News and Events

NEWS AND EVENTS

We strive to provide you with helpful news and information. Please visit often to keep current:

Behind on Child Support Payments? Your Passport is at Risk Beginning in May 2026, the US State Department will revoke the passports of those who are $100,000 or more behind on child support. While the initial focus will be on high amounts of debt, the program will expand soon to encompass those who are delinquent by $2,500: a major change. It is important to keep current on child support payments to prevent passport forfeiture. Contact your state child support agency for more information on how to release the hold.

Fraud Alerts: Client Safety Education

Ignore wrong numbers. A person may text or call looking for someone and then, when you respond saying they have the wrong number, they seek to engage in conversation. "Are you off tomorrow?" ("Who is this?") "Kevin, it's me. Sorry we haven't talked in a while. Want to go to bbq tomorrow?" (You have the wrong number") "Oh, I was trying to reach my friend Kevin. Hope I didn't cause you any trouble." ("You didn't. Have a nice day.") "You sound friendly. If you lived nearby, I would love to take you for dinner or coffee." Block the number if you did respond. They will seek to continue the conversation and then may request to move it toward a private network that is not monitored by anti-fraud surveillance (for example, Whatsapp). These may be the potential beginnings for romance scams. There is no need to be polite.

Old Scams Revisited: "Hey, Pervert". This type of messaging which chastises the individual for allegedly visiting porn sites then seeks to blackmail the individual, threatening to expose them publicly. The scammers may even provide photos of the individual's home (which have likely been taken from the internet). These messages are not real and should be ignored.

Rising Costs, Rising Fraud: In a time of rising food, housing, and gas prices, fraudsters may pause as "relief check" providers stating that you have not cashed your relief check and they need to verify some information to send you a new one. A vulnerable person in financial distress may provide personal information such as social security number or bank account information tto get their relief money re-issued. This is a scam.

AMT Planning for High Earners in 2026: Are Adjustments Needed?

Key Changes to Alternative Minimum Tax (AMT) for 2026

Lower AMT phaseout thresholds:

$500,000 single
$1,000,000 married filing jointly
Faster exemption phaseout rate of 50 cents per dollar over threshold

Potential AMT Triggers:

Incentive Stock Options (ISOs)
Roth conversions
Large bonuses
Capital gains
Private activity municipal bond interest

2026 AMT Exemptions:

Married Filing Jointly: $140,200
Single / Head of Household: $90,100

Planning Considerations to Discuss with Your Financial Advisor:

Multi-year ISO exercise strategies
Tax-loss harvesting
Municipal bond review
Mid-year tax projections

AMT rules are complex. Circumstances may vary. Investors should consult qualified tax professionals.

Our Warmest Congratulations to All College Graduates! You're On Your Way! Do You Have Student Loans to Repay? An appointment with a financial advisor can help you to determine the appropriate repayment plan for your needs, to review potential repayment sources, and to develop a plan to help enable you to work toward other financial goals while repaying your loans. There are changes in federal student loan repayment plans coming July 1, 2026, which may limit options. We are happy to help; there's no need to go it alone! Meetings are available in person, by phone, and by Zoom.

More Couples are Getting Married in May: Time to Schedule an Appointment with a Financial Advisor. "As You Begin, So Shall You Continue". Congratulations on your wedding and every best wish for the future. This is a happy time, but as you begin your lives together, it's important to have a foundation for your financial future. A financial advisor can assist you toward identifying and having a plan toward your goals. Together, you can review account titling and beneficiary designations, discuss risk mitigation strategies including insurance and review employee benefits, and implement saving and investing programs. Engaging with a financial advisor may help to reduce monetary stress in your relationship as you navigate the future. Let's get started with an introductory meeting.

New Executive Order Signed 4/30/26: TrumpIRA.gov
An April 30, 2026, An Executive Order from President Trump directed the Treasury Department to create a federal, portable IRA savings program, TrumpIRA.gov, aimed at workers without employer-sponsored plans. This step helps gig and part-time employees who previously were not covered by employer plans. The initiative, modeled on the federal Thrift Savings Plan, focuses on providing low-fee options, including a 50% government match (up to $1,000 annually) for low to moderate income savers.

Are You a Teacher or School-Based Employee? Time to Make Your Summer Appointment with Your Financial Advisor. If you are off in the summer and have more availability then, it's a good time to schedule your summertime check-in with your financial advisor for your mid-year review.

Fed Rates Kept the Same, What Does That Mean? The Fed kept interest rates the same due to sticky inflation and uncertainty regarding Iran. For savers, this may be a time to lock-in rates before they fall. For borrowers, this means higher costs for longer on mortgages, car loans, and credit card rates.

Important Financial Notice to Daughters: Your Financial Future May be at Risk

Social Trend: The Cost of Caregiving as Baby Boomers Age
75–80% of eldercare is performed by unpaid family members or friends
61% caregivers are women (mostly daughters):

"Sandwich generation" as they raise own children
Burnout
Having to put together a mosaic of paid/unpaid care due to need and high costs

Financial implications: Lost income

Career impact: part-time work, time away from workforce, inability to take promotions
Retirement shortfalls
Out of pocket costs
Planning consideration: Long-term care strategies, Family financial coordination

Your financial advisor can help with planning, but it needs to happen before there is a crisis. Make an appointment to discuss long term care and other family financial needs.

Cybersecurity Update: $2B+ lost to social media scams in 2025

30% of scams originate on social media platforms

Key threats:

Investment scams (often cryptocurrency)
Romance scams (important to reduce who can access online profiles)
Fake shopping offers (too good to be true deal/giveaways)

Please note: Investments cannot be sold on social media channels such as Whatsapp (Before taking any action regarding your money, please consult your financial advisor). Protecting your social media profile by securing its access and not posting a lot of information, pictures, or your voice (which scammers can clone) is important for protection. If you are contacted by unknown persons for friend requests, do not accept. If something for sale seems too good to be true or is offered for shipping costs only, do not input your personal information.

Why is Oil So Important?

Oil’s Broad Economic Impact:
From lipstick to detergent to textiles to asphalt to aspirin to tires, oil is in "everything":
Oil is embedded across:

Consumer goods
Manufacturing
Healthcare & technology

Conclusion: Sustained oil prices → persistent inflation pressure

A Million "Tiny Actions" Toward Building Wealth

For most, it is not about earning a million dollars a year, but a "million tiny actions" that add up to financial security, as they build upon one another:

Wealth accumulation through consistency:

Saving, compounding, discipline
Asset and taxation management
Avoiding speculative trends
Financial hygiene:Budgeting, credit management
Emergency funds
Retirement contributions
Planning fundamentals:Insurance
Estate documents
Tax awareness
Lifestyle discipline:
Spending habits
Financial literacy
Seeking (and following) professional advice

Hoping to Retire Early? You May Get Your Wish - Sort Of

According to the 2026 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI), 46% of Americans who retired in 2025 left the workforce earlier than planned. These early departures are frequently driven by involuntary factors, most commonly health issues or disabilities (41%) and corporate changes like layoffs or downsizing (31%).

Involuntary retirements are an important reminder of the importance of building retirement savings (including catch-up contributions) and emergency funds.

The "Rule of 55" may offer some potential relief. If a retiree turns 55 (or older) during the calendar year they lose or leave their job, they may be able to begin taking distributions from their 401(k) or other qualified retirement plan (such as 403(b)) without paying the early withdrawal penalty (normally an investor must be 59 1/2 to avoid the 10 percent early withdrawal penalty). However, they must still pay taxes on the withdrawals. Investors can verify whether or not they can use the "Rule of 55" exception by checking the Summary Plan Description for their workplace retirement plan.

Review your options with your financial advisor before taking any action with your finances. This information is provided for educational purposes only and is not intended as advice for any individual.

Adjusting to Retirement: It's About More than Money

Working provides a paycheck, as well as structure, community, and identity. Planning for retirement is not just about saving,but considering how to spend those extra 40 hours per week:

After the initial phase of retirement celebrations, taking trips, seeing friends, reading books, getting around to the things on the "to do" list you've put off: then what?
Planning for the identity and social shifts in retirement can be difficult for some. This may be an opportunity to volunteer for meaningful causes, return to an old hobby or explore a new one, get involved in other social groups in the community.
Some people may struggle with spending money. It might feel different to tap into savings when the paycheck disappears.Even people who have significant assets may struggle with spending money. Talking with your financial advisor about what sources to tap into first matters, as sequence withdrawal is an important part of helping money to last.
Together, let's discuss retirement and prepare for the future and all that it brings.

Impactful Gifting? For 2026, the annual gift limit per recipient is $19,000 before gift tax is assessed.

Investors seeking to give more to others might potentially discuss strategies with their financial advisor such as:

529 super-funding (making 5 years of contributions) up to the limit of $95,000/individual or $190,000 joint.
Making direct payments for tuition or medical expenses (payments made directly to the institution are not counted toward the $19,000 limit).
Non-cash gifts such as gas or grocery gift cards (cards may not convert to cash).
Please seek professional advice before taking any action regarding your finances. This information is provided for educational information only.

Financial Infidelity May Strain Relationships. Money-related stress continues to be a major contributor to relationship strain. "Financial infidelity" is a growing issue. Common forms of financial infidelity might include:

Hidden spending or gambling
Undisclosed debt or loans
Secret accounts
Income concealment
Financial deception tied to lifestyle or relationships

Warning Signs:

Secrecy or defensiveness
Restricted account access
Unexplained withdrawals
Debt collection notices
Behavioral changes

Some Prevention Strategies Might Include:
Joint financial discussions
Clear spending agreements
Transparency across accounts
Shared responsibility for finances

A Financial Advisor May Help:
Provide a neutral discussion space
Rebuild financial trust structures
Establish information transparency and accountability
Coordinate with other professionals (CPA, attorney, therapist)

Did You Miss Taking an RMD?
Missing a Required Minimum Distribution (RMD) = a 25% IRS excise tax on the amount not withdrawn. 1 in 3 retirees misses taking the RMD. Penalty can be reduced to 10% if the missed RMD is corrected within two years (corrective period). Documentation on why the RMD was missed may be helpful ("reasonable cause letter"). Pay missed amount as soon as possible to avoid/reduce the penalty. The penalty is applied via IRS Form 5329 which must be filed with the taxpayer's federal tax return. (Or sent separately if return already filed). You can request a penalty waiver for reasonable causes which might include serious illness/hospitalization, death of a spouse, bank or custodial error, confusion with new RMD rules such as from a first timer, etc. There is no guarantee the waiver will be granted, but a taxpayer may request. Consolidating IRAs, removing RMD from a single account, using Qualified Charitable Deductions, and automating RMDs are some potentially helpful strategies toward preventing missed RMDs. Speak with your financial advisor about possible strategies for your situation. Common causes for missed RMDs include inherited non-spouse IRAs, scattered accounts remaining at old employers/financial firms, assuming spouse's account "covers" the other spouse, or bank or custodial errors. Clients should seek tax advice from their accountant or tax preparer. This information is provided for educational purposes only and is not intended as advice for any individual.

Fraud Alert: Urgent Texts from DMV

Be mindful of texts alleging to be from the DMV stating you have unresolved motor vehicle infractions and stating you must pay them or your license or registration will be rescinded. These texts might ask you to type "Yes" or "Y" for more information and a payment link. This is fraud. Do not make any payments via these links. Delete and report the texts. Remember that two hallmarks of fraudulent communications are urgency and threats.

We Are Approximately 6 Months Away from Medicare Open Enrollment: Now Is a Good Time to Schedule an Appointment with Your Financial Advisor if You Are Turning 65 This Year:
Medicare Open Enrollment for 2027 coverage runs from October 15 to December 7, 2026. During this period, beneficiaries can join, drop, or switch Medicare Advantage or Medicare Part D prescription drug plans, with changes taking effect on January 1, 2027. "Annual Notice of Change" (ANOC) documents become available in September 2026.

If you are turning 65 this year, your financial advisor may help you to project Medicare costs, and consider how they might relate to retirement planning.

Many people underestimate the cost of Medicare or have misunderstandings about the program itself. Some common misconceptions include:

Medicare is not free. There are copays, deductibles, and premiums. While there are generally no premiums for Part A (hospital), there are other costs.
There is an open enrollment period; you cannot just enroll in Medicare at any time. (Exception: A special enrollment period might possibly exist for those who work past 65 and have employer coverage or spouse coverage depending on size of employer and employer's rules).
Medicare does not cover everything. Part A is for hospital stays and inpatient services. Part B is for doctor and outpatient services. Parts A & B do not cover prescription drugs, dental, vision, hearing, fitness, coordinated care, transportation to medical appointments. Other types of plans (Part C Medicare Advantage, Part D prescription drug) may cover these services at additional cost.
Medigap insurance, or Medicare Supplement Insurance, is private health insurance designed to fill "gaps" in Original Medicare (Part A and Part B), such as deductibles, coinsurance, and copayments. It is used specifically with Original Medicare to lower out-of-pocket costs, covering expenses like the 20% Part B coinsurance, hospital costs, and foreign travel emergency care.
The cost of Medicare is not the same for everyone.
Medicare and Medicaid are not the same thing. While both government programs, Medicaid is for low-income persons and Medicare is for older or disabled persons. People might use the terms interchangeably, which is incorrect. (Some people might qualify for both programs, such as an older or disabled person who also meets a state's low-income criteria)
Medicare does not pay for long term care. (Medicare typically covers short-term rehabilitation services in a skilled nursing facility (SNF) if a person requires daily skilled care, such as physical therapy, after a qualifying hospital stay of at least three days. Coverage includes 100% of costs for the first 20 days, with a daily coinsurance for days 21–100.
More information can be obtained at medicare.gov
This information is provided for general educational purposes only and is not intended as advice for any individual.

Looking Ahead to May:

National Small Business Week: May 3-9, 2026: Celebrates the economic contributions of entrepreneurs. Many small businesses offer special promotions. Business owners have specialized financial needs and meeting with your financial advisor can help to uncover and plan for benefits and risks.

Mother's Day, Sunday May 10: Women often live longer than men and may be challenged to make income last as long as they will, may have greater needs for long term care, and may have put other's needs (including financial) before their own which might sacrifice their financial security. This Mother's Day, encourage your mother to put herself and her needs first by scheduling an appointment with a financial advisor. As an added gift idea: adult children are able to pay the premiums for long term care insurance for their mothers. We salute all mothers for giving us the gift of life.

