What are the opening hours?

Monday 8am - 5pm Tuesday 8am - 5pm Wednesday 8am - 5pm Thursday 8am - 5pm Friday 8am - 5pm

Personal Wealth Solutions Mansfield, OH

Home
United States
Mansfield, OH
Personal Wealth Solutions Mansfield, OH

Independent investment management and financial planning firm working with individuals and businesses

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. The Strategic Wealth Management Group is not affiliated with Kestra IS or Kestra AS. Investor Disclosures: https://www.kestrafinancial.com/disclosures

11/18/2024

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Any money withdrawn from your HSA for a nonmedical reason is considered taxable income and faces an additional 20% penalty.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.

11/15/2024

💡 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.

11/12/2024

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.

11/11/2024

Today, we honor the brave men and women who have served our country.

Thank you for your sacrifice and dedication. Your courage and service inspire us all.

Happy Veterans Day!

11/08/2024

TRUE or FALSE . . .
Affluent American households gave over $30k on average to charitable organizations, according to a 2023 Bank of America study.

It is TRUE!
In fact, they gave, on average, almost $35k! (Affluent households have a net worth of $1 million or more–excluding their primary home–and/or an annual household income of $200,000 or more.)

🎁 Whether you’re above or below this average, as we approach year-end, it may be time to focus on your charitable contributions for 2024.

Have you considered these strategies?
• Utilizing Donor-Advised Funds (DAFs)
• Exploring Charitable Remainder Trusts
• Implementing Charitable Lead Trusts (CLTs)

As financial professionals, we can help integrate your philanthropic goals into your overall financial strategy. We can work alongside your tax, legal, and accounting professionals to explore the pros and cons of various giving approaches before making a contribution or implementing a strategy. This collaboration can help you align your philanthropic aspirations with your broader financial strategy.

Some donor-advised funds are considered mutual funds and are sold only by prospectus. The prospectus will provide information on charges, risks, expenses, and investment objectives and should be reviewed carefully before investing. Investment companies can provide a prospectus, or you may prefer to ask your financial professional. Please read it carefully before you invest or send money.

Remember, charitable giving is an ongoing opportunity to make a difference while potentially enhancing your financial situation.

11/05/2024

📅 When was the last time you checked on your retirement contributions for the year?

Here’s a must-do year-end retirement checklist:

1️⃣ Contribution Limits: For 2024, you can contribute up to $23,000 to most company retirement plans.

2️⃣ Catch-Up Contributions: If you’re 50 or older, you can contribute an additional $7,500.

3️⃣ Understand Employer Matches: Don’t miss out on employer matches. Some consider the employer match to a retirement plan a key part of an overall compensation package.

4️⃣ Required Minimum Distributions (RMDs): If you’re 73 or older, remember to follow your RMD guidelines.

5️⃣ What about a Roth IRA? 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.

Take the time to review your retirement accounts—it can make a big difference in the long run.

11/02/2024

Important Reminder: The Affordable Care Act Open Enrollment Has Begun

Here's a quick overview of the key dates for the upcoming open enrollment period:

👉 November 1, 2024: Open Enrollment Begun

👉 December 15, 2024: Deadline for January 1, 2025 Coverage

👉 January 15, 2025: Open Enrollment Ends

Don't miss this opportunity to enroll, renew, or change your plan. Preparing for health care can be essential for your well-being and your personal finances.

11/01/2024

Daylight saving time ends November 3. Remember to set your clocks BACK one hour before bed on Saturday night. Enjoy that extra hour of sleep on Sunday morning!

10/30/2024

Which of the following mindsets best reflects yours? 🤔

I read an interesting article by entrepreneur, best-selling author, and speaker Seth Godin that breaks down 5 common mindsets:

1️⃣ The Journey Lovers: Motivated by learning itself, they prepare and train regardless of external events.

2️⃣ The Fierce Competitors: Always striving to outdo others, adapting their efforts to stay on top.

3️⃣ The Almost-Wins: Motivated by competition but held back by internal limits.

4️⃣ The Pack-Followers: Willing to put in effort but never see themselves as frontrunners.

5️⃣ The Minimum Effort Club: Finding satisfaction in doing the least possible.

Key takeaway: While these "hats" can change over time, some believe the most resilient choice is to push yourself rather than wait for others to do it.

Which hat are you wearing today? 🧢

10/28/2024

Just read about a pretty good iPhone hack, so I thought I’d share!

Have you ever wanted to take a picture but missed it trying to open your camera?

Or wanted to take a quick screenshot and struggled to push the buttons on both sides simultaneously?

Did you know you can set it up so that you can make either of these happen just by tapping the back of your phone? 🤯 Here's the scoop on "Back Tap":

⚡️ Quick Setup:
Settings > Accessibility > Touch > Back Tap
You’ll see two choices: “Double Tap” and “Triple Tap.” Each lets you tell your phone to do something when you tap its back twice or three times.

🎯 Cool uses:
✅ Take a quick screenshot
✅ Use your camera quickly
✅ Mute ringer instantly
✅ Turn on the flashlight

🤔 What would you use Back Tap for? Share your ideas below!

10/25/2024

Have You Heard of the "Mega Backdoor Roth"?

📊 How it works:
Make after-tax contributions to your 401(k)
Convert those contributions to a Roth IRA or Roth 401(k)

2024 Limits:
Standard 401(k) limit: $23,000 ($30,500 if 50+)
Mega Backdoor potential: Up to $69,000 total ($76,500 if 50+)

🔑 Key Points:
✅ Bypasses Roth IRA income limits
✅ Allows for tax-free growth
✅ Not all 401(k) plans offer this choice

⚠️ Important considerations:
Tax implications of conversions
Impact on employer matching
Your overall financial goals
Current vs. future tax rates
This post is not a replacement for real-life advice. Your tax professionals can help you learn more about the tax implications of a mega backdoor Roth.

🔍 Is it right for you? Check if your plan allows:
After-tax contributions
In-service distributions or in-plan Roth conversions

✅ Once you turn 73, you must take the required minimum distribution from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.
✅ With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances. The original Roth IRA owner is not required to take minimum annual withdrawals. With a Roth 401(k), employer matching with pre-tax dollars is not distributed tax-free during retirement.

If you’d like to learn more about Backdoor Roth IRAs or discuss your retirement strategy, feel free to message us.

10/23/2024

🔌 Does an electric car always save you money?

We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with:

Pros:
➕ You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional.

🔧 EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes!

⚡ Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper!

Cons:
🏠 Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One.

🚗 Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model.

⚡ Finding an open EV charging port may be challenging, depending on where you live and drive.

Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message!

Address

1230 LEXINGTON Avenue
Mansfield, OH

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

https://www.personalwealthsolutions.com/

Alerts

Be the first to know and let us send you an email when Personal Wealth Solutions Mansfield, OH posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Want your business to be the top-listed Accountant in Mansfield?