Bleakley Financial Group - Tidewater

01/14/2025

Harold loves the new Dutch apron that Jessica made him for the office kitchen!

11/04/2024

🧠 Join Us for the Retain Your Brain Webinar! 🧠
Discover science-backed strategies to keep your brain sharp and resilient! We will dive into practical tips for supporting cognitive health, reducing the risk of cognitive decline, and enhancing mental clarity.

📅 When: November 19 at 11:00 AM EST
📌 Reserve Your Spot Today!
Don’t miss out on valuable insights for lifelong brain health—register now!

Research shows that we—not our genes—have a great deal more control over our cognitive health and the destiny of our brains than we may realize.

10/31/2024

Happy Halloween from our team to yours!

Taking a moment to wish all our clients, colleagues, and connections a safe and enjoyable Halloween.

In the spirit of the season, we're curious to know what your favorite Halloween tradition is. Is it pumpkin carving, costume parties, or handing out candy?

Share your favorite in the comments below—we'd love to hear from you!

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? 🧢

10/29/2024

Today is National Cat Day! 🐱

For cat lovers (like Melvin's mother, Natalie), it's impossible to imagine a world without them. They are an integral part of families, bringing comfort, laughter, and love to the homes they share with their humans.

While every day is a great day to appreciate our cats, today is the day to share your favorite cat photos and shower them with a little extra affection. Melvin is embarrassed that we're showing this beautiful long hair with his "high and tight" cut (caused by too many knots)!

Here's to all our cats, cherished companions, and beloved fur babies. ❤️

Share a photo of your furry friend in the comments! 🐾

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!

10/22/2024

As we approach the 2024 election, it's interesting to consider how various market sectors might be influenced by the outcome:

1️⃣ Healthcare: Election outcomes can impact healthcare stocks due to potential policy changes.

2️⃣ Energy: Shifts in energy policy can influence both the traditional and renewable energy sectors.

3️⃣ Technology: Regulatory stances can sway investors' sentiments in this sector.

4️⃣ Infrastructure: Campaign promises might include infrastructure initiatives that can influence related industries.

5️⃣ Financial: Proposed changes in financial regulations can impact a wide range of financial institutions.

While elections can lead to short-term sector fluctuations, it's important to maintain perspective. History shows that markets have grown over time despite periodic election-related volatility. Remember, your financial plan is designed for the long haul, not just the next election cycle.

10/18/2024

🚨Are major changes ahead for your estate strategy?🚨

With National Estate Planning Awareness Week just around the corner, it's the perfect time to examine your legacy strategy more closely, especially since some changes may be on the horizon.

The Tax Cuts and Jobs Act (TCJA) of 2017 increased estate tax exemptions, but unless Congress acts, these changes expire at the end of 2025, according to a 2024 report from the Tax Foundation.

➡️ Here's what you need to know:

👉 2024 Exemption: $13.61M for individuals, $27.22M for couples.
👉 Post-2025: The exemption amount will revert to 2017 levels (adjusted for inflation).

Why Act Now?

With potential changes on the horizon, taking a proactive approach may put you in a better position to manage your estate in 2026 and beyond.

💡 Everyone should consider creating an estate strategy. A financial professional can monitor the landscape of estate law and keep you updated on the status of potential changes!