Bryant & Bolick Financial Services

05/26/2025

HAPPY MEMORIAL DAY! 🇺🇸 🇺🇸 🇺🇸

04/03/2025

12/25/2024

Merry Christmas!

11/28/2024

11/28/2024

🔄 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. 💪


Source:

Contribution limits for 401(k) and other workplace retirement plans rise for 2025. Sixty- to 63-year-olds get a super contribution for the first time.

08/20/2024

The IRS has released final regulations on Required Minimum Distributions (RMDs) for inherited IRAs.
Key points:
🔑 10-year RMD Rule clarified
🔑 Annual distributions are required in most cases
🔑 Special rules for "eligible beneficiaries"
🔑 Effective from 2025, with transitional relief through 2024
🔑 Remember: Skipping an RMD can result in a penalty of up to 25%

Confused about how this affects your inherited IRA? You're not alone; these rules are complex. If you have any questions about how this may affect your financial strategy, let's talk.



Source:

The IRS has issued final regulations focused on required minimum distribution (RMD) rules for inherited IRAs.

06/12/2024

It’s been a long time since the S&P 500 has seen a daily drop of 2 percent or more. Is that cause for alarm? No. Concern? Maybe, especially if you let emotions drive decision-making.

08/01/2023

As the Federal Reserve works to manage inflation and maximize employment, there are times when these economic goals clash. In 2022, businesses faced labor shortages, leading them to increase wages. Take a look at the chart below to see the positive impact this had on people's pockets.

With more money in hand, individuals had the opportunity to increase their spending, which can potentially contribute to inflation. While employment improved last year, inflation became a concern from the Fed's perspective.

However, things have changed in 2023. Median wage growth is now declining, while inflation is dropping as well. This aligns with what Fed Chair Jerome Powell desires as he evaluates the next steps for short-term interest rates. Powell expressed his thoughts after the Fed's July meeting, stating, "I would say it’s certainly possible that we will raise funds again at the September meeting if the data warranted. And I would also say it’s possible that we would choose to hold steady, and we’re going to be making careful assessments, as I said, meeting by meeting."

Given the current scenario of lower wages and decreasing consumer prices it appears that we may be closer to the end of the rate-hike cycle than the beginning. The next Fed meeting is scheduled for September, but be sure to keep an eye out for speeches by Federal Reserve officials in the coming weeks.