May is Disability Insurance Month: The ability to earn an income can be unexpectedly interrupted by injury or illness at any time, at any age. In addition to injuries and illnesses, mental health is also a reason why people are unable to work and a disability insurance plan may help to protect against that risk. Disability insurance may help to close the gap between health insurance and life insurance, protecting savings and assets. Your employer may offer a plan. If not, ask your financial advisor about policies which might be available and help protect your income and those who depend on it today.

Home Sales: May is generally considered a "sweet spot" for home sales as families seeking to close on a property before the start of a new school year typically look to close in May and move over the summer. Homes might look more attractive with blooming flowers and green grass as well as fresh exterior paint or power washing. Longer daylight hours might enable more opportunities for showings.

5/29: A Day to Focus on 529 Plans (No Longer Just for College) 529 Education Plans are no longer just for college. In recent years, these plans have been expanded to meet additional education needs including K-12 education such as tuition in a private or parochial school, registered apprenticeships and trade schools, continuing education for certifications, student loan repayments (up to $10,000), and more. If funds remain, you can change the beneficiary to a family member, use them for yourself, or transfer up to a lifetime limit of $35,000 to a Roth IRA for the beneficiary (subject to specific rules). Non-qualified withdrawals are subject to taxes and a 10% penalty on earnings. Take another look at 529 Plans and how they might help with your planning. This information is provided for educational purposes only and is not individual advice for any person.

May 25 is Memorial Day: Memorial Day is a solemn observance in recognition of the ultimate sacrifice paid by members of our armed forces in protecting our freedoms. Freedom is never free. In honor and respect of this important observance, the financial markets will be closed on Monday, May 25, 2026. Please plan head for any trade settlement or distribution needs. Government offices, schools, and banks will generally be closed as well.

Behind the Goals: What Should Your Advisor Know About You?

On the surface, investors might look like they have similar goals: Education. Retirement. Debt Reduction. Buying a Home. Estate Planning. In reality, it's the stories behind the goals that matter in distinctively planning toward them.

What does an ideal retirement look like to you? What fears about money keep you up at night? What was your biggest financial success? What was your biggest financial failure and why? What do you want your obituary to say? What type of legacy to you want to leave? What do you value most? How comfortable are you talking about money with your spouse or family? Are there any beliefs or superstitions you have about money?

Sharing answers to open-ended inquiries such as these may help to give your financial advisor insights in helping to provide highly personalized planning. Please let your advisor know if there is anything they have not asked that is on your mind.

Why Did I Get a 1099-K Tax Bill? I Thought the Reporting Threshold Was $600?

While the federal threshold for triggering Venmo transactions reporting for 2025 to the IRS is $20,000 and 200 transactions, some states may vary. The following states have a $600 IRS Reporting Threshold: Maryland, Massachusetts, Montana, North Carolina, Vermont, Virginia and the District of Columbia. The following states also have lower thresholds than the federal government: Illinois ($1,000) and Missouri ($1,200).

How Might I Optimize Lifetime Income?

If your April Social Security check is smaller than you thought it would be, let's have a conversation about ways to potentially optimize lifetime income. The Social Security COLA in 2026 was 2.8%, but rising costs in the inflationary environment may not make it stretch very far. Medicare Part B premiums also rose, those who may have claimed Social Security before Full Retirement Age are subject to an earnings test, and taxation on Social Security benefits may also hit benefits up to 85%. Social Security was not designed to be a sole source of retirement income, but a layer along with other sources such as your portfolio and guaranteed sources of income. Social Security income may vary based on the factors discussed. It's important to manage tax efficiency including withdrawal sequencing, IRMAA, and certain strategies such as Roth conversions if they make sense for your individual circumstances. Schedule an appointment with your financial advisor to discuss potential ways to help optimize lifetime income, of which Social Security may be just one part. This information is provided for educational purposes only and is not intended to provide advice for any individual.

Leaving a Large IRA or 401(k) to a Beneficiary?

Investors often focus on accumulating retirement assets. However, if you have a large balance IRA or 401(k), it is also important to think about after-tax legacy planning. Uncle Sam may take a very large bite out of inherited retirement plan assets. A non-spousal beneficiary of an inherited IRA has 10-years to spend the money. There is no step-up in basis after your death for these assets. All withdrawals are taxed as ordinary income. The beneficiary may be in their peak earning years, which may push them into a very high tax bracket. There may be potential for estate and income tax ("double taxation"). Let's shift the conversation to after-tax legacy planning where we might employ a variety of strategies. Make an appointment to speak with your financial advisor.

Cybersecurity Alert: Social Security Scam Activity Rising on Social Media and Email:

SSA warning signs:

“Your Social Security Statement is Ready” messages
Suspicious links/attachments
Urgent/pressure language
Non-.gov sender addresses

Be mindful that the Social Security Administration will not send messages with threatening language. Do not click on links or attachments or provide personal information.

Buying Property in Another State to Seek to Avoid Taxes? Not So Fast!

There's been a lot of publicity lately as celebrities and tech titans buy homes in Florida, a state without personal income tax, to avoid higher taxes such as those in Washington state ("Millionaire's Tax") or California. Buying property in another estate does not automatically exempt you from paying state income taxes in your state. You must establish residency or you may be audited and taxes collected. You must be able to prove 183 days ("6 months and a day") residency (does not have to be in 1 stretch). Key steps to formally establish Florida residency (as an example) might include but may not be limited to: File a Declaration of Domicile: File a sworn statement with the clerk of the circuit court in Florida county of residence. File for Florida homestead exemption: A Florida homestead exemption is a constitutional tax benefit reducing the assessed value of a primary residence by up to $50,000 (typically $25,000 for all property taxes, and an additional up to $25,000 for non-school taxes). It also limits annual assessment increases (such as Save Our Homes) to 3% or less, reducing tax burdens. Update Documents: Obtain a Florida driver’s license, register vehicles, and register to vote in Florida.Establish Ties: Use Florida address for federal tax returns, banking, credit card, social security, investment accounts and legal documents. If owning real property in another state, have tax bill sent to Florida. Doctors in Florida: Consult with Florida physician(s), transfer records there. Maintain Records: Keep detailed records of days in Florida (e.g., cell phone records, receipts, purchases) to prove your stay, as high-tax states may audit your residency claim. If you spend less time than 183 days, it can be challenged that you are someone who owns property and travels a lot and therefore is still a resident of the higher tax state. Obtain employment in Florida: Proving full-time employment (if not retired) may help provide supporting documentation of residency. Other: Establish safety deposit box and keep contents in Florida. These are examples only and not intended to offer legal or taxation advice. Clients should seek professional legal and taxation advice if seeking to relocate to a "tax haven" state, such as Florida and establish residency there (Florida is being used as an example only and is not provided as a recommendation over other states). Note: Nine U.S. state (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) do not currently impose a state personal income tax. While these states offer tax savings, they might potentially compensate with higher sales taxes, property taxes, or high costs of living (For example. Florida's high insurance premiums or Alaska's high cost of living expenses). It is important to weigh pros and cons of such moves, which may include moving away from family/support in old age. This information is provided for educational purposes only and is not intended as legal or taxation advice for any individual.

The Call-Tree on Your Refrigerator May Make a Difference

If you are a solo ager or live far from family and friends, it can be challenging should something happen to you. Posting an "In case of emergency" call tree on your refrigerator may make a difference and enable first responders and others to know who to contact, whether family members or professionals. This may also give you control over emergency contact protocols, check-in systems, and continuity of care and estate execution.

Are Your Beneficiaries in Order? Let's Review

Scheduling a beneficiary review appointment with your financial advisor may help you to ensure your wishes are in line with your estate planning. Considering the beneficiaries for investment, insurance, bank, and retirement accounts, reviewing primary and contingent beneficiaries, looking for any possible gaps in estate documents and planning, and weighing "trigger events" such as marriage, divorce, birth, adoption, inheritance, new job, moving to a new state, income fluctuation, and more may be helpful. Please note that we do not provide legal advice, and you may need to seek professional legal advice such as for setting up trust or estate documents (wills, health care proxy, living will, power of attorney) with a qualified attorney if applicable. However, knowing that you are not leaving assets to unintended parties (such as former spouses or beneficiaries who may have passed away) or accidentally leaving out a young grandchild may be a helpful exercise. Please note: Beneficiary designations override what is stated in your will: be sure!

Social Security Benefits May Be Reduced in 2032: Plan Now

Projections indicate that Social Security benefits may be reduced beginning in 2032. It's important to remember that Social Security is meant to be a supplemental income program and not 100% of retirement income. There may be strategies to help you toward mitigating the risk of reduced social security benefits. Together with your financial advisor, "stress test" your retirement planning to accommodate for the potential reduced benefits. There may be considerations to make such as increasing the claiming age, enhancing savings rates, diversifying sources of income, and reviewing potential strategies. Advanced planning may make a difference. Are you prepared?

Filed Your Taxes? Schedule a Tax Return Review Appointment with Your Advisor

Providing a copy of your tax return to your financial advisor is helpful. Now is a great time to schedule a tax return review appointment. Your advisor can help to review income sources, marginal tax brackets, capital gains and losses, AGI thresholds (Medicare IRMAA, credits) and consider potential strategies which might include but may not be limited to: tax efficient planning, asset location strategies, tax loss harvesting, Roth conversions. Planning for next year's tax filing season starts early!

Healthcare Remains an Important Planning Concern for Many

The rising cost of healthcare impacts short-term as well as long-term planning. Your financial advisor can help toward reviewing planning concerns including but not limited to cost modeling, Medicare optimization strategies, ACA subsidy strategies, HSA maximization, and long-term care and disability coverage. Schedule an appointment with your advisor to review your concerns as well as any potential strategies which might be available to you.

Higher Gas Prices May Impact Summer Travel: Some Potential Savings May Exist

As vacation plans are made for the upcoming summer travel season, some may consider shorter trips to compensate for higher fuel costs. Others might look into "staycations", being tourists to nearby attractions. Drive versus fly decisions might also be made, as airlines hike ticket prices to compensate for rising jet fuel costs. Some tourist-dependent economies may suffer, which might stimulate lower-cost lodging or attraction specials in an effort to boost traffic (something to keep an eye out for). Some savings opportunities might exist by traveling midweek versus booking hotels for the weekend. Booking flights or hotels sooner and utilizing points or miles may help. Traveling in early June or late August may help to avoid peak seasons. Avoiding Sundays may also help to reduce fly rates. It is important this year to consider World Cup dates, June 11 to July 19, as the event will take place in 16 different cities and lodging rates in those cities may increase significantly: USA: Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, New York/New Jersey, Philadelphia, San Francisco Bay Area, Seattle. Mexico: Guadalajara, Mexico City, Monterrey. Canada: Toronto, Vancouver. If you could potentially avoid traveling to those cities during that period, you might save money. As of this writing (April 6, 2026), train and cruise travel has remained somewhat steady and may offer additional options for vacations. Bon voyage!

Proposal to Enable Private Market Access in 401(k) Plans

If passed, investors should consider carefully whether alternative investments are right for them in their retirement plan. Pros such as long-term return potential and cons such as illiquidity, fees, and complexity should be evaluated accordance to risk tolerance and overall objectives. Just because something is available does not necessarily mean it is appropriate for everyone. Not all plans may offer alternative investments. Seek professional advice before taking any action regarding your investments.

US Financial Markets will be Closed on Friday, April 3 for Good Friday Observance. Please plan ahead for trade settlement and distribution needs. On behalf of all of us at Empire Financial Advisors, we wish everyone a joyous and meaningful Passover (April 1) and Easter (April 5).

April 15 Deadlines Approaching:

2025 Retirement Plan Contributions
Income Tax Filing
Q1 2026 Estimated Tax Payments
Please be mindful that the US Post Office postmark rules state that the postmark is applied when the mail is automatically processed, not when dropped off. So please make sure to submit early to avoid potential missed deadlines and applicable penalties for late tax filing.

Be Mindful of Tax Scams: With Taxes Top of Mind, Fraudsters Take Advantage. The IRS does not call up yelling and screaming, threatening arrest if you do not pay via cash app (Venmo, Zelle, Paypal) or gift cards, nor will they send a messenger to pick up cash. The IRS will not email you asking you to click on links and provide personal information in order to process your refund or tax return. If there is an issue, the IRS would send a letter and if payment was needed, the IRS would offer a payment plan as well as time for completion. If you are faced with urgent demands, suspicious payment methods or threats, hang up the phone or delete the message. It is a scam. There is no need to be polite!

Federal Student Loan Repayment Plans Changing. Borrowers will receive a letter about 9-90 days before July 1 requesting that they select a new repayment program. If not selected, the borrower will be enrolled in the default repayment plan.

New Law: New York Retailers and Food Businesses Must Accept Cash. New York retailers and food businesses must accept cash payments and may not assess a surcharge for doing so.

Paying for Subscriptions You Don't Use? That May Be Part of the Plan: Some company's make it difficult to cancel subscriptions, as it is profitable for them (the "Annoyance Economy" with long hold times or hidden cancellation instructions). Some tips to save money include:

Use app tools designed for subscription cancellation
Review bank statements regularly to identify forgotten subscriptions
Search for the initial sign-up confirmation email and the cancellation instructions/link may be provided
Review the FAQ section of the company website or Profile - account or Settings - billing
If you enrolled via your cell phone, try IOS - settings - Apple Id - subscriptions or Android- Google play - Profile - payments and subscriptions

An Important Planning Issue for 2026: Affordable Care Act Subsidy Cliff If a person's income exceeds 400% of the federal poverty level, even by $1, ACA subsidies vanish. Your financial advisor can work with you toward potential strategies to help manage your Modified Adjusted Gross Income to help preserve subsidies where possible. This may help to lower your premiums and preserve tax credits. Please contact your financial advisor for more information.

Planning to Mail a Package? Take Note of USPS Fuel Surcharge: The US Postal Service will implement an 8% fuel surcharge on packages (not letters) beginning April 26, planning to phase it out on January 17, 2027.

Welcome: Financial Advisor, Frank Chiappone, CRC® Empire Financial Advisors is pleased to welcome Financial Advisor, Frank Chiappone who joined the Latham, NY office on March 23, 2026.Frank is a Certified Retirement Counselor (CRC®) who has worked in the financial services industry for 40 years. He utilizes insurance planning to create financial security for his clients and focuses his practice on tax-free retirement income strategies. Frank consults small business owners on succession planning and business valuation. Frank actively networks with attorneys and accountants in the Capital District of New York and Eastern New England. Frank’s interests include golf, skiing, mountain biking, and playing piano and guitar. He is also active in numerous civic and charitable organizations in the greater Albany area. We are pleased to have Frank aboard!

