespans, medical advancements, and increased demand. • Medicare starts at age 65, but it has gaps that necessitate considering supplemental insurance for broader coverage. • Home healthcare and nursing facilities can be costly. Strategies that anticipate extended care can help. • Documents like a medical power of attorney and living will are critical to managing healthcare decisions and letting your wishes be known. Our Take: Healthcare options are often complex and confusing, so early preparation is key. A well-structured strategy can help you remain prepared and informed throughout retirement. #RetirementStrategy #HealthcareCosts #FinancialWellness #Medicare #PersonalFinance

🎓 Attention parents with multiple 529 accounts! We recently encountered a situation that serves as an important lesson: A parent used funds from their daughter's 529 to pay for their son's college expenses, assuming the accounts were interchangeable. However, the daughter's account was overfunded, while the son's was underfunded. The result? The withdrawal was treated as a non-qualified distribution! 🔑 Key takeaway: While you can transfer funds between 529 accounts or change beneficiaries, consider working with a financial professional who understands 529 plans and can help navigate these complex rules. 🎓 #CollegeSavings #529Plans #FinancialTips A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. And as this parent learned, if you make non-qualified distributions, earnings will be subject to income tax and a 10% federal penalty tax. If you have more questions, a tax, legal, or accounting professional may be able to provide you with some real-life advice.

🎯 As the year winds down, here are 7 year-end tax ideas to consider: 1️⃣ Check your retirement contributions to your 401(k), IRA, and HSA limits. Are you hitting the limits? 2️⃣ Charitable giving: Have you considered donating appreciated securities and other options? 3️⃣ Investment portfolio review: Talk with your financial professional about any rebalancing that may be needed and if there are any tax-loss harvesting opportunities. This post is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals before modifying your tax strategy. 4️⃣ Business owners: Now is a great time to review estimated tax payments and determine whether you need to purchase any equipment. Your tax professional may also help here. 5️⃣ Estate management check-up: Have you utilized annual gift exclusions? Is your trust funding on track? 6️⃣ Roth conversion opportunities: Have you analyzed potential long-term tax benefits? (Converting from a traditional IRA to a Roth IRA is a taxable event.) 7️⃣ Review required minimum distributions (RMDs): Don't forget inherited accounts! Here are some housekeeping items to remember: 1️⃣ Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k), IRA, or any other defined contribution plan in most circumstances. Withdrawals are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. 2️⃣ If you spend your HSA funds on non-qualified expenses before age 65, ordinary income taxes may apply, and it may result in a 20% penalty. But, after age 65, you may be required to pay ordinary income tax if the funds are used for non-qualified expenses. Also, keep in mind that contributions are exempt from federal income tax but, in some cases, are not exempt from state tax. 3️⃣ 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 59½. 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. 🕒 Questions? Your financial future is worth the conversation. #FinancialStrategy #YearEnd #TaxManagement

📢 Important update: The IRS has finalized regulations on the 10-year rule for inherited retirement accounts. Key points to understand: 1️⃣ Two versions of the rule: ➖ If the account owner dies before the Required Beginning Date (RBD), beneficiaries have 10 years to distribute the entire account. ➖ If death occurs after the RBD, beneficiaries must take annual distributions AND empty the account within 10 years. 2️⃣ The RBD is generally April 1st, following the year the account owner turns 73. 3️⃣ Good news: There's a penalty waiver for missed 2024 distributions. Potential strategies to consider: 👉 Leaving retirement funds to beneficiaries in lower tax brackets 👉 Converting traditional IRAs to Roth IRAs 👉 Using Qualified Charitable Distributions for those over 70½ 👉 Beneficiaries: Think about timing your distributions over the 10-year period to optimize your tax situation. These changes may impact your long-term financial and estate strategies. It might be time to review your approach to see if it aligns with these new regulations and optimizes your legacy goals. Some housekeeping items to remember: Once you reach age 73, you must begin taking Required Minimum Distribution (RMDs) from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. 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 59½. 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. Questions about how this impacts your specific situation? Let's discuss. 👇 #RetirementStrategies #EstateManagement #FinancialFuture #Taxes

🤔 Did you know there are TWO different Medicare enrollment periods? Many don't! Here's what you need to know: 1️⃣ Annual Election Period (AEP): Ends Dec. 7, 2024 🚨 ▪️ For ALL Medicare beneficiaries ▪️ Change plans, switch between Original Medicare and Medicare Advantage ▪️ Changes effective January 1, 2025 2️⃣ Medicare Advantage Open Enrollment (MA OEP): Jan. 1 - Mar. 31, 2025 🚨 ▪️ ONLY for those already in Medicare Advantage plans ▪️ Switch plans or return to Original Medicare ▪️ Changes effective the following month What you should do: ✅ Review your current coverage NOW ✅ Compare plans on Medicare.gov ✅ Make changes during AEP if needed ✅ Consider using MA OEP as a second chance if you're unhappy with your Medicare Advantage plan Take action before December 7 to help align your coverage for your needs in 2025. Questions about how Medicare fits into your financial picture? 💬 Send a message before the deadline! #MedicareEnrollment #HealthInsurance #RetirementStrategy

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 59½. 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. #RetirementSavings #401kRollover #InvestmentTips #PersonalFinance