Shunkwiler Financial

A look at the new IRS rules for IRAs and workplace retirement accounts. Is now a good time to revisit your contributions? #IRA #Retirement #Finance

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 Social Security Fairness Act proposes significant changes to benefits, aiming to address longstanding issues in the system. Here's a closer look: - Proposed Reforms: The act seeks to eliminate certain penalties that reduce benefits for public sector employees. - Retirement Impact: These changes could enhance retirement security for many affected individuals. - Policy Debate: The proposal is part of ongoing discussions about fairness and sustainability in the Social Security system. Stay informed on how these legislative developments may shape the future of Social Security benefits. #SocialSecurity #Benefits #FairnessAct #Retirement #FinancialPlanning Source: https://lnkd.in/ehHcaSmc

In 2024, individual investors again lagged the S&P 500. We all know why–fear, greed, and overconfidence can cloud judgment and lead to poor decision-making and bad returns. Creating an investing strategy may help. #Investing #Finance

Mortgage demand dropped nearly 22% at the end of 2024, with rates climbing back to 7%. This shift highlights the dynamic relationship between interest rates and housing market activity, reminding us how quickly market conditions can evolve. - Applications for home purchases fell 13% in late December while refinancing applications saw a steeper 36% decline - though they remain 10% higher than last year. - Despite seasonal adjustments, these numbers reflect broader market trends beyond typical holiday slowdowns, with both prices and interest rates influencing buyer behavior. - The new conforming loan limit of $766,550 offers expanded options, though careful consideration of rates and terms remains crucial in today's market. Looking ahead to 2025, the housing market continues to adapt to evolving economic conditions. While inventory has improved compared to last year, the interplay between rates, prices, and buyer demand will likely remain key factors shaping the market landscape. 🏠 #MortgageRates #HousingMarket #FinancialNews #RealEstate Source: https://lnkd.in/gAA6RVbc

Looking to sell your home? Learn about capital gains tax requirements. ➡️ #CapitalGains #Homeownership #RealEstate Source: irs.gov, 2024

Tax season is coming! #Taxes #Deductions #Charity

💼 Job Market Snapshot: Latest unemployment claims hit the lowest level since March at 211,000, with total benefits recipients down to 1.84 million. The Story Behind the Numbers: * Monthly job creation holding steady at 180,000 (2024 average) * Unemployment rate: 4.2% * Expected December job additions: 160,000 What's Ahead? The Federal Reserve's recent rate decisions and inflation trends continue shaping employment dynamics. Mark your calendar: December's full employment report drops on January 10th. 🗓️ Source: https://lnkd.in/gv4ZsmCN #Employment #JobMarket #EconomicTrends #LaborMarket #EconomicIndicators

Happy New Year from the Shunkwiler team! #HappyNewYear #Happy2025

Happy Holidays from Shunkwiler Financial!