Considering Taking a Hardship Withdrawal from Your 401(k)? Talk to Your Financial Advisor First. 2025 was the 6th consecutive year that an increasing number of people took hardship withdrawals from their 401(k) plans. Hardship withdrawals are taxed as income, and if the person is under age 59 1/2, they also get hit with a 10% penalty. These withdrawals are often in small amounts to address an urgent situation, such as paying rent or mortgage or a medical bill, but once it is done once, almost half of investors take a withdrawal again. Your financial advisor can assist you toward determining other options which may be less costly both now and in the long run. For example, setting up a payment plan with the hospital to address a medical bill, or taking a 401(k) loan where interest is paid back to yourself. Other opportunities might involve a Home Equity Line of Credit (HELOC) which typically has a lower interest rate than a credit card, a personal loan, low interest credit cards, supplemental employment, or selling something you own and don't use. Each option may have both benefits and risks, so it is important to consider your individual situation with your financial professional. This information is provided for general educational purposes only and is not intended as personalized advice for any individual.

Feeling Pessimistic about the Economy or Markets? Speak to Your Financial Advisor.

When bombarded with negative headlines, it can be difficult to feel optimistic about the economy or financial markets. However, your financial advisor has access to information and professionals that may help provide perspective, balance, and opportunities. Your financial advisor may help to solve problems, enable strategies, and offer calm in periods of volatility. Priority appointments, in person, by phone, or videoconference, are available. Don’t hesitate to reach out to discuss your concerns. We are here to help.
Feeling Pain at the Pump? Ways to Potentially Save on Gas Prices
-If you belong to a warehouse club, gas is generally less expensive per gallon than regular gas stations
-Using apps such as gasbuddy.com enables you to compare prices in a zip code, Waze's gas station indicator can help you compare prices on your route. Other Apps include Gas Guru and AAA.
-Cash back credit cards such as gas station cards may help (provided you pay them off before interest accumulates)
-Paying cash versus credit generally saves per gallon. Please note that debit cards do not necessarily give you the cash price when used at the pump, so check prices carefully.
-Keeping car tires properly inflated, traveling the speed limit, using cruise control on highways, keeping oil and air filter changes up to date, and removing heavy items from your trunk can all help use less gas. Rapid acceleration and fast braking can cause drivers to use more gas.
-Upside is a cash back app. Users pay regular price at the pump at partner locations and then receive cash back in future. This requires keeping track of receipts and using certain providers and then submitting claims, so it may not be for everyone.
-Some grocery stores may offer gasoline savings programs where shoppers receive gasoline discounts from their grocery purchases.
-Gas is usually less expensive Sunday through Tuesday as well as before 9 am. Filling up toward the weekend is generally more expensive due to overall demand.
-Filling up in the early morning or evening when it is cooler yields slightly more gas (it is denser) than when it swells in higher heat mid-day.
-Choose your gas station carefully. Those right off exits, at rest stops, and in more affluent neighborhoods will likely be more expensive. If traveling between states/on state borders, some states have significantly higher taxes than others, so be mindful. For example, New Jersey is generally less expensive than New York due to state taxes. Smaller gas station chains may have lower prices than larger ones. Even stations across the street from one another may have different prices, so look carefully before pulling in to fill up.
-Keep your tank at least ¼ full to avoid sediment buildup.
-If your car doesn't require premium gasoline, consider not buying it, as it is more expensive than regular.
-Consider walking, bicycling where possible for exercise or carpooling to share costs with others. Combine errands and trips where possible to avoid excess driving.
-Where possible and appropriate, utilize hybrid schedules and work from home policies.

Even if oil prices start to decline, gas stations may be slower to reduce prices. This phenomenon known as “rockets and feathers”, where prices shoot up like a rocket but float down slowly like a feather. Gas stations may be hesitant to reduce prices due to ongoing uncertainty and there is no regulation requiring them to lower prices when oil falls.

Demographic Update:

Black women are establishing businesses at a record rate, with the amount of Black woman-owned businesses rising roughly 13% last year.

Recent data from GovAI indicated that women may be significantly impacted as AI displaces administrative and clerical roles which have traditionally been largely filled by women.

Is It Right for You?

When headlines focus on particular market sectors, it might seem appropriate to jump on the bandwagon. It’s important to discuss risk factors with your financial advisor. It can be difficult to “time the market” and prices may have already risen if there is a lot of publicity. Not every investment is right for every investor and “fear of missing out” (FOMO) should not be the primary reason to invest. Seek professional advice before taking any action regarding your finances.

What Should I Do with My Tax Refund?

If you’ve received a tax refund, you may be tempted to squander it. However, it may be just the boost needed to help your long-term financial goals.

Some opportunities might include, but may not be limited to:

· Paying down high interest debt

· Contributing to retirement plans

· Prepaying mortgage interest

· Starting or enhancing educational savings plans

· Building emergency funds

Speak with your financial advisor about ways in which your tax refund may help you toward your goals. This information is provided for educational purposes only and is not intended to be financial advice for any individual. Seek professional advice before taking any action regarding your finances.

Cybersecurity Alerts
With expanding geopolitical conflicts, the probability of cybersecurity events generally rises. It is important to remain alert. Some steps you might personally take include: Ensure you have a strong password containing complex letters, numbers, and symbols including upper and lower case (do not use something that is easily guessable). Keep personal data protected. Use encryption when sending documents and information via email. Change passwords regularly. Do not give out personal information by phone to people purporting to be from your bank, the IRS, the FBI, or Social Security: hang up. Be mindful to not click on links and attachments from unknown sources. Hover your cursor over email sender name to see if it changes to an unknown party. Dispose of documents containing personal information via crosscut shredder (makes confetti not long strips). Use multi-factor authentication for access to your information (for example, entering a password and also a code that you receive via text). Do not put policy numbers or account numbers in the subject line of your email. Review bank, credit card, and financial statements regularly to help identify any unknown or fraudulent activity. Do not share passwords with others. Avoid posting information about yourself such as through quizzes online on social media platforms. Do not provide sensitive data online on unsecured websites. Use firewalls and antivirus software. Backup your data. Avoid using public devices to access sensitive information such as on public wifi (airport, library). Secure your devices from theft. Have a locking screen saver set to 15 minutes or less of inactivity. Ensure that your computer automatically updates to install security patches. If you get a message saying that your computer is compromised with a phone number on the screen to call Microsoft, restart your computer: this is fraudulent. While these measures cannot predict every type of cybersecurity event, they might help to mitigate risk.
Important iPhone Security Note: Cybersecurity experts have uncovered a powerful new hacking tool that can secretly take control of iPhones.The spyware, dubbed 'Coruna,' was first identified by researchers at Google's Threat Intelligence Group (GTIG).Researchers said the spyware can target devices running iOS versions released between 2019 and late 2023, urging affected users to update their phones immediately.
Website Update:
LPL Research is Available Online at www.empirefa.com
For timely commentary on the markets, please visit the Market Insights and Research Updates section of our home page at www.empirefa.com. Here, you’ll find weekly market commentary and monthly portfolio strategy updates.

Geopolitical Conflicts May Add Volatility to Markets
Global economies and trade are increasingly interwoven. Financial markets may be affected by conflicts in other parts of the world. In times of market volatility, it is an opportunity to reflect upon your true risk tolerance. Investors may believe they are more tolerant of risk when times are good, but when markets become more volatile, they might realize that is not necessarily the case. It’s important to talk with your financial advisor about your risk tolerance, your time horizon, and if any portfolio rebalancing might be part of your strategic relationship with risk. Remaining disciplined, avoiding knee-jerk reactions, and considering your long-term goals may help to provide some perspective. Seek professional advice before taking any action regarding your finances.
New Rule: Effective March 1, 2026: To help combat money laundering, “all-cash” residential real estate purchases made by a legal entity or trust will require beneficial ownership data to be reported to US Treasury.
Gold ETFs: Depending on the Holdings, Taxation May be Different
Physical Gold ETFs (holding bullion)
Generally taxed as “collectibles”
28% maximum rate
Gold Mining Stock ETFs
Taxed as securities
Standard capital gains rates apply
It is important to consider taxation when seeking to hold Gold ETFs in taxable accounts (such as non-retirement brokerage accounts).

“No Tax” On Tips, Overtime, Social Security: Clarification
Despite political messaging, these provisions do not fully eliminate taxes:
A. “No Tax on Tips” (2025–2028)
Up to $25,000 deduction from federal income tax.
Still subject to Social Security & Medicare (FICA).
B. “No Tax on Overtime” (2025–2028)
Up to $12,500 federal income tax deduction.
Still subject to FICA.
Income phase-outs may apply.
C. “No Tax on Social Security”
Benefits remain taxable under current thresholds.
Approximately half of recipients will still pay tax.
Key Takeaway:
These are deductions, not exemptions. Some taxes may still apply.

New Scam: Being Approached to Tap Your Card by Someone with a Hardship Story
If someone approaches you in a parking lot with an urgent story about no gas, stolen wallet, stranded car, or other and requests financial assistance, this is a fraud red alert. They will make up some story why they cannot accept cash and must only accept digital payments, and they will have a card scanner at the ready so you can just “tap and pay”. Unfortunately, the scammers often deduct much more than the amount you thought, sometimes thousands of dollars. Just say no, get in your car, and leave or go back into the store and call the police.
Medicaid Planning: More Options Available if Done Years in Advance than in a Crisis
As part of retirement and long-term care planning conversations, Medicaid planning is an important topic. Many states have look-back periods (for example, New York has a 5 year look-back) to review gifts, asset transfers, and other expenditures that may delay benefits, such as paying for a nursing home. Unfortunately, many people wait until there is a crisis to plan and are left with fewer options. Your financial advisor, together with a qualified elder care attorney can assist in reviewing options available for protecting assets from expensive care costs. If you are seeking to retire, are in your 60s, if there is an age gap between you and your spouse, if there is a chronic health condition, or other health-related matter, it is important to seek professional advice.
An Important Look at Some Estate Planning Considerations:
Do you have older arrangements such as formula funding clauses in credit shelter and marital trusts? They may need to be reviewed to ensure they still align with family and spousal goals now that the exemption is both higher and more durable. Documents drafted when the exemption was $5 million, for example, may now potentially produce unintended results at $15 million, potentially over-funding credit shelter trusts and under-funding marital trusts. This might potentially disinherit the spouse (or leave them with much less than intended). This is an important consideration for clients with older arrangements who may think they are "all set", but may not actually be.
It’s also important to know specific state laws, because different state exemptions exist. For example, another estate planning consideration is important for residents of New York state, where the estate exemption is much lower than the federal, at $7,350,000 in 2026. There is a "tax cliff" whereby if the estate value exceeds the exemption by more than 5% (over $7,717,500) the entire estate becomes subject to New York State tax, not just the excess. Unlike federal law, the New York exemption is not portable between spouses, meaning the exemption cannot be transferred to a surviving spouse. Taxable gifts that the person who died made within 3 years of their death are added back into the estate for tax purposes. To avoid this cliff, some strategies might be utilized such as lifetime gifts, disclaimer trusts, or formulaic charitable contributions.
Working with estate attorney and tax professional is important as these matters may be complex.
Beneficiaries listed on accounts and policies generally override instructions in wills, so it is important to regularly review beneficiary designations on investment accounts, bank accounts, and life insurance policies to ensure they meet current wishes, particularly in cases of marriage, divorce, blended families, beneficiary death, and other scenarios.
Trusts may be potentially beneficial in helping to avoid probate, reduce taxes, protect beneficiaries, as well as help to avoid lawsuits and protect from creditors. Trusts enable control over the distribution of assets, such as receiving specific amounts at a certain age or when a certain accomplishment has been achieved such as college graduation. Unlike wills that are public documents, trusts are private. Trusts may also help with business succession planning.
An estate planning attorney may be a helpful part of your wealth management team.
Approximately 2/3 of Americans do not have a will or estate planning documents. Procrastination is one of the biggest reasons why. As the old saying goes, “The only certainly in life is death” and we know not the day nor the hour. Helping to protect your loved ones is an important part of wealth management.
It is also important to review titling of bank accounts to help avoid probate. For example, TOD or POD titling naming a beneficiary helps assets pass without probate. Joint tenancy with rights of survivorship will enable the assets to pass to the surviving party. One might also potentially explore having the bank account owned by a trust (seek legal advice before taking action).
This information is provided for educational purposes only and is not intended as specific advice for any individual. LPL Financial Advisors may not provide legal or taxation advice. Seek professional advice from a qualified estate planning attorney and tax advisor before taking any action in regard to your finances.
Considering a Family Loan to Assist a Child in Buying a Home? Not So Fast!
As younger people struggle to afford homeownership, one potential solution is a "family loan." A family loan is where a parent gives a child a loan for the home. Certain steps must be followed or it will fall under the IRS gift rules, creating tax problems:
Parents loan money to their kids at a (typically) lower rate than banks charge. They must charge at least the Applicable Federal Rate (AFR). The AFR is the minimum interest rate the IRS requires for private loans to avoid tax consequences, often used for loans between related parties. Published monthly, these rates are based on U.S. Treasury securities and are categorized into short-term (under 3 years), mid-term (3-9 years), and long-term (over 9 years) categories, based on the tenure of the loan.
Proper documentation must be maintained, recording each monthly payment and ensuring the payment is at least the AFR %. A promissory note must be signed between the parties (drawn up by a lawyer), there should be a documented payment schedule, and a Mortgage or Deed of Trust secured by the property.
Done properly, there are some benefits to a family loan: The parents earn a steady income stream, the kids skip the mortgage approval process and generally receive a better interest rate, it is not considered a gift, and interest rates can be forgiven (up to IRS gift limits). Money stays in the family.
Done incorrectly, significant tax issues arise for all.
Persons considering such an arrangement should seek professional advice from a tax advisor, attorney, and financial advisor before taking any action in regard to their finances. This information is provided for educational purposes only and is not specific advice for any individual.
Please be advised that we are unable to send 1099 tax form copies to third parties (accountant, tax preparer, attorney, even a spouse not listed on the account) without a completed "Permission to Disclose Personally Identifiable Information" form. This is for your protection. The form can be signed electronically via e-signature.
The financial markets will be closed on Monday, February 16, 2026 for President's Day. Please plan ahead for any money movement or trade settlement needs. Please note that banks and the post office will also be closed.
Is mortgage recasting right for you? Mortgage recasting is to apply a lump sum payment to the principal of a current loan and the lender then recalculates the monthly payment while all other aspects of the loan such as rate and term stay the same. This may help to reduce the monthly obligation while saving on closing costs that a regular mortgage refinancing would have. Not all lenders allow recasting and typically federal mortgages such as VA or FHA are ineligible. Ask your financial advisor if this is a strategy that might make sense for your circumstances.

