SJ Boyle Wealth Planning LLC

As 2024 comes to a close, it's the perfect time to review your insurance coverage and estate planning to ensure your family's protection now and in the future. To help you wrap up the year on solid ground, we've put together a quick checklist focused on these crucial areas. Swipe through to learn more. Have financial questions as you complete your year-end review? Give us a call today. We are always here to help.

With the arrival of the holidays, we want to extend our warmest wishes to you and your loved ones. May your time be filled with joy, rest, and cherished moments. Happy and peaceful holidays to all! 🎄

How to Replace your Paycheck in Retirement One of the most common questions people approaching retirement ask is: “How can I provide for my retirement income and be certain I won’t run out of money?” Our main tips to replace your paycheck in retirement are: 1. Strategic Planning and Diversification 2. Social Security 3. Annuities 4. Dividend-Paying Stocks 5. Bonds and CDs 6. Reverse Mortgages 7. Creating a Balanced Income Plan 8. Matching Income to Expenses A strategic, diversified approach to retirement income planning can give you confidence that your income will be consistent and sufficient throughout your retirement years. The ideal time to start planning is five to ten years before retirement, allowing you to explore and optimize various income strategies. With careful planning and the right mix of income sources, you can enjoy a financially secure and worry-free retirement. Download our Ultimate Retirement Checklist here: https://lnkd.in/eyauxaDA

Not on Track for Retirement? Let’s Fix That Here are ten steps to get you back on track for a financially secure retirement: * Start with Your Retirement Plan * Maximize Your HSA * Pay Down High-Interest Debt * Reevaluate Your Budget * Consider Downsizing * Increase Your Income * Revisit Your Savings Strategies * Prioritize Investing * Consider Relocating * Work Longer * Assemble Your Dream Team * Keep the Momentum Going Retirement planning takes dedication, but by following these steps, you can build a secure financial future. Don’t forget to download our Ultimate Retirement Checklist here: https://lnkd.in/eyauxaDA

As we approach the end of the year, I wanted to remind you of some important deadlines regarding required minimum distributions (RMDs) for 2024. Understanding these deadlines is crucial to avoid any potential penalties. Here are the key points to keep in mind: 1. First RMD Deadline for IRAs – For those who turned 73 in 2024, a first RMD must be taken by April 1, 2025. This applies to all types of IRAs, including SEP and SIMPLE IRAs. However, Roth IRAs are an exception — Roth IRA owners are not required to take RMDs during their lifetime. 2. First RMD Deadline for 401(k) and Other Defined Contribution Plans – Similar to IRAs, for those who reached age 73 in 2024, a first RMD is required by April 1, 2025. However, if you are still working and do not own more than 5% of the company sponsoring your retirement plan, you may be able to delay your first RMD until after retirement. This exception applies only to workplace retirement plans and does not extend to IRAs, SEP IRAs, or SIMPLE IRAs. 3. Subsequent RMDs – After the first RMD, all future RMDs must be taken by December 31st of each year. Those who delay their first RMDs until April 1st of the following year will need to take two distributions in that year – one by April 1st and the other by December 31st. This can have tax implications and should be discussed with a financial advisor. 4. Birth Year Implications – Those born in 1950 or earlier should have already started their RMDs. Those born between 1951 and 1959 can wait until April 1st of the year after turning 73 to take an RMD. Those born in 1960 or later will have until April 1st of the year after turning 75. Please don't hesitate to reach out if you have any questions or need assistance in planning your RMD strategy. Our team is here to assist you in navigating these requirements. Just schedule a complimentary question session here: https://lnkd.in/eGxGgvxq

As the holiday season approaches, we want to remind everyone about the importance of charitable giving and its tax benefits. Donations to qualified organizations must be made by December 31, 2024, to qualify for a deduction on your 2024 tax return. Here are some key points to keep in mind as you prepare your charitable giving: ✅Contributions must go to qualified charitable organizations. ✅Keep proper documentation for your tax records. ✅Be aware of deduction limits: generally, cash contributions up to 60% of your AGI and non-cash contributions up to 50% of your AGI. Thoughtful planning can maximize the impact of your donations while also providing tax benefits. If you have questions or need assistance with your charitable giving strategy, please reach out to our team. We're here to help!

As the presidential election nears, many Americans may have questions about how election cycles impact financial markets. To help our network navigate the uncertainty, we've highlighted some key data points from recent years. Swipe through for insights ↩️ Remember, while historical trends offer insight, they're not guarantees. If you have questions about navigating the election season or your investment strategy, our team is here to help. Reach out anytime!

Planning for retirement? Taxes can be one of your biggest expenses—but you may have more control over them than you think. Here are 6 strategies to help you save: Move to a Tax-Friendly State: Lower income taxes can make a big difference, but be sure to consider all relocation costs like property taxes. Reevaluate Your Investment Strategy: Adjusting your portfolio can reduce taxes and help preserve your savings. Look into options like municipal bonds and qualified dividends. Delay Distributions: Waiting to withdraw from accounts like a 401(k) can keep your taxable income lower, but don't wait too long—required minimum distributions (RMDs) start at 73. Be Strategic with Social Security: Managing your adjusted gross income (AGI) can keep more of your benefits tax-free. Diversify Income Sources: A mix of pre-tax, Roth, and after-tax accounts can provide flexibility in your withdrawal strategy and keep you in lower tax brackets. Optimize Your Withdrawals: Withdrawing from accounts in a specific order can reduce your tax burden over time. Every situation is different, so consult with a tax advisor to find the best plan for your needs. A well-thought-out strategy can help you enjoy a more secure retirement. Read more here: https://lnkd.in/efEBbEN8

REGISTER TODAY! This past year has resulted in some of the most significant changes to the college planning process in decades: - Admission trends have changed around how colleges admit students - Schools have made ACT/SAT optional, but not necessarily when they award scholarships, and some colleges are going back to requiring standardized tests - The number of schools on the “more selective” list continues to grow - Substantial changes to the FAFSA and financial aid may make college more expensive Join Sally as she partners with national college expert, Cozy Wittman from College Inside Track, to learn how these changes may impact your family, and new strategies to consider to give your student the best opportunity to be admitted and maximize scholarships and financial aid. If you are the parent or grandparent of a high school student in grades 9-11, this is incredibly important info you will not want to miss. Reserve your seat today! WHEN: October 16, 2024 6:30 PM WHERE: Google Meet webinar REGISTRATION IS REQUIRED in ADVANCE: https://lnkd.in/edHA3Gjp After registering, you will receive a confirmation email containing information about joining the meeting. We are looking forward to seeing you!

This Yom Kippur, we send our warmest wishes to everyone observing this Day of Atonement. May it be a solemn day of peace, reflection, and renewal. G’mar Chatima Tova!