Waypoint Financial

Today we gather with loved ones and reflect on the things we’re most grateful for. From the health of our loved ones to the support of our families, friends, and colleagues, there’s so much to be thankful for. As we look back on the year, we’re grateful to our clients for letting us be part of their financial journeys. Here’s to a future filled with hope and prosperity for all. From our families to yours, we wish you a very Happy Thanksgiving.

Did you know that for every $100 spent at a locally owned business, $68 recirculates and remains in the local economy, according to a 2024 report by Sustainable Connections? By contrast, the study found that only $43 stays local when spent at a national chain. As we gear up for the holiday shopping season, remember that Black Friday is just around the corner on November 29, followed by Small Business Saturday on November 30! This weekend presents an opportunity to support our local economy. Why not kick off your holiday shopping by grabbing a coffee from that local café, picking up a unique gift from the boutique down the street, or trying out that restaurant you’ve been meaning to visit? What’s your favorite local small business? Give them a shout-out in the comments! #BlackFriday #SmallBusinessSaturday #ShopLocal #CommunityMatters

As Thanksgiving approaches, families gather to celebrate gratitude. But it's also an opportune moment for a crucial conversation: discussing finances with aging parents. As financial professionals, we've seen too many families postpone this "Money Talk." Sound familiar? Don't wait. Your parents will appreciate your concern, and addressing this now can benefit everyone in the long run. Here's our guidance to navigate this important discussion: 1️⃣ Timing is Key: It's easier to discuss personal finances when there's no immediate pressure. 2️⃣ Set the Right Tone: Frame the conversation around helping them maintain independence, not taking control. 3️⃣ Come Prepared: Familiarize yourself with their potential concerns–healthcare costs and living arrangements. 4️⃣ Use 'I' Statements: "I want to make sure I understand your wishes." To some, that sounds better than, "You need to tell me about your finances." 5️⃣ Start Broad: Begin with general questions before diving into specifics. 6️⃣ Be Patient: This may not be a one-and-done conversation. It may take several talks to build an understanding. 7️⃣ Recognize Their Experience: Acknowledge the wisdom they've accumulated over the years. 8️⃣ Suggest a Family Finance Day: Propose a day where the family openly discusses financial matters, making it a normal topic. Remember, the goal is to help your parents feel supported, not scrutinized. Every family's situation is unique, and there's no one-size-fits-all approach. For personalized strategies, our team can help guide these sensitive conversations. #FamilyFinances #RetirementTalk #ElderCare

As financial professionals, we're used to crunching numbers. But what if I told you the most valuable review doesn't involve a single spreadsheet? 🤔 This year, I'm challenging myself (and you!) to conduct a personal year-end review that goes beyond finances. Here's a sneak peek at my top three reflection points: 🏆 Celebrating wins (big and small) 🧠 Skill evolution 🙏 Gratitude check Why? Because true financial well-being is intrinsically linked to overall life satisfaction and personal growth. Want to join me in giving yourself a year-end review? Reach out to our office! #YearEndReview #PersonalGrowth #FinancialWellbeing

Important updates about Medicare Part B premiums for next year: The standard monthly premium is increasing to $185.00, up $10.30 from 2024. Key changes to know: Monthly premium: $185.00 (up from $174.70) Annual deductible: $257 (up from $240) This change affects both automatic deductions and manual payments. It's worth noting that these adjustments reflect typical healthcare cost trends and usage patterns. Higher-income beneficiaries may see different premium amounts based on their specific situation. Remember: These changes take effect in January 2025. If you're receiving Social Security benefits, adjustments will happen automatically. #MedicareCoverage #Retirement #HealthcareCosts #SeniorCare https://lnkd.in/gANqc_cZ

As December 31 approaches, don't forget to check your pre-tax health accounts: 1️⃣ FSA (Flexible Spending Account): • Review your balance • Consider using the remaining funds for eligible expenses • Remember: many FSAs have a "use it or lose it" policy 2️⃣ HSA (Health Savings Account): • Check your year-to-date contributions • Consider adjusting your contribution amount in 2025 if appropriate • Remember: 1) HSAs roll over, and 2) contribution limits reset annually Any money withdrawn from your HSA for a nonmedical reason is considered taxable income and faces an additional 20% penalty. This penalty is void after age 65; however, withdrawals would still become taxable income. Remember, once you start Medicare, you can no longer contribute pre-tax dollars to your health savings account (HSA). 3️⃣ DCFSA (Dependent Care FSA): • Verify your balance • Don’t forget to submit receipts for eligible expenses (you have until April 30, 2025, but it's best to stay on top of these things) Take a few moments to check up on any FSA accounts and HSA before the year ends. #HealthSavings #TaxStrategy #FSA #HSA #YearEndStrategy

💡 4 things you may not know about Social Security 1️⃣ In February 2024, the average Social Security retirement benefit was around $1,862 per month or $22,344 per year, according to a May update from the Center on Budget and Policy Priorities. 2️⃣ Depending on your circumstances, you may be eligible for Social Security benefits at any age. For example, if you are the spouse, child, or dependent parent of a deceased worker. 3️⃣ Benefits can increase with age. You can increase your Social Security benefits by delaying benefits until age 70. 4️⃣ It can get complicated: Understanding Social Security can be tricky due to factors like earnings limits, spousal benefits, and survivor benefits. Don’t take Social Security for granted. Understand the details and create a personalized strategy that works for you. A financial professional can help. #SocialSecurity #Retirement #FinancialProfessional

NASA's Parker Solar Probe is about to make an incredible journey. Here's what's happening: 🌎 First up: A final dance with Venus (Dec 6) The probe will use the planet's gravity like a cosmic slingshot to adjust its path toward its ultimate destination - our sun. ☀️ Then comes the main event on December 24th: Parker will break its own record by swooping within 3.86 million miles of the sun's surface. To put this in perspective, it'll be close enough to surf through actual solar plasma, like a cosmic surfer diving under a solar wave! Here's the twist - the probe will be so close to the sun that NASA will lose contact with it for three days. Talk about taking social distancing to new heights! When it reconnects on December 27th, it'll have stories to tell about the hottest journey any human-made object has ever made. ✨ #NASA #SpaceExploration #SolarScience #Innovation #HumanAchievement https://lnkd.in/d5TxCJU6

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

🔄 2025 IRS Update Alert! Your workplace retirement contribution limits are getting a boost. Here's what you need to know: ↗️ Basic limit: $23,500 ↗️ Age 50+ catch-up: $7,500 ⭐ NEW! Ages 60-63 super catch-up: $11,250 What this means: If you're between 60-63, you could contribute up to $34,750 in 2025! These increased limits will apply to most workplace retirement accounts, including 401(k)s, 403(b)s, and government TSPs. While IRA limits remain at $7,000 ($8,000 if you're 50+), this extra room in workplace accounts opens up new possibilities for your retirement strategy. Just keep in mind that employers will need to opt in to offer the super catch-up provision. 💪 #RetirementSavings #IRSUpdates #FinancialFuture #Retirement2025 https://lnkd.in/etVPMp6b