Retirees may be caught off guard: Medicare is not cheap. Moving from an employer-sponsored health plan to Medicare does not always save money and may instead increase the amount paid substantially. Ways to save might potentially include: comparing plans annually during open enrollment (medications, cost changes), for limited income/assets using state run Medicare Savings Programs for Part B premiums (also qualifying for low-income subsidy for Part D for prescriptions), reducing taxable income to manage IRMAA (note: tax return from last 2 years used), choosing right structure such as Part C and Medigap), using in network providers, and, prior to retirement, if client has a high deductible plan, using HSA prior to Medicare enrollment to pay for tax-free medical expenses in retirement, and avoiding late enrollment penalties. This information is provided for educational purposes only and is not intended as advice for any individual. Speak with your financial advisor in regard to your situation.

The sequencing of retirement withdrawals is important. How you take withdrawals in retirement can have an impact on the taxes you pay. Speak with your financial advisor for information on how you might make Uncle Sam go a little hungrier.
Credit Card Usage for Purchasing Securities: A Red Flag – FINRA recently published a bulletin cautioning investors against using credit cards or cash advances on credit cards to purchase securities. Most appropriately registered investment firms have prohibitions against using credit cards for securities purchases, and this can be a red flag that a firm is not properly registered if you are asked to use a credit card. Using cash advances can incur significant interest charges if the credit card balance is not paid in full. And, recovery of fraudulent transactions may be more difficult if using such forms of payment. For more information, visit finra.org.
Student Loan Earnings Test (Effective July 2026): Educational programs must demonstrate that graduates earn more than workers with only a high school diploma in at least two of three years for federal student loan borrowing. This test to be enacted by the Department of Education to discourage borrowers from taking on significant debt for degrees that have little economic benefit. There are concerns that certain fields such as cosmetology, social work, education, arts and humanities may be impacted. States have been encouraged by the Trump Administration to follow suit. There is potential that some colleges and universities might eliminate or reduce the availability of certain majors.
“Frugal February” is a time for resetting budgets after holiday spending and getting back on track.
Market “Noise”: Fast-moving and rapidly changing global events may cause concerns. Your financial advisor can help you to separate “noise” from facts and assist you toward being confident in your financial planning for the long-term. Please reach out anytime you have any questions or concerns.
Tax Returns: The IRS will begin to accept tax returns on January 26, 2026.
529 Plans have been renamed “Education and Career Accounts”, rather than “College Savings Plans”, to reflect expanded uses.
The One Big Beautiful Bill Act (OBBBA) has been renamed “Working Families Tax Cuts”.
Federal Student Loan Default: The previously announced wage and tax refund garnishments for borrowers in default on federal student loans are temporarily on hold.
Prescription Drug Costs Projected to be Lowered by TrumpRX: President Trump has plans to release an online portal at trumprx.gov to help enable significant savings on certain prescription medications. Medicines may include GLP-1, insulin, cholesterol and other prescription drugs to treat conditions such as obesity and diabetes, among others. Through direct-to-manufacturer agreements with major pharmaceutical companies, costs are expected to comparable to those of other developed nations. Additional medications may be added in the future. No insurance is utilized and there may also be potential savings for Medicare and Medicaid users. The release of this platform is expected in January 2026. Stay tuned.
Cybersecurity: Voice-only authentication is not sufficient in an environment threatened by growing voice-cloning risks. Using multifactor authentication may help to reduce cybersecurity risks.
New York State DMV Offices to Close Statewide for Several Days in February: All New York State (NYS) DMV offices, phone, and online services will be closed from Friday, February 13, 2026, starting at 2 PM, through Tuesday, February 17, 2026, reopening Wednesday, February 18, for a major system upgrade to launch new software. Please plan to complete any urgent tasks before then.
There are many financial topics in the news in 2026, and the year has just begun. Your financial advisor can help you sort through it all and help to develop a customize strategy. From the impending "tax bomb" of student loan forgiveness and capped federal student loan borrowing, to rising household costs, to record-setting credit card debt, and appreciated positions in taxable accounts, we can help to chart a course and navigate through. Working with a financial advisor can help to provide motivation, accountability, strategy and technical knowledge. We're here for you, no matter what changes.
Changed jobs? You may have lost benefits that helped to provide financial confidence, such as life insurance, disability insurance, and retirement plans. Speak with your financial advisor about ways to potentially fill any gaps that might remain.
Have appreciated securities in a taxable account and don't want to sell them to potentially diversify your portfolio because of high capital gains taxes? In conjunction with your tax advisor, your financial advisor may have strategies which may help you to reduce capital gains while maintaining your cost basis and potentially diversify your portfolio.
529 Plans are no longer just for college. They can be used for private and parochial school tuition, accredited trade schools, and apprenticeships. Depending on the plan selected, state tax deductions may be available. A 529 plan can help enable tax-advantaged savings for your child or grandchild. Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
Missed Contributing to Your IRA Account in 2025? There's Good News! The deadline for opening and/or contributing to a Traditional IRA account in 2025 is April 15, 2026. Please be sure to indicate "2025 contribution" in the memo field of your check. The contribution limit for investors under age 50 is $7,000 and the limit for those age 50 and above is $8,000. The contribution limit will increase in 2026 (contributions due April 15, 2027) will be $7,500 for under age 50 and $8,600 for those age 50 and above. Your ability to deduct IRA contributions depends on whether you are covered by a retirement plan at work, your filing status, and your adjusted gross income.
Your Risk Tolerance May Change. As life circumstances change (such as marriage, divorce, birth, death, employment, retirement), your risk tolerance may change as well. Market volatility, global events, and economic pressures may also play a role in defining your risk tolerance. If your risk tolerance has changed, please let your financial advisor know so that they can work with you to determine if changes to your financial plan or investment strategies might be necessary.
Your Personal Financial Calendar for January:
Write down the major financial events you anticipate in the next few years. That will help guide a discussion about whether your portfolio reflects your short- and long-term goals
Update your personal net worth to account for any significant changes in the past year.
Double-check your employer-sponsored retirement plans. When determining how much to contribute, make certain to check whether your employer offers a matching program.
Your financial advisor can help you to navigate changes in your life and how they might impact your financial planning and goals.
ABLE accounts are now available for people with qualifying disabilities originating before age 46. Effective January 1, 2026, the ABLE Account age limit was raised from disability diagnoses made before age 26 to before age 46. The ABLE account helps people with disabilities who qualify to have up to $100,000 in the account and it grows tax-free with withdrawals also not counted as income against other benefit programs such as SSI, FAFSA applications, or Medicaid. The higher age range helps people with mental illness, traumatic brain injuries, veterans’ injuries, and other disabilities which may have been diagnosed after age 25 to have more financial security and to pay for a range of living expenses. If you or a family member have a qualifying disability that was diagnosed before age 46, your financial advisor may help to provide more information and guidance. This vehicle might potentially be used in accordance with a special needs trust in financial planning for people with disabilities. This information is provided for educational information only and not a recommendation of advice for any individual. You may need to consult tax and legal professionals in addition to your financial advisor to help avoid accidentally disqualifying from other benefits received.
Changes to Parent Plus Loans May Impact College Planning.Part of the OBBA, beginning in July 2026, the federal Parent PLUS student loan program will have a lifetime borrowing cap of $65,000 or $20,000 per year per dependent student (for new loans taken on or after July 1). This could potentially lead some parents to not have sufficient funds for their children's education. Formerly, the Parent PLUS loan enabled borrowing up to the full cost of attendance. Existing Parent PLUS borrowers who took out loans before July 1, 2026, can continue borrowing at their existing terms until 2028. Parents who take out loans after July 1 will only have access to the standard repayment plan and will not be able to enroll in the new Repayment Assistance Plan, which the Department of Education is rolling out to replace existing income-driven repayment plans. Speak with your financial advisor about how these changes may impact your college savings plans.
January is National Financial Wellness Month. As we start the year, review your financial habits and speak to your financial advisor about your relationship with money and how we might help you toward your goals.
Beware of Online Imposter Scams: If you are contacted (unsolicited) by an unknown person purporting to be an investment professional who is encouraging you to join an investment club/group via an encrypted chat app, do not join. These is a major uptick in imposter scams whereby scammers encourage investors to contribute as much money as possible from their investment and bank accounts into "get rich quick" schemes. These scammers may start out by investing the money into a well-known, highly traded security but then devolve into low-priced, low traded and/or highly risky securities. They may "pump and dump" the securities, manipulating the market for the low-traded security so it rises in price, only to dump it so the stock declines, leaving the investor unable to trade and thus losing all money. Speak with your financial advisor honestly about any approaches made and investment opportunities offered. Be mindful that people online may not be who they say they are. Update the security settings on online apps and devices so that people cannot add you to unsolicited groups.
2026 Financial Market Holidays: Thurs January 1 - New Year's Day, Mon January 19 - Martin Luther King Day, Mon Feb 16 - President's Day, Fri April 3 - Good Friday, Mon May 25 - Memorial Day, Fri June 19 - Juneteenth, Fri July 3 - Independence Day, Mon Sept 7 - Labor Day, Thurs Nov 26 - Thanksgiving (note: early market close 1 pm Nov 27 Black Friday), Fri Dec 25 - Christmas (note: early market close 1 pm Dec 24 Christmas Eve)
Please note that while banks, post office, federal and state offices are closed on Columbus Day (Mon Oct 12) and Veterans Day (Wed Nov 11), the stock market is open. Please be mindful that no mail will be delivered to our offices on these dates and certain operational processes may be impacted by bank closures.
2025 may have brought changes to your life- birth or adoption, marriage or divorce, death of a loved one, new job, retirement, and more. While these changes are top of mind, it may also be important to consider other possible changes: to beneficiaries on accounts and insurance policies, account titling or new account opening, and to potentially update (with your attorney) wills and other estate documents to reflect current wishes. If you have changed jobs, speak with your financial advisor about any retirement accounts you may have left behind to learn about your options. And, for those fortunate to see an uptick in compensation, you may wish to change your contribution levels to retirement plans. Your financial advisor can provide additional information and assist you toward making decisions for your personal circumstances. This information is provided for educational purposes only and is not intended as personalized advice for any individual.
"Trump Accounts" for Babies Available Soon. Trump Accounts are new, tax-advantaged savings accounts for children born between 2025 and 2028 who are American citizens and have a valid social security number at time of application. The accounts will be funded with a $1,000 contribution from the federal government. Family members and others may contribute to the accounts, a maximum of $5,000 per year. The money will be invested in low-cost index funds. At the age of 18, the money will be available to the beneficiary child for education, retirement, or other goals such as purchasing a home. To apply for the account and receive the $1,000 contribution for their child, the parent/guardian may complete a new tax form 4547 when filing their 2025 income taxes or, later in 2026 once available, apply via a special portal at trumpaccounts.gov. Please be aware that this information is provided for educational purposes only and that the account is not managed by your financial advisor at the current time.
With the rising prices of new cars, borrowers may seek to extend the loan period. It is not uncommon now to see people stretch the payment period to 6 or 8 years. Cars are a highly depreciating asset, and this extra time not only accumulates a significant amount of interest, but may leave the borrower with an older vehicle in need of significant and costly repairs outside of the warranty period. Before making such a major purchase, discuss with your financial advisor ways to do so strategically.
Beginning the week of January 7, the US Department of Education will begin sending out wage garnishment notices to defaulted federal student loan borrowers. This is the first time since the pandemic that such collection efforts will be made. The federal government is also able to claim federal income tax refund payments as well as social security retirement and disability benefits in their collection process.
The Centers for Disease Control and Prevention have noted that the average lifespan for women is 81.1 years and 75.8 for men, as of 2023. It's important for women to speak with their financial advisor about this gap, as it could have significant impact on their needs for income, long term care, and the possibility of living alone in retirement. These issues may be exacerbated by age differences in married couples, as an example. We are here to listen and to help. Let's navigate this important life matter together.
Happy New Year - please note that the financial markets will be closed on New Year's Day, January 1.
From all of us - wishing you the joys of the season and a bright New Year ahead. Thank you for being a part of our success in 2025 and for your continued trust and confidence. The opportunity to serve you is a gift that we cherish. May you be blessed with all good things and the good health to enjoy them.
On December 17, we were grateful for the privilege of supporting Hope House with advisors and associates contributing $5,000. For 55 years, Hope House has been providing services and resources to help those suffering with addiction and substance use issues. Their lasting and positive impact on our communities helps to make recovery possible.
Beginning January 1, 2026, full retirement age for those born 1960 and after will be 67. Speaking with your Empire Financial Advisors financial professional about your retirement needs, including when to claim social security benefits, is important.
Now is a great time to talk with your Empire Financial Advisors financial advisor about your New Year's Resolutions. Whether you are focused on saving and budgeting, tax strategies, estate planning, risk management, establishing income streams, charitable gifting, or other goals, we'd be pleased to help you navigate the course.
On Thursday, December 11, financial advisors and associates of Empire Financial Advisors enjoyed our annual holiday gathering at J&A in Saratoga Springs. It was a great evening of camaraderie and celebrating another year of making a difference. It's a wonderful thing to enjoy the people with whom you work!
Please note the following financial market holiday hours and plan accordingly for any money movement or trading settlement needs: The financial markets will close early at 1 pm on December 24 (Christmas Eve) and will be closed all day on December 25 (Christmas Day). Please note that the stock market will be open regular hours on New Years Eve (December 31), with the bond market closing at 2 pm. The financial markets will be closed all day on New Years Day, January 1.
Financial Success Redefined: Living debt free is becoming one of the most common personal definitions of "financial success". As goals such as home ownership may be delayed until middle age (the median age is now 40 for first time home buyers largely due to high costs and lack of inventory), people might establish other goals. A financial advisor may help you to define your objectives and provide personalized advice toward your goals.
As costs continue to rise, it's important to discuss with your financial advisor your withdrawal rate from your retirement account(s) and whether adjustments may need to be made, in consideration of other sources of income.
We are pleased to welcome two experienced financial advisors to our firm, Joseph Vidarte and Harrison Xu. Both advisors joined in November from Merrill Lynch and will be based in the Saratoga Springs, NY area. Please see their bios under “Team Members” to get to know them. It’s great to have them aboard!
