Financial Independence Planning, LLC

The December 2024 CPI report reveals crucial insights into inflation trends, offering a snapshot of the economic landscape as we head into 2025. Some key takeaways: Inflation Trends: The report highlights a moderate increase in consumer prices, reflecting ongoing economic adjustments. Economic Impact: These changes can influence everything from interest rates to consumer purchasing power, affecting financial planning strategies. Policy Considerations: As policymakers analyze these trends, potential adjustments could shape economic policies in the coming months. Stay informed on how these developments may influence your financial decisions and economic outlook. #CPI #Inflation #EconomicImpact #FinancialPlanning #PolicyChanges Source: https://lnkd.in/gbUPuFbH

Please join us in wishing a happy birthday to Financial Independence Planning, LLC’s team members Randy Nead, M.S., CPA, CFP®, Mike O’Donnell, and Kelly Harvey, who celebrated a birthday in January!

Do you know your IRA Contribution Deadlines? ⚫ You have until April 15, 2025, to make a 2024 IRA contribution. ⚫ 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 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. #IRAContributionDeadline, #FinancialNews, #TaxDeadline

The Internal Revenue Service has released new limits for certain retirement accounts for the coming year. In Financial Independence Planning, LLC’s latest blog post, Jared Keller, CFP® discusses which retirement accounts are affected and highlights the changes. Read more here:

"The arc of the moral universe is long, but it bends toward justice." ✊🏿✊🏾✊🏽✊🏼✊🏻 Dr. Martin Luther King Jr.'s legacy isn't just history—it's a call to action we carry forward. His vision of dismantling systemic inequality and building communities rooted in respect, love, and diversity guides us today. Each of us has the power—and the responsibility—to work toward the equitable world he imagined. Every effort, big or small, helps bend the arc in the right direction. 🕊️ #MLKDay #SocialJustice

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💳 Have you ever wondered whether you’re getting the most reward points possible from your credit card spending? Many of us have been using the same credit cards for years. We may have originally chosen these cards for airline miles and hotel points, but it's worth looking at how these reward programs can help you save money. Here are a few tips that can help you make the most of your credit card rewards: Use different cards for different types of spending: Choose cards whose rewards align with your biggest expenses, such as groceries, travel, and dining out. Transfer points strategically: Sometimes, transferring your points to airline partners can give you more value than redeeming them directly. If you're getting a new card, research sign-up bonuses: Cards typically offer various bonuses when you sign up. Compare offers to make the most of your decision. Power up your points: Remember to shop through reward portals and sign up for all available benefits and targeted offers. Services like Point.me can help you assess your current cards, offer tips on increasing your points, and find deals on travel using points. Small adjustments can add up! #CreditCardRewards #SmartMoney #FinancialTips

🚨 Do you think estate management is just for the wealthy or older generations? Let’s debunk that myth. Estate management isn’t about age or wealth; it’s about starting to protect your wishes and loved ones. 3 Steps to Consider: Healthcare Directives: Unexpected events can happen at any age. A healthcare directive takes effect when you are no longer able to make your own healthcare decisions. Financial Power of Attorney: Designating someone to resolve your finances if you're incapacitated. It’s designed to help manage legal complications so that your affairs are handled according to your wishes. Access to Accounts: In today’s digital world, decide who will have access to your online accounts to prevent future challenges for loved ones. It’s not just about wealth or age—it’s about helping protect what matters most and preparing for the unexpected. What can you do now? Start with the basics: Consider setting up a will, setting up healthcare directives, and assigning a financial power of attorney. Consult a professional: Consider working with a legal professional to create a strategy that fits your unique situation and can evolve as your life changes. Have questions or think you're too young for this conversation? Let's discuss why preparation is essential, regardless of age or wealth. #EstatePreparation #FinancialFuture #Legacy #WealthBuilding

💬 Did you know that the Social Security death benefit has remained at $255 since 1954 despite increases in funeral costs over the decades? However, the Social Security Survivor Benefits Equity Act proposes raising the one-time payment to $2,900 starting in 2025, with annual inflation adjustments thereafter. The bill is currently under consideration in Congress and may be considered again at a later date. One important reminder: Eligible spouses or children must apply to receive this benefit—it isn’t automatic. If you have questions about Social Security benefits or preparing for unexpected expenses, let’s connect. #SocialSecurity #Benefits #Legislation #RetirementStrategy