Tim Haas, CFP - Waypoint Financial

09/30/2025

Own a business or earn consulting income on the side? Now's the time to review retirement account options for 2025.

September is a smart time to revisit whether a Solo 401(k) or SEP IRA makes sense, especially for anyone with side jobs or freelance income.

Why now?
Because accounts must be established by year-end in order to make contributions for the 2025 tax year.

A few key reminders:

🔹 Solo 401(k)s offer higher contribution potential for owner-only businesses, especially when income is strong.

🔹 SEP IRAs are simpler to set up but may be less flexible in terms of employee participation or catch-up contributions.

🔹 Both can be powerful tools for managing taxable income and building long-term wealth in a tax-advantaged way.

For anyone looking to be proactive before year-end, a retirement account review might help uncover opportunities.

Once you reach age 73, you must begin taking required minimum distributions from a SEP-IRA, Solo 401(k), and most other retirement plans. Withdrawals are taxed as ordinary income and, if taken before age 59½, may be subject to a federal income tax penalty.

09/26/2025

September is a good time to get ahead of Required Minimum Distributions (RMDs) and charitable considerations before year-end hits.

Some things to consider:

👉 Qualified Charitable Distributions (QCDs): Individuals age 70½+ can direct traditional IRA distributions to qualified charities, managing taxable income while fulfilling RMD requirements.

👉 RMD timing: Avoid last-minute distributions and potential penalties by confirming that RMDs are on track and aligned with broader financial goals.

September offers a valuable window to review strategies, make adjustments, and act while there's still time to strategize, not just react.

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.

09/24/2025

⚠️ The final tax filing deadline for 2024 is approaching.

For individuals or businesses that filed for an extension earlier this year, October 15 is the last day to submit those tax returns.

This is a good time to:
➤ Review income, deductions, and documentation
➤ Coordinate with tax professionals on contributions or strategic moves
➤ Look for last-minute opportunities to manage taxable income.

Rushing can lead to missed details. Early preparation might help lead to better outcomes.

09/22/2025

FAFSA season starts soon—here's what families need to know.

The FAFSA for the 2025–26 academic year opens October 1, and while the federal deadline isn't until June 30, 2026, early filing is key.

Why? Because state and school aid are often limited and awarded on a first-come, first-served basis.

For families with college-bound students, now's the time to:

✅ Create FSA IDs for both parent and student (this step can take a few days)

✅ Gather financial info for 2023 (yes, two years back)

✅ Check specific deadlines for each state and school

A little early preparation can make a big difference in how much aid a student receives. Reach out if we can help.

09/19/2025

Have you ever gotten to December and thought: "I wish I'd looked at this sooner?"

You're not alone.

We use this time of year to help clients get ahead of decisions that can impact taxes, retirement, and estate strategies—before the clock runs out.

Here are a few things worth looking at before year-end:
✔️ Tax-loss harvesting opportunities
✔️ Roth conversion strategies
✔️ Charitable giving and QCDs
✔️ 529 and annual gift exclusions
✔️ Retirement account catch-up contributions
✔️ Estate document and beneficiary updates

If you'd like to talk through your year-end checklist, we're happy to connect.

Consider working with a tax, accounting, or legal professional who is familiar with the rules regarding tax-loss harvesting.

To qualify for tax-free and penalty-free earnings withdrawals, 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.

A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. If you make nonqualified distributions, earnings will be subject to income tax and a 10% federal penalty tax.

09/16/2025

Since 1950, it's September—not October—that has delivered the Standard & Poor’s 500's worst average returns.

Despite October's reputation for volatility, it's actually September that has posted more losses than any other month, with an average return of -0.7%.

It's not a reason to panic—just a reason to stay informed.

Investors often assume they can sidestep dips like these, but timing the market is nearly impossible. Missing just a few of the best days can have an impact on long-term returns. In fact, missing the top 10 days during the period between 1988 and 2024 would have cut gains by more than half.

Historical patterns provide context, but they are not a signal to jump in or out. The most consistent outcomes tend to come from staying invested and sticking with your strategy.

Was this news to you?

The S&P 500 Composite Index is an unmanaged index that is considered representative of the overall U.S. stock market. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

09/11/2025

Today, everything feels a little quieter.

A day marked by heavy memories.

Thinking of those lost, the families forever changed, and the heroes who showed up when it mattered most.

May their courage and sacrifice never be forgotten.

09/09/2025

A new PricewaterhouseCoopers (PwC) survey suggests Americans are preparing to spend less this holiday season — the sharpest pullback since 2020.

🛍️ Average holiday budgets are expected to fall 5% to $1,552 per person.
🛍️ Gen Z plans the steepest cutbacks, reducing spending by 23%.
🛍️ 84% of consumers say they’ll trim overall spending in the next six months.

High prices and tariff concerns are driving shoppers to be more deliberate, with many planning to concentrate purchases around Thanksgiving and Cyber Monday deals.

The results highlight a shift in consumer confidence for retailers. For households, it’s another sign of how inflation and economic uncertainty are shaping everyday decisions.

A new survey predicts Americans will spend $1,552 per person on average, 5% less than they did in 2024.

09/08/2025

Preparedness means thinking a few moves ahead.

September is National Preparedness Month, and while most think of storms and emergency kits, it's also a smart time to check your financial readiness.

A few key areas to review:

🔹 Contingency Strategies:
What happens if there's a disruption to income, business operations, or market access? A solid approach includes liquidity, access to credit, and key decision-makers.

🔹 Insurance Coverage:
When's the last time you reviewed life, disability, or property insurance? Coverage needs to evolve as net worth grows, and gaps can go unnoticed until it's too late.

🔹 Estate Essentials:
Are wills, powers of attorney, healthcare proxies, and emergency contacts up to date? If something happened tomorrow, would your family or team know what to do?

Preparedness isn't about fear. It's about protecting what matters most.

We're here if you'd like to review your financial preparedness.

Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

09/07/2025

National Grandparents Day is a timely reminder: legacy strategies aren't just about the future—they're about the choices being made today.

From education funding to wealth transfer approaches, there are meaningful ways to support the next generation while also creating clarity and purpose around financial goals.

🔹 529 Contributions:
A tax-advantaged way to help fund a grandchild's education—often overlooked in broader estate strategies.

🔹 Annual Gifting:
The $19,000 per recipient exclusion (in 2025) is a simple yet powerful tool for giving.

🔹 Multi-Generational Coordination:
Aligning family financial goals, values, and documents might help decisions reflect more than just dollar amounts.

For those thinking about how to give with intention or coordinate across generations, it's always beneficial to review your approach to see if it still aligns with your family's goals.

Before choosing a 529 plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. If you make nonqualified distributions, earnings will be subject to income tax and a 10% federal penalty tax.

09/06/2025

What's the best book you've read this year? 📚

As financial professionals, we're constantly absorbing market research and investment insights, but some of our most valuable reads have nothing to do with finance.

Great books expand your perspective, sharpen your thinking, and fuel innovation. Just like smart investing, the real returns come from consistency over time.

What book has shifted your thinking recently? We'd love to hear your recommendations—financial or otherwise. 📖

09/05/2025

August ended strongly for U.S. markets, with the S&P 500 closing above 6,500 for the first time. A mix of slowing job growth and cooling inflation put the Fed’s next move in the spotlight as investors look ahead to the September meeting. And with football season kicking off, fans and advertisers are spending big to be part of the action.

The Standard & Poor’s 500 Index advanced 1.91 percent, while the Nasdaq Composite rose 1.58 percent. The Dow Jones Industrial Average led, picking up 3.20 percent.1