It is important to keep your guard up whenever receiving calls or texts regarding your bank and credit card accounts. New fraud activities are rising rapidly. The callers claim to be from bank fraud departments, credit union help desks, or credit card security departments and can be very convincing. They may contact you via a “spoofed” phone number, which may even match the one on your bank statement or credit card. These calls are generally “urgent” and are designed to catch you off guard. Do not give out your log in credentials, account numbers, or other information – even if the caller has some of your information such as a partial account number or your name. Never give permission to anyone to remotely access your computer. Treat each call as suspicious. Hang up and call your bank or credit card issuer directly at a number on your statement to see if they are trying to contact you - do not call numbers provided by these callers or texters. These calls often start as brief text messages. Legitimate personnel at your bank or credit card issuer will not ask you for your log on credentials, one-time passcodes, or ask you to approve transfers from your account to another account or make you log on to “safe” websites. Again, treat every call or text as suspicious. As always, no need to be polite – hang up. Check your credit card and banking statements frequently. Set alerts for all transactions, not just large ones. Change passwords frequently. Securely shred documents.
Be Mindful of Ghost Tapping Scams: New Scams are Emerging with Tap-to-Pay Technology. Scammers have several approaches: They may bump or brush past someone in a crowded location with a hidden reader, triggering a payment from the victim’s tap-enabled device. They might pose as vendors, charity collectors, or door-to-door sellers and insist on tap payments — then charge far more than the buyer expects. In more sophisticated schemes, scammers trick victims into entering card details into phishing apps or links, add them to mobile wallets they control, and then make unauthorized tap-to-pay purchases — even without the physical card present. Storing cards in RFID holders may help to prevent them from being read. Refuse urgent tap-to-pay vendors where you cannot see the amount you are being charged (such as if someone is selling candy supposedly for charity). Always be cautious when clicking on online links and check statements frequently.
Wallets Have Fallen Out of Favor as a Holiday Gift: Once a standard annual gift at the holidays, physical wallets are losing popularity. According to Juniper Research, about half of the people worldwide are using digital wallets, which that number expected to grow 35% by 2030. Adults 24 and younger are most likely to pay with their phones, using them to make 45% of their purchases, according to a 2025 report from the Federal Reserve (across age groups, mobile phones were used for 23% of payments). Cash now accounts for just 14% of all purchases.
Despite inflation and rising costs, Black Friday was a success this year. Boosted largely by online shopping, and the earlier availability of special sales, sales reached record levels. Foot traffic in traditional brick-and-mortar stores continues to decline as shoppers generally turn toward online convenience and the growing use of AI tools to assist them in finding deals on items they want.
Traveling soon? Get REAL! Travelers going through airport security checkpoints without a REAL ID or passport will face a $45 fee starting Feb 1.
Year End Tax Planning may help you to maximize your financial outcomes for the year, especially if you have had major life changes. Contact your financial advisor for assistance. Please note the following, which is provided for general educational purposes only and is not intended to provide specific advice for any individual:
·         If you purchase health insurance via the Affordable Care Act, December 15 is the last day to enroll in or change a health insurance play through the marketplace for coverage that starts on January 1, 2026.
·         Your financial advisor may assist you with a variety of considerations at year-end that may help to lower your tax burden. December 31 is the year-end deadline for many significant financial actions to count for the 2025 tax year. These may include, but are not necessarily limited to:
-          Required Minimum Distribution (RMD) – Withdraw the necessary amount from traditional IRAs, 401(k)s and other retirement accounts to avoid penalties if born on or before 1/1/52 (turning 73 or older in 2025). Those turning 73 in 2025 can defer their first RMD to 4/1/26.
-          401(k) contributions made via payroll deduction must be made by 12/31 to count for the 2025 tax year. Your financial advisor can assist toward ensuring the appropriate amount is withdrawn.
-          Charitable contributions – tax-deductible contributions must be made by year end to count for 2025 tax year.
-          Tax loss harvesting – A strategy to sell investments at a loss to offset capital gains. Please seek professional advice before taking any action.
-          Roth conversions – Any pre-tax Roth IRA conversion must be finalized by December 31 to count for 2025 tax year.
-          Deductible expenses must be paid by 12/31 in order to count for the 2025 tax year. This may include strategic purchases of equipment by business owners.
-          2025 contributions to IRAs – please note that contributions to Traditional IRAs may be made by 4/15/26. Please be sure to write “2025 contribution” on the memo field of your check to help ensure it is deposited to count for the appropriate tax year. Speaking with your financial advisor before year end is important if you have concerns about taxes. There may potentially be strategies to assist you.
Medicare beneficiaries anticipate higher premiums in 2026. This may erode the 2026 Social Security Cost of Living Adjustment (COLA) of 2.8%, as healthcare costs are rising ahead of general inflation. Higher income retirees will face additional expenses through Income Related Monthly Adjustment Amount (IRMAA) surcharges. Social Security dependent retirees may wish to speak with their financial advisors to re-evaluate their current Medicare coverage and potentially adjust withdrawals, but please note the deadline for making changes to Medicare open enrollment is December 7. Those who are still working are generally urged to continue to save for retirement and higher healthcare costs to be less dependent on Social Security as a source of retirement income
.Holidays are happy times but are also times that scammers take advantage. Be mindful of emails containing links and attachments, as these may contain viruses. Be careful of fundraisers by phone. Be wary of too-good-to-be-true online advertising for popular items at extremely low prices – these are generally scams designed to get your information. Never give out your personal information such as account numbers, credit card numbers, social security numbers by phone. If anyone calls threatening you about turning off your utilities or for unpaid taxes, hang up. If someone is asking for “electronic vouchers” including asking you to purchase gift cards, this is a scam. Avoid placing checks out in your mailbox and putting up the flag, as people drive around to steal checks – mail instead from the post office or set up recurring payments with your utility and other companies. Credit cards have greater fraud protection than debit cards, so consider payment methods carefully. Be mindful of any “urgent” requests, a hallmark of fraud.
If you are cleaning out documents from your home, please be sure to shred them carefully before disposing. Never just toss documents containing personally identifiable information in the trash. A cross-cut shredder that turns them into confetti is more secure than one that creates long strips which can be pieced back together. Look for shredding events in your community, which are generally more available around Earth Day in April.
Bonus Tax: If you are fortunate enough to receive a year-end bonus, you may be puzzled as to why it may seem to be taxed at a higher rate than your regular pay. Employers are required to withhold more upfront on supplemental wages as a tax estimate. When you file your tax return, everything is reconciled based on your actual tax bracket. Taxpayers may then receive part of that upfront withholding back.
With winter weather coming, please be reminded that we offer phone and videoconference appointments to help you remain on track toward your financial goals. Other online services which might be helpful this winter include: many houses of worship now offer livestreamed services, you can borrow e-books and audiobooks online through various library apps, and many grocery chains offer online ordering and delivery services. Stay warm and safe!
Mail Call: It’s important to read your statements regularly, and online digital statement delivery is available. However, if you prefer to receive your statements in hard copy, but have difficulty getting to your mailbox, this information may be helpful: If you become sidelined by a medical issue or disability and become unable to get your mail at the curb, the USPS has a program whereby you can receive at door delivery. This requires obtaining a doctor’s note and completing a form to be reviewed and approved by your local postmaster. To request door delivery, you need to submit PS Form 1528, Request For Exception To Current/Proposed Delivery Mode Due To Physical Hardship and the required documentation, including a statement from a doctor. The doctor's statement should indicate you are unable to collect your mail from a curb or centralized mailbox. Both your form and the doctor's statement must be delivered either in person or by mail to the Post Office™ that delivers your mail for approval or denial. Final determination on whether or not door delivery will be granted will be made by the Post Office. Request letters should be addressed to:
POSTMASTER
UNITED STATES POSTAL SERVICE
<YOUR CITY, STATE AND ZIP CODE>
Note: Any approval will be temporary and must be renewed annually (further information can be obtained from the local Post Office).
The IRS has announced its 2026 Tax Brackets and Standard Deductions (IRS.gov, 2025):
Speaking with your financial advisor, accountant, and tax preparer may assist you with tax planning.
Standard Deduction. For tax year 2026 (returns filed in 2027), the standard deduction increases to $32,200 for married couples filing jointly. For single taxpayers and married individuals filing separately, the standard deduction rises to $16,100 for tax year 2026, and for heads of households, the standard deduction will be $24,150.
(Additionally, for tax year 2025, the OBBB raises the standard deduction amount to $31,500 for married couples filing jointly. For single taxpayers and married individuals filing separately, the standard deduction for 2025 is $15,750, and for heads of households, the standard deduction is $23,625.)
Marginal Rates: For tax year 2026, the top tax rate remains 37% for individual single taxpayers with incomes greater than $640,600 ($768,700 for married couples filing jointly). The other rates are:
35% for incomes over $256,225 ($512,450 for married couples filing jointly);
32% for incomes over $201,775 ($403,550 for married couples filing jointly);
24% for incomes over $105,700 ($211,400 for married couples filing jointly);
22% for incomes over $50,400 ($100,800 for married couples filing jointly);
12% for incomes over $12,400 ($24,800 for married couples filing jointly).
The lowest rate is 10% for incomes of single individuals with incomes of $12,400 or less ($24,800 for married couples filing jointly).
Alternative Minimum Tax Exemption Amounts. For tax year 2026, the exemption amount for unmarried individuals is $90,100 and begins to phase out at $500,000 ($140,200 for married couples filing jointly for whom the exemption begins to phase out at $1,000,000).
Estate Tax Credits. Estates of decedents who die during 2026 have a basic exclusion amount of $15,000,000, up from a total of $13,990,000 for estates of decedents who died in 2025.
Adoption Credits. The maximum credit allowed for adoptions for tax year 2026 is the amount of qualified adoption expenses up to $17,670, up from $17,280 for 2025. For tax year 2026, the amount of credit that may be refundable is $5,120.
Employer-Provided Childcare Tax Credit. For tax year 2026, the OBBB significantly enhances an important credit for employers; it increases the maximum amount of employer-provided childcare tax credit from $150,000 to $500,000 ($600,000 if the employer is an eligible small business).
Other notable items affected by indexing
Earned Income Tax Credits. The tax year 2026 maximum Earned Income Tax Credit (EITC) amount is $8,231 for qualifying taxpayers who have three or more qualifying children, up from $8,046 for tax year 2025. Revenue Procedure 2025-32 contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.
Qualified Transportation Fringe Benefit. For tax year 2026, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $340, up $15 from 2025.
Health Flexible Spending Cafeteria Plans. For tax years beginning in 2026, the dollar limitation for voluntary employee salary reductions for contributions to health flexible spending arrangements increases to $3,400, up $100 from prior year. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $680, an increase of $20 from tax years beginning in 2025.
Medical Savings Accounts. For tax year 2026, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,900, up $50 from tax year 2025 – but not more than $4,400, an increase of $100 from tax year 2025. For self-only coverage, the maximum out-of-pocket expense amount is $5,850, up $150 from 2025. For tax year 2026, for family coverage, the annual deductible is not less than $5,850, up from $5,700 for 2025; however, the deductible cannot be more than $8,750, up $200 from the limit for tax year 2025. For family coverage, the out-of-pocket expense limit is $10,700 for tax year 2026, an increase of $200 from tax year 2025.
Foreign Earned Income Exclusion. For tax year 2026, the foreign earned income exclusion is $132,900 up from $130,000 for tax year 2025.
Annual Exclusion for Gifts. For tax year 2026, the annual exclusion for gifts remains at $19,000. (However, the annual exclusion for gifts to a spouse who is not a citizen of the United States increases to $194,000 for calendar year 2026, up $4,000 from calendar year 2025.)
Happy Thanksgiving from All of Us at Empire Financial Advisors - May this be a time to reflect on the important things in our lives - family, friends, health, homes and hearth. As we gather around our tables, we will keep each of our clients in mind. We are grateful for the opportunity to be a part of your lives and to make a difference toward your goals. May you be blessed with all that is good. Have a safe, happy, and meaningful Thanksgiving making memories. Please note: The financial markets will be closed on Thanksgiving Day and will close early on Friday at 1 pm.
Qualified Charitable Distributions - Investors over age 70 might wish to speak to their financial advisor about Qualified Charitable Distributions, a strategy which may help to reduce taxable income while taking their RMD and benefiting a cause important to them. This information is provided for educational purposes only and is not intended as personalized advice for any individual.
Capital Gains Estimates - Many companies have posted their 2025 capital gains estimates for mutual funds and ETFs on their websites. Contacting your financial advisor to discuss your capital gains may help to enable strategies that may be taken before the end of the year to help lessen your tax burden, which may include but are not necessarily limited to tax-loss harvesting and charitable gifting of appreciated shares. Speak with your advisor about your individual circumstances. This information is provided for educational purposes only and is not intended to provide personalized advice for any individual.
Non-Itemizers Could Potentially Benefit from Waiting Until 2026 to Make a Charitable Contribution. Possible Reasons to Wait Until 2026 (for Non-Itemizers)
Starting in the 2026 tax year, a new law, often referred to as the "One Big Beautiful Bill Act" (OBBBA), introduces an "above-the-line" deduction for cash contributions to qualifying charities, even for those who do not itemize their deductions.
New Deduction for Non-Itemizers: You will be able to deduct up to $1,000 if you file as single, or $2,000 if you are married filing jointly.
No Current Benefit: In 2025, if you claim the standard deduction (as an estimated 90% of taxpayers do), you do not receive any federal tax break for cash contributions. By waiting a few weeks until January 2026, those donations could become deductible, offering a potential tax saving (e.g., a married couple donating $2,000 could save around $440 if in the 22% tax bracket).
Documentation Required: You will need to keep records, including a contemporaneous written acknowledgment from the charity for gifts over $250. Those who itemize deductions will not see this benefit, so it is likely that it may be better for them to make a contribution in 2025. Your financial advisor can discuss with you a number of different charitable and gifting strategies including those which may provide further benefits including in 2025, please give them a call. This information is provided for educational purposes only and is not intended to be advice for any individual. Check with your financial advisor before taking any action in regard to your money.
Some possible considerations to help make the most of your generosity at year end- your situation may vary: Donating appreciated assets such as stocks or other appreciated assets may help you to avoid capital gains taxes while you support a charitable cause that is important to you. Itemizing deductions and using donor-advised funds may help you to reduce your taxable income while optimizing your charitable impact. Charitable contributions must be made by December 31 to count toward this year's tax return. Your financial advisor can assist you toward the charitable strategy that works for your individual circumstances. Please call soon as the year end is rapidly approaching! Seek professional advice before taking any action in regard to your finances - this information is provided for educational purposes only and is not intended to be personalized advice for any individual.
Be Mindful of Medicare Open Enrollment Scam Calls. Fraudsters are using "spoofed" local numbers to call about open enrollment for Medicare Advantage Plans. When you pick up the phone, there may be a pause and then a sound like a popping bubble which means it may be a foreign call being patched through, They won't generally leave a voicemail and if you were to use caller id and call the number back, you might find it is a number not in service. NEVER give out your personal information to someone on the phone including your account or policy numbers, social security information, or other personal information. Additionally, do not say "yes" as you voice may be cloned to open accounts. Remember, there is no need to be polite - just hang up.
After 230 years, the final pennies were minted in Philadelphia on November 12. Certain stores are implementing plans to make change in favor of the customer or are even offering gift cards in exchange for pennies, in fear of being able to make exact change for customers paying cash.
The 2026 401(k) employee contribution limit is $24,500, an increase of $1,000 from 2025. For those aged 50 and over, the catch-up the catch-up contribution limit rises to $8.000. The combined employee and employer contribution limit for defined contribution plans is $72,000.
2026 contribution limits
Standard employee contribution: $24,500 (up from $23,500)
"Catch-up" contribution (age 50+): $8,000 (up from $7,500)
Total (age 50+): $32,500 ($24,500 standard + $8,000 catch-up)
"Super catch-up" contribution (age 60-63): $11,250 (This limit remains the same as 2025)
Total (age 60-63): $35,750 ($24,500 standard + $8,000 catch-up + $3,250 from the 2024 super catch-up limit)
Defined contribution plan limit: $72,000 (up from $70,000). This is the total from employee and employer contributions.
Important notes
The standard limits for 401(k)s, 403(b)s, and most 457 plans are the same.
For high-income earners over 50, catch-up contributions will automatically be treated as Roth contributions, which are made with after-tax dollars.
As one of the most expensive financial goals, it's important to discuss your retirement planning with your financial advisor.
Beginning in 2026, New York State students will have to take a personal finance class as a high school graduation requirement. Numerous schools in the state have had this requirement for some time. A study from consulting firm Tyton Partners and nonprofit Next Gen Personal Finance found that taking just one personal finance class in high school leads to an average lifetime benefit of about $100,000 per student. And that number may be conservative, according to CNBC.
Tax bomb for student loan forgiveness recipients? A 2021 provision in the American Rescue plan that made student-loan forgiveness tax-free is set to expire in January 2026. The Trump Administration resumed student-loan forgiveness for borrowers on income-based repayment plans in early October. The Department of Education resumed processing relief for borrowers who reached the required number of payments after pausing the program earlier in the year. Notably, the discharge notices that borrowers received said that the date they completed their qualifying payments would be considered the effective date of the relief. So, if a borrower reached their qualifying number of payments in 2025 but did not receive relief until 2026, they would not face new taxes due to the 2025 effective date. Senator Elizabeth Warren is calling on the IRS to use its authority to prevent the expiration. Should the provision lapse, borrowers who received forgiveness could potentially face thousands of dollars in taxes. A development to watch.
A Transamerica study shows that more than half of middle-class Americans prioritize paying off their various types of debt above other financial priorities, such as retirement savings. Not all debt is created equal and having some debt can be functional. Discussing your debt and savings with your financial advisor may help to develop a plan incorporating your multiple financial goals.
President Trump is floating the idea of 50-year mortgages to help bring more affordability to younger people in the housing market. The housing market has seen low turnover, people staying in their homes longer, and the first-time home buyer age rising toward middle age. The 30-year mortgage has been around since 1949. While not yet available, a 50 year mortgage may help to lower monthly payments. For illustration purposes only: Using an average rate of 6.22% for a 30 year mortgage, if we applied that to a 50 year mortgage: Using $200,000 home value, 20% down payment, 6.22% interest rate, the monthly payment for 50 year mortgage would be $1143 versus 30-year mortgage monthly payment of $1257, a difference of $114/month, $1368 a year.
Despite inflation and other economic issues, economists anticipate a record holiday spending season in November and December, exceeding $1 trillion. Consumers generally prioritize spending on family.
Important Financial Issues for November/End of Year: Overspending on Holidays: November marks the beginning of the holiday shopping and travel season (Thanksgiving, Black Friday, Cyber Monday, Christmas). A major issue is the risk of impulse purchases and spending beyond your means, leading to new or increased high-interest credit card debt. Forgetting FSA Deadlines: Many Flexible Spending Accounts (FSA) operate on a "use it or lose it" basis by December 31. Forgetting to use remaining funds on eligible medical or dependent care expenses means forfeiting that money.Missed Tax Opportunities: The year-end is the last chance to make moves that might help to reduce your tax liability for the current year (2025). Missing deadlines for retirement contributions or charitable gifts means losing potential deductions. Speak with your financial advisor about potential gifting strategies and your retirement accounts.Required Minimum Distributions (RMDs): Individuals age 73 or older who have tax-deferred retirement accounts (traditional IRA, 401(k), etc.) must take their RMD by December 31 to avoid potential penalties.
The IRS Has Declared 2025 a "Transitional Year" for Reporting Tip Information. Under the new One Big Beautiful Bill Act (OBBB), which was signed into law in July 2025, employers are expected to report new details about cash tips and qualified overtime compensation on their tax returns. However, the IRS and the Department of the Treasury have announced penalty relief for the 2025 tax year since many tax forms have not been updated and employers are still putting systems in place for reporting.
New York State Has New Legislation on Algorithmic Pricing Disclosures in Effect on November 10, 2025. Businesses that use algorithms to personalize prices based on consumer data must disclose this clearly to customers.The required disclosure is: "THIS PRICE WAS SET BY AN ALGORITHM USING YOUR PERSONAL DATA". A separate law, effective December 15, 2025, prohibits landlords from using algorithmic pricing software to coordinate rental prices or lease terms.The law bans software that collects and analyzes rental data from multiple landlords to recommend prices or other terms.
November is Often Open Enrollment for Employee Benefits. While open enrollment periods may differ, many companies offering calendar year benefits that begin January 1 of the following year will have open enrollment periods in November. This is an opportunity to review the offerings and determine to what you might like to subscribe and/or change. Examples might include HSA Plans, health insurance, or other benefits.
Upcoming November Holidays: November 11 is Veterans Day. We are forever grateful to all who served to protect our freedoms. Your personal sacrifices are never forgotten. Please note that the stock market is open on Veterans Day, however there will be no mail delivery, and many banks will be closed. Therefore, it is essential to plan ahead for any money movement needs. Thursday, November 27 is Thanksgiving and our office and the financial markets will be closed. The financial markets will close early at 1 pm on Friday, November 28. As we gather around our tables with family and friends, we will remember with sincere gratitude each of our clients whose trust, confidence, and loyalty to our business is greatly appreciated.
Empire Financial Advisors Care and Share. While each financial advisor is independent, we collaborate often to share strategies to help our clients, with individual advisors teaching others. Together, we strive to bring our clients new ideas and opportunities. On Monday, November 3, Chris Davison, Adam Knaust, and Lisa Tennant led our session, each sharing their knowledge and experience with the other advisor attendees.
If You Don't Need the Money from Your RMD. Depending on your age, you may need to take a Required Minimum Distribution. Some investors do not need the money yet. Your financial advisor is able to discuss your options. These might include, but are not necessarily limited to, setting up a taxable brokerage account to invest toward the future (you may need more money in retirement than you think), contributing up to the limit to a Roth IRA for a grandchild who has earned income, contributing to a grandchild's college savings plan, donate up to $108,000 for 2025 to a qualified charity directly from your Tradition IRA (the qualified charitable distribution will count toward your RMD and will not be included in your taxable income - please note this distribution is only for IRAs and is not for 401(k) plans or other qualified plans), potentially purchasing an annuity for a future income stream (your advisor can discuss the benefits and risks), making gifts to others such as family members up to the gift exclusion rate, spending some or all on things you enjoy or perhaps need to repair in your home. Whether you seek to invest toward the future or to manage taxes, it's important to have a conversation with your financial advisor on what might make sense for your personal situation. This information is provided for educational purposes only and is not intended to provide advice to any individual.
Read Your Statements. One of the fastest ways to catch fraud is to read your statements, such as online credit card or debit card statements. If you see small, unknown transaction charges, these may potentially be "phantom payments" where a scammer is seeking to see if the small charge goes through before making a larger purchase. Contact your credit or debit card company. Remember, credit cards have greater fraud protections than debit cards.
Receive a Bonus or Windfall? If you receive a bonus at work or perhaps a windfall such as a gift or bequest from a relative, there are numerous decisions to make. Your financial advisor can assist toward helping you make this important decision. Some considerations might include: contributions to personal or workplace retirement accounts, investing, establishing or building an emergency fund, paying down or off debt - particularly higher interest debt such as credit cards, establishing education savings plans, saving toward a major goal such as a down payment on a house or a dream vacation. You might even seek to mitigate risk such as through insurance. How can we help?
Student Loan Debt Rising and Ways to Combat It. Student loan debt has been consistently rising, and college costs have been outpacing inflation. Some ways to reduce the amount that a student/parent may need to borrow include, but are not limited to: maximizing grants and scholarships, considering community college for the first two years, accelerating the degree timeline (such as graduating in 3 years instead of the traditional 4), living at home, enrolling online instead of on campus, and working part-time. Your financial advisor may provide assistance with college savings strategies - starting early is important.
November 1 is Coming Fast - Approximately 42 Million People to Lose SNAP Benefits Unless Action Taken. SNAP, also referred to as food stamps, is a federal assistance program which provides food benefits that approximately 42 million people rely on. SNAP is slated to run out of money on November 1. Food banks, already stressed by furloughed workers, are bracing for the impact. The government shutdown is currently the second longest after the 2018-2019 shutdown of 35 days.
Fed Anticipated to Cut Interest Rate Despite Not Having All Data. The Fed is expected to cut interest rates 1/4 point this week despite not having the Consumer Price Index data on inflation due to the federal government shutdown. Other sources of data including the lagging indicator of jobs data are being evaluated.
Social Security 2026 Cost of Living Adjustment Announced. Social Security benefits and Supplemental Security Income (SSI) payments for 75 million Americans will increase 2.8 percent in 2026. On average, Social Security retirement benefits will increase by about $56 per month starting in January.
Be Alert: Recent Social Security Mailing Scam. in October 2025, a fraudulent mailing was sent to social security recipients. The letter was on official-looking stationery with forged signatures of Supreme Court Justice John Roberts and Associate Justice Sonia Sotomayor, It contained concerning language stating the recipient's social security number was compromised, would be suspended, and that the recipient is being investigated for criminal activity. The letter also states the recipient will be responsible for any financial losses incurred. It urges prompt contact and the providing of personal information. This is fraudulent - the hallmarks of fraud are often the following: threats, a sense of urgency, and requests for personal information. Fraudulent efforts often seek to upset people and to catch them at a vulnerable moment. Protect your personal data. If you ever receive a mailing from any purported government agency or from a company, contact the organization at the number on file - not the number in the letter/email/online popup.
Buy Now Pay Later to be Added to Credit Scoring. Buy now, pay later (BPNL) opportunities are often available in online shopping checkouts. This payment option enables a purchaser to spread payments out into smaller amounts over time. The purchase amount is generally fairly low, and therefore the payments tend to be lower, which might entice someone to buy more. However, even small payments can add up and it may become difficult to track multiple balances. Previously, if a payment was missed it was not included in credit score calculations. That is changing this fall. FICO and Experian will now be including BNPL in credit scoring calculations, so be mindful to pay on time and to be mindful of the frequency of use.
As Precious Metals Climb in Value, It's Important to be Educated - Precious metals such as gold and silver have increased in value lately. This is based on a variety of factors such as increased global turmoil, industrial demand, and economic uncertainty. When a certain asset class receives a lot of publicity, fraudsters often enter the picture. Be very cautious against any unsolicited "get rich quick" schemes and high-pressure sales tactics. You may be considering selling gold or silver items you have at home such as jewelry, flatware, or other decor - but stay vigilant against schemes. It is important to deal with a reputable dealer, checking qualifications and reputation such as through the Better Business Bureau. If looking to sell gold, for example, being able to visit a reputable, local dealer may potentially be less risky than sending off your valuables in the mail to someone online (loss of package, you don't know where it is going, etc.). It's important to be educated about the process. For example, review the gold "spot price" by checking online websites and applications regularly. Be aware of gold purity - that the most valuable gold is 24 karat, but that is generally too soft for jewelry making. Most jewelry is 14 or 18 karats. Look for the karat marking on your jewelry to see what you have. You might potentially use a digital scale at home to weigh your gold. This might give you a very rough estimate of what you have (please note that dealers have specialized scales that may be more precise). Before visiting a dealer, you may want to sort your jewelry by karat weight and write down (for your own information) an inventory of each item, the estimated weight, and the karat. Be mindful to get estimates from several reputable dealers before making a transaction - avoid feeling pressured to sell and avoid lowball offers (that's why it is so important to do some homework before engaging). Understand that a reputable dealer would be transparent in their weighing and testing methods - they would do it in front of you and explain the process. Ask about any hidden fees or "fine print" terms and conditions. You are generally able to negotiate the offer, which is why getting several estimates may be helpful. You are not obligated to sell your jewelry and, unless you urgently need the money, may want to watch what experts are saying about potential forecasts for the precious metals marketplace to consider if you wish to wait or not. We are not dealers in precious metals but are providing this general background educational information to help raise awareness and to help you potentially avoiding being taken advantage of. Your financial advisor may assist you in discussing ways to access the precious metals marketplace through investments. Please note there is never any guarantee that such an investment will rise in value or provide a profit. Weigh carefully benefits and risks before investing. This information is provided for educational purposes and is not a recommendation for any individual. Seek professional advice before investing or taking any action in regard to your money or other assets.
Monday, October 13 is Columbus Day. The stock market is open. The bond markets are closed. There is no mail from the US post office. Banks are closed. Plan ahead for any money needs or transfers.
Periodically, We Like to Provide Information About Protecting Yourself from Common Scams:-It is against labor law for employers to ask for payment for training or any other deposit as a condition of employment. This may be a telltale sign for an employment scam. As the labor market has slowed, beware of phony ads - if a job seems to good to be true, it probably is. Avoid providing personal data online or by phone such as social security numbers, banking information, or credit cards. -If you have been on dating sites, social media and have been building relationships and suddenly someone offers their expertise about investments with large returns with little risk, such as in cryptocurrency or another product, do not provide any information. This is a sign of fraud. Obtain financial advice from a qualified financial advisor, not from someone online. - Be mindful of anyone who calls to say they accidentally deposited money into your account and need you to go to your bank to withdraw the money so they can come to your house to pick it up. - Beware of celebrity endorsed weight loss gummies and fake online testimonials. Most celebrities do not handle their own social media accounts and are not seeking your friendship online. The FTC has recently created rules about such false testimonials. - Monitor your credit and debit card statements regularly and add fraud protections such as texts from your bank should there be any "odd" charges attempted. Please note that credit cards generally have stronger fraud protections than credit cards. - Be aware of any popups, including those accompanied by alarm sounds, that may appear on your computer screen purporting to be from tech support. These popups may ask you to click on a link or to call a number. Restart your computer to make it go away. Do not call the number, click the link, or allow the alleged "tech support person" to have remote access to your computer. They may access your personal data or install malware, as well as demand significant amounts of money to restore your computer. Major tech companies will not send popup messages, emails, or other communications regarding problems with your computer. Be sure to change your passwords frequently and to utilize two factor authentication. - Be mindful of ads with free prizes for which you have to pay the shipping, such as a reward for taking a survey. These ads generally seek for you to enter your card information and then you will receive a card declined message once they have received your information. Ignore any attempts to gather your information such as sweepstakes, free trips, or other awards that require payments before being awarded. - The IRS and government agencies will not threaten you for immediate payment. If you had a taxation issue, they would offer a payment plan. The same with utility companies. Anyone bullying you by phone to make immediate payments is a sign of fraud. Hang up. - If someone calls and simply asks, "Can you hear me?" Hang up. They are trying to get you to say "yes" so that they can clone your voice to take out loans or other fraudulent acts. - Avoid clicking on links or attachments from unknown email senders. Be mindful of minor changes in legitimate email addresses or websites which may indicate fraud. - If you seek to buy or sell anything on an online marketplace, meet at a police station to make the exchange. - If anyone calls pretending to be a grandchild who has been arrested and needs bail money, hang up. This is a common scam targeting the elderly. Remember, anyone who calls you, you have the power to hang up the phone - no need to be polite. - These are just some of the common scams. Be mindful of those in your local area which may be covered by your local news. Stay vigilant and protect your personal and financial data!
Have You Forgotten a 401(k) at a Past Employer? This may seem like an odd question, but because people generally change jobs more frequently than in the past, it may be possible that a 401(k) balance was left behind. If you think you may have done so, you might consider contacting your former employer to ask. Speak to your financial advisor for education about your options of what to do with an account that was left behind.
Federal Government Shut Down. On Oct 1, the federal government shut down due to Congress not passing appropriation bills to extend spending. Social security and Medicaid programs remain in effect. In the short term, SNAP (formerly known as food stamps) is unaffected. While some agencies are closed, such as museums and national parks, others remain open but may have skeletal crews and/or slower processing times for new applications. Historically, during brief shutdowns, the financial markets were generally not significantly impacted. Diversification may help to reduce risks. Jobs data will not be released on Oct 3, which may lead to concerns that economic policy may be made without important information. This information is provided for educational purposes only and is not intended to provide investment advice or recommendations to any individual.
Retirement Hits Differently for Singles. Due to divorce, being widowed, or never having married, a large number of people will need retirement advice as single people. Single people have different retirement needs because they generally must fend for themselves, without the safety net of another person's income or savings. Your financial advisor can assist toward developing a budget, discuss ways to maximize retirement savings, and look at opportunities to potentially enhance income in retirement. You don't have to go it alone - your financial advisor is here for you.
Diversification? When we use the word "diversification", we basically are discussing ways to divide money over multiple asset classes or securities, so as not to put it all in one basket. This helps to mitigate concentration risk. Having more than one financial advisor does not necessarily mean your assets are diversified: you may be overweighted in a particular asset class or security. It is important to be honest with your financial advisor so that portfolios are not working against each other, tampering down benefits or increasing risks.
Living Paycheck-to-Paycheck: Due to factors such as rising food prices, wage stagnation, a lackluster labor market, high fixed costs such as for debt repayment and housing, many households are living paycheck to paycheck. This includes people who were formerly financially stable. This leaves little money for savings or a financial cushion once bills are paid. If your financial situation has changed, this may impact your tolerance for risk as well as your financial goals. Please update your financial advisor should your financial situation change, and this may necessitate changes to your financial planning and strategies.
Social Security Conversation with Your Financial Advisor: Through May 2025, there has been a significant increase nationally in first-time social security filings, which may have been driven by fear or uncertainty. Combined with recent staff cuts toward reducing government spending, there may potentially be longer wait times by phone. There have been stricter identity proof procedures as well. If you are considering filing for social security earlier than full retirement age or are concerned about the potential for the social security to be unavailable or that benefits might be reduced by the time you retire, it's important to discuss your concerns or plans with your financial advisor. Changing your plans may impact your financial plan and necessitate a change in strategy. Retirement planning is one of the most expensive financial goals, as retirements can last for decades. Your financial advisor is pleased to discuss your thoughts and ways in which social security income might potentially be supplemented. How can we help?
Now that it's September and we’ve had time to digest the 887-page law passed this July, here’s a snapshot of the provisions that may impact you: 👉 TCJA provisions now permanent, including tax brackets, standard deductions, and the 20% pass-through deduction 👉 2025 standard deduction increases—$15,750 (single), $23,625 (head of household), $31,500 (married filing jointly) 👉 Senior bonus deduction—up to $6,000 more for taxpayers 65+ (through 2028) 👉 SALT cap raised—up to $40,000 (2025–29) for incomes under $500K 👉 Child Tax Credit boosted—$2,200 per child, with up to $1,700 refundable 👉 Estate & gift exemptions increased—$15M individual / $30M married (effective 2026) 👉 Small business incentives—permanent 20% QBI deduction, Section 179 expensing raised to $2.5M, and 100% bonus depreciation Several provisions are temporary (expiring 2028–29), so proactive, coordinated strategies remain essential.
FAFSA: Kickstart your 2025-2026 school year by diving into the Free Application for Federal Student Aid (FAFSA)! Your FAFSA application helps to unlock access to financial aid areas like grants, scholarships, work-study opportunities, and federal student loans. It's free and the key to qualifying for financial aid. Don’t forget to check your state and school deadlines. To get started on your application, visit studentaid.gov.
Charitable Gifting Enhanced by Strong Markets: Charitable giving continues to be a major force for good. In 2024, donations in the U.S. reached $592.5 billion, reflecting the impact of strong financial markets. From individuals to corporations, generosity remains a key part of the economy.
Social Security COLA: Social Security's cost-of-living adjustments tell a story about inflation's ups and downs. From 0% in 2016 to a peak of 8.7% in 2023, these annual COLA changes reflect the economic reality millions of retirees' experience. The current forecast shows 2.7% for 2026, but we'll know for certain in October. Unlike many tax rules that haven't kept pace with inflation, Social Security benefits have been automatically adjusted since 1975. It's a powerful example of what "adjusted for inflation" can mean in practice.
Q4 is Here: Schedule an Appointment to Discuss Year-End Financial Matters. With the summer behind us, now is a good time to refocus on financial matters as we head toward year-end. September is life insurance awareness month and your advisor may help to review existing policies as well as to consider options for first-time coverage. Perhaps you are interested in learning more about protecting your assets through risk management which might include long-term care and disability insurance. Maybe your risk tolerance has changed and you want to discuss your portfolio. If you have significant gains, we can collaborate with your tax advisor about potential tax-loss harvesting opportunities. You may want to review retirement plans including optimizing workplace and personal retirement plan contributions. Or maybe your child or grandchild's education planning is top of mind. We look forward to assisting you with your personal financial matters - please let us know if there is anything that is causing you concern or stress in regard to your finances. We are here to help. This post is for general educational purposes only and is not intended to provide individualized financial advice. Please make an appointment with your financial advisor for more information and to discuss your individual circumstances.
AI May Help Fraudsters - Stay Vigilant. While Artificial Intelligence ("AI") can help provide greater efficiency in tasks, it may also be utilized for nefarious purposes. Enhanced technologies may mimic people's voices, gather personal information, and create realistic looking and sounding communications. Some red flags that the message is fake is a real sense of urgency and an extreme threat such as an arrest, tax or social security penalty, termination of utilities or other services, or some other hardship. If unsure whether a communication is true or not, contact the agency or person at the number on file - not the number given in the communication. Always protect your personal information and do not give it out via phone, text, or email to an unknown person.
Back to School is a Great Time to Include Financial Lessons for Children. Teaching children age-appropriate fundamentals about money is important. Even younger children can learn through an allowance for chores, saving in a piggy bank toward something they want now, and having a bank account for the future. Having conversations about money might help establish comfort with the topic and increase knowledge. For example, explain that while you can withdraw money from an ATM, money needs to be earned and placed into the ATM and that it is not unlimited. Pre-teens might be given a debit card with a preset limit which enables them to have some freedom in spending while learning about budgeting. As teens grow and get their first jobs from babysitting to landscaping to restaurant work, conversations about taxes, tips, checking accounts, credit and more might be helpful. Involve your teen in the college finance process so that they might make informed decisions about loans. You might even bring older children when you meet with your financial advisor so that they understand the role an advisor might play in wealth creation and management. At each age and stage, money plays a role - and being informed may help toward laying a solid foundation for future decision-making.
Did You Know Your Financial Advisor Completes Annual Continuing Education? The financial industry is dynamic. Keeping pace with new products and services, legislative changes, new compliance regulations and more is an important part of our work. Your financial advisor is required to complete annual continuing education to keep abreast of updates. This includes courses through our broker/dealer, LPL Financial, and through FINRA. Additionally, advisors who hold state insurance licenses or advanced credentials must take additional continuing education.
It's Not Too Early to Discuss Year-End Gifting with Your Financial Advisor. If you wish to make gifts to charitable causes or to loved ones, having a year-end gifting strategy is important. There are ways to give which may help to potentially reduce taxes as well as gifting limits to keep in mind. You do not need to wait until December to make gifts, so you are able to plan ahead and help to ensure gifts are processed on time. It may be helpful for not-for-profit organizations to receive gifts now. You may be able to assist family members with medical expenses, educational expenses, and more. Contact your financial advisor to learn about gifting strategies that may be available to you as part of your taxation and estate planning. This post is provided for educational purposes only and is not intended to provide personalized advice for any individual. LPL Financial advisors do not provide tax advice. Seek professional advice before taking any action regarding your finances.
Annual Empire Day at the Track a Success. Thank you to those who attended the annual Empire Day at the Saratoga Racetrack. Saratoga is an historic summer place to be, and we enjoyed camaraderie with advisors, clients, and guests. It was nice to spend some leisure time together and celebrate the end of summer.
September is an Important Time in the Markets. Data such as jobs, inflation, and consumer costs may help to shape policy – and may move financial markets up or down. There is anticipation of a potential rate cut, which could help to reduce borrowing costs, but until that decision is made by the Fed mid-month it is not a “sure thing”. Stay tuned and keep in touch with your financial advisor who can discuss how this data may impact your personal situation.
DOGE Dividends and Tariff Rebate Checks? Unless legislation is passed by Congress, don’t count your financial chickens before they are hatched. While news media, including social media, may mention potential checks, it is important to note that there is no pending legislation to release such funds to the American public at the current time. The initial goal of cost savings and tariffs was to help reduce the overall governmental debt, so policymakers generally need to assess all sides of the issue before making any moves.
Say Yes to the “Mess?” Before agreeing to be a member of a bridal party, it’s important to know the expectations of your role – including the financial expectations. For example, will you be expected to shell out for an engagement party, extravagant group gift, destination bachelorette trip, spa treatments, couture attire, fancy bridal shower, wedding week in a faraway place, and pay toward the bride’s dress or honeymoon? Historically, showers were simple affairs at someone’s home or backyard, you would pay for your bridesmaid’s dress, and chip in toward a gift. It generally did not “break the bank”. Now, expectations have changed, and some brides expect their “big day” to be a series of fancy events culminating in a celebrity-level wedding. This can leave members of the bridal party shouldering big debt balances on their credit cards, even taking out personal loans. And, if you are asked to be in more than one wedding per year, this can create a negative impact on your finances. Some younger investors find themselves with significant debt that was not even used for themselves, impacting their ability to pay bills, pay student loans, finance their own goals such as a home or advanced education, and more. While an honor to be asked, if you cannot afford to be part of a budget-busting bridal dream, politely decline. Of course, not every bride has such visions, and your participation may not be so expensive. Knowing before you commit what is expected may help you to make the best decision for yourself and avoid a personal financial “mess”.
If It Sounds Too Good to be True, It Probably Is. Influencers and celebrities may advertise opportunities, some promising quick returns or fancy lifestyles. It is important to do due diligence before investing or sending money into any scheme. Just because someone is popular on social media, does not necessarily mean they are living the luxurious lifestyle they promote. If something sounds too good to be true – such as all reward, no risk – it likely is. Speak with your financial advisor to receive guidance and perspective.
To Buy or to Rent? That is the Question. When thinking about purchasing a home, many focus on the down payment. Before you even walk in the door of the new home, you need to consider the mortgage closing costs, attorneys fees, appraisal fees, title fees and more. There are many more ongoing expenses to consider and save toward: maintenance, insurance, landscaping, furnishings, property taxes, any applicable homeowner association fees, and more. One of the biggest costs is not monetary – it’s your time. Unless you can afford to pay someone else to do the work, how much time do you wish to devote to lawnmowing, gardening, painting, cleaning, and other tasks? You also need to consider garbage pickup and other costs. Home ownership means if something breaks or needs replacement, it’s on your dime. Owning a home is not without its perks, however. Homes may increase in value over time. Owning a home may help to increase your credit. You may have the freedom to, within the law and any homeowner association covenants, do whatever you want to the home in terms of décor and modifications. Owning a home builds equity, so if you wish to borrow money, you have collateral as well as if you choose to sell, you might realize a potential profit. Homeowners typically have higher net worths than non-homeowners. If you itemize your tax return, you may be able to deduct certain expenses like mortgage points and real estate taxes. Due to the tight housing market and the lack of desire for household maintenance and the difficulty in moving if you own a home, many are considering renting. Renting may mean you need a security deposit, the first month’s rent, and sometimes even a second month’s rent on top of that just to move in. Renting while more restrictive in the freedom to decorate and modify, may enable more mobility if you are unsure about a new location or job. You do not build equity by renting, so while rents may increase, you don’t own anything for future sale and do not share in any potential profits should the property be sold. Renting may alleviate the time needed for maintenance as well as enable the ability to just call someone else if something breaks or needs to be replaced. There are benefits and risks to both home ownership and renting, and each should be considered carefully. Your financial advisor may help you with making an informed decision. This information is provided for educational purposes only and is not intended to provide advice for any individual.
Living Gifts: Should I Give Some of My Money Away Before I Die? Giving away money before death is a common estate planning strategy known as "lifetime gifting" or "early inheritance". This estate planning strategy may be very helpful to your heirs who may need the money now as they purchase homes or pay for family expenses such as schooling or paying off debt. Please be mindful that unequal payments to different family members may cause unintended conflict. Once money is given away, it is out of your control. Lifetime gifting can provide potential financial benefits and personal satisfaction, but it requires careful planning to account for tax consequences, eligibility for public benefits like Medicaid which has a 5-year lookback period, and your own long-term financial security. Your financial advisor, along with an estate planning attorney and tax accountant, may assist you in providing more information about what might be beneficial for you to consider in your individual circumstances and understanding different strategies which may include, but may not necessarily be limited to, gift tax exclusion, trusts, asset titling, medical payments, and more. Please seek professional advice before taking any action regarding your finances. This post is provided for educational purposes and is not intended to provide advice for any individual,
What is an Economic Moat? An economic moat is an advantage that a company may hold over its competitors such as patents, capital position, brand recognition, or an extensive distribution network. Just as a castle might have a moat around it to protect its stronghold, an economic moat may help the company to maintain a strategic position. There are no guarantees that an economic moat will ensure profitability, as it is important for the company’s management to utilize that advantage effectively in changing market conditions and against competitive threats that may emerge.
Harvest Season is Not Just for Crops: What is Tax Loss Harvesting? If an investor has positions in a portfolio that have decreased in value since being purchased, selling the investment realizes the capital loss, which helps to make it eligible for offsetting capital gains from investments that were sold for a profit. If the capital losses exceed the capital gains, investors can utilize up to $3,000 ($1,500 if married filing separately or single) of the excess losses to reduce ordinary income. Any capital losses remaining after offsetting gains and ordinary income can be carried forward indefinitely to offset income or gains in future years. Proceeds from the sale of the losing investment can be reinvested, but not into a substantially identical security (to avoid the wash sale rule) within 30 days. The IRS wash-sale rule prohibits claiming a loss if selling a security at a loss and then buying the same or a "substantially identical" security within 30 days before or after the sale. This rule applies across all accounts, including IRAs, and even to purchases made by a spouse. Tax loss harvesting may help to enable tax savings, portfolio rebalancing, and reinvestment of the money saved on taxes toward future growth. Tax loss harvesting is a strategy that is generally best suited for investors with taxable investment accounts and significant capital gains, particularly those in higher tax brackets. Having good cost basis data is important when implementing this strategy. Seeking professional advice from a financial advisor and tax preparer is essential toward ensuring proper execution of this strategy. This information is provided for educational purposes only and is not intended to provide advice for any individual. LPL Financial advisors do not provide taxation advice.
Holiday Shopping Might Wreak Havoc on Finances Plan Ahead to Prevent “Buyer’s Remorse”It can be easy to get caught up in the festive spirit of the holidays, only to have “buyer’s remorse” when the bills start arriving. Having a plan before heading out to the stores or logging on to online shopping websites may help prevent wreaking havoc on your finances. Setting a budget is key. Making a list of people for whom you plan to buy gifts and what you plan to buy may help to stave off impulse purchases. Another tip may be to stick to that old adage, “Something they want, something they need, something to wear, something to read”, which limits gifts to 4 and helps to manage recipient expectations. Some extended families build traditions instead, such as gathering to make gingerbread houses, performing a service project for the community, or going caroling. They might pick a name out of a hat and only purchase a gift, with a pre-determined limit, for one person. Many people have more than enough “stuff” and would value instead the gift of time or talent, such as sharing a meal with an elderly person or performing maintenance tasks at no cost around their home. When entertaining, it needn’t be expensive – many friend groups and extended families have “potluck” gatherings where everyone brings a dish to share so that nobody is burdened with the entire cost. Hosting a “cookie swap” where everyone brings 2 dozen cookies and attendees assemble platters from each variety is a fun way to celebrate. Planning ahead may also be a time when considering your credit cards and whether any balance transfer offers might be available, enabling 0% interest to pay them off more quickly. It should be noted that balance transfer offers are generally made to people with good-to-excellent credit and may not enable the entire high debt balance to be transferred to the lower rate. If you do not need months to pay off the card, this may not provide much of a benefit. While the holidays can be a time for fun, be mindful of going into excessive debt and buying a bunch of things people neither need, want, or – perhaps – appreciate.
Planning to Travel for the Holidays? Plan Ahead for Potential Savings. Travel costs such as airline and train tickets generally increase the closer you get to a holiday. If you are planning to travel for Thanksgiving or for December holidays, consider booking early. It is important if you have an out-of-town college student who may be seeking to travel home for fall holidays to review the school calendar and plan accordingly.
Have You Checked Your Credit Report Lately? Checking your own credit report is considered a "soft" inquiry and does not impact your credit score. You can obtain a free credit report from each of the main credit bureaus once per year. Checking your credit report at least annually for accuracy is important. It can help to identify any errors or issues, which can be helpful to clean up in advance of a potential large purchase such as a mortgage or car loan. If your data may have been compromised in a data breach, it can help stop identity theft. You can help to ensure that data is being accurately reported such as after a major event such as a divorce or when you have paid off a large debt.
Are You Aware of the Amount You Can Contribute to Your 401(k)? Some considerations before the end of the year: Changes in recent years enable higher 401(k) contributions than in the past. These contribution limits are based on age. For 2025: For employees under age 50, The maximum investors can contribute in 2025 is $23,500. The overall limit for both investor contributions and employer's contributions is $70,000. For employees age 50 and older, Investors can make an additional catch-up contribution to their 401(k). This extra contribution depends on investor's specific age: Ages 50-59 and 64+: Investor can contribute an additional $7,500, bringing your total to $31,000 ($23,500 regular contribution + $7,500 catch-up contribution).Ages 60-63: Investor can contribute an additional $11,250 (if your plan allows), bringing the total to $34,750 ($23,500 regular contribution + $11,250 catch-up contribution).The total contribution limit (including catch-up contributions and any employer contributions) for those aged 50 and above is $77,500.The total contribution limit (including enhanced catch-up contributions and any employer contributions) for those aged 60-63 is $81,250. Important Notes: These limits apply to contributions across all 401(k) plans an investor may have. These limits do not affect the amount the investor can contribute to an Individual Retirement Account (IRA). It's important for investors to consult with their plan administrator or financial advisor to understand the specific rules and options available within their particular 401(k) plan.
Do You Have an FSA Account at Your Workplace? An FSA account is used to set aside pre-tax dollars for paying for qualified health expenses such as medical co-pays, dental, and vision care. Some plans enable paying for childcare. If the dollars are not utilized by the end of the benefit period (generally, year-end), the money is lost ("Use It or Lose It"). Therefore, if you have an FSA account at work, you might wish to check your balance and plan ahead for Q4 expenditures.
September is Life Insurance Awareness Month. Life insurance may play an important role toward ensuring your family's financial security. If you do not have a policy currently, consider how certain life events such as marriage/domestic partnership, having children or adopting, purchasing a home, and other factors might suggest the importance of protection. For example, if something happened to you, how would your income be replaced? How would there be money for educating your children? How would expenses such as mortgage and daycare be addressed? If you already own a policy, consider whether it continues to protect your growing assets and changing family as needs may change over time - circumstances such as marriage or divorce, birth or adoption, starting a business, earning a promotion or higher income, retirement (where you might potentially change from income replacement life insurance to am estate planning or final expense type of policy), or even a change in health may all be reasons to consider updating your policy. If you have not had your policy reviewed in a while, your advisor may be able to help you possibly obtain more coverage for a similar premium or potentially reduce your premium. We work with numerous insurance companies and assist with a variety of insurance strategies. Your financial advisor will work to assist you in determining the coverage level and type of policy which may make sense for your individual circumstances and goals.
Looking Ahead to the Fall, Some Important Deadlines and Considerations: FAFSA: The Free Application for Federal Student Aid (FAFSA) for the 2026-2027 school year is expected to be available October 1, 2025. It's crucial to file as soon as possible, as some financial aid is awarded on a first-come, first-served basis. Corrections/Updates to FAFSA: If you've already submitted the 2024-2025 FAFSA and need to make any corrections or updates, the deadline is September 14, 2025. Scholarship applications: A wide variety of scholarships have deadlines in September. Please be mindful that the tax deadline for estimated quarterly taxes through August 31, 2025 is September 15, 2025. Please be aware of any open enrollment periods for your employer benefits such as 401(k) enrollment or changes in health insurance plans; some may begin in September.
Did You Know: 529 Plans Have Evolved in Recent Years. Formerly used for college savings, there are now more opportunities where 529 Plans may help: Withdrawals from a 529 savings plan can be used for college and K–12 qualified expenses. Qualified expenses include tuition, fees, room and board, and related costs. The SECURE Act of 2019 expanded tax-free 529 plan withdrawals to include registered apprenticeship program expenses and up to $10,000 in student loan debt repayment for account beneficiaries and their siblings. The SECURE Act of 2022, passed as part of the 2023 omnibus funding bill, permits rolling over up to $35,000 of unspent funds in a 529 account into a Roth IRA account. The account must be at least 15 years old to qualify. Please be mindful that 529 Plans may vary by state. Your financial advisor may provide additional information.
"Any Time Money is in Motion, Contact Your Financial Advisor". This rule of thumb is a general guide for when to contact your financial advisor. Birth, adoption, death, marriage, divorce, remarriage, domestic partnership, major purchase such as a home, inheritance, taking out a loan, debt consolidation, loan payoff, risk mitigation - and the list goes on - these are all times when financial decisions are being made. There may be certain aspects of the decision-making process that you have not considered and your financial advisor may assist you. You are never bothering your financial advisor - this is what we do: provide financial advice. We are here to help.
Back to School Season is Here. School shopping for supplies and clothes can be expensive. Taking stock of what you may already have at home may help save, as supplies and equipment may be able to be reused. Establishing a budget may help to guide choices, including for teens who may shop by themselves. This is a timely opportunity to teach financial literacy to children, such as saving, spending, the use of credit, and more. The years fly by quickly and discussing tax-advantaged educational savings plans with your financial advisor for secondary school, trade school, and college may help to give your child/grandchild a good start. We wish all students a terrific year of learning!
Monday, September 1, 2025 is Labor Day. The financial markets will be closed - along with banks, the US post office, schools, federal and state offices. Please plan ahead for any distribution, trade settlement, or money movement needs. Labor Day became a federal holiday in 1894 by President Grover Cleveland to honor the social and economic achievements of American workers.
I am About to Retire, Should I Pay Off My Mortgage? It may seem like a great idea to save the monthly expense by paying off your mortgage if you are about to retire. This requires careful consideration, however. If you have a low fixed mortgage rate (for example, your rate is 2.75%), it may potentially make sense to keep paying the loan and invest the assets instead. If you have a high mortgage interest rate (for example, 7.5%) and/or an adjustable rate loan, you might potentially want to consider paying off the loan. There are many factors that go into making the appropriate decision for you. Individual circumstances vary and seeking professional advice from your financial advisor before taking any action is prudent.
Did you know? You can purchase long term care insurance for your parents. Medicare does not pay for long term care including in home care, assisted living care, or nursing home care. As long term care costs continue to rise, long term care insurance may help to preserve family relationships and avoid the need to "spend down assets" and lessen the burden of caregiving. Ask your financial advisor for more information about being the payor for a policy for the benefit of your parent(s).
Looking for Economic and Market Commentary? Look no further than the Weekly Insights button on our website landing page. We are pleased to provide complimentary research from LPL Financial. Published weekly, you may keep pace with factors influencing the markets without political bias. Your financial advisor is pleased to discuss any questions you may have.
Women's Financial Health Matters: Women's financial health is often impacted by death, disability, and divorce - and risk mitigation may play an important role. Longer life spans emphasize the need for holistic financial planning to help ensure you are not just able to survive - but to thrive. From life insurance to long term care to estate planning and managing competing financial priorities, we are here to help. Make yourself a top priority and schedule an appointment. Together, let's move confidently toward the future.
Divorce? But They've Been Married for Many Years! A so-called "Gray Divorce", or divorce at age 50+, is no longer unusual, despite many years of marriage. In fact, this is one of the fastest growing divorce sectors. People may have evolved in different directions, no longer find connection after the children are grown and they are left alone together, don't want to tolerate substance abuse or infidelity or other marital strains, find they don't need to rely on their partner for anything including financially - the reasons older couples are divorcing are varied. It's important to seek professional help from a financial advisor as divorce in later years might have significant impact on retirement, benefits such as health insurance, long term care, legacy planning, beneficiaries and more. The legal distribution of assets determined by court order may erode savings and investment accounts. We're here to help you move confidently forward.
Scams and Fraud Alerts - Some Recent Updates for Awareness and Prevention: TSA Precheck - The initial enrollment fee for TSA Precheck requires you to visit an enrollment center, do not enter payments online or give information on the phone for enrollment. The busy summer travel season can be a time when increased fraud is seen in travel-related services. Amazon Prime - Emails, phone calls, and text messages alleging to be from Amazon support have been increasingly contacting Prime members seeking personal and payment information. These are not legitimate. Brushing - This is the receipt of unsolicited packages, often containing low value items. It is not unusual that online reviews using your name are made to promote the items. Be mindful that this may be an indication your information has been compromised. It is important to keep an eye on your statements (banking, credit card, other) for any unusual activity. This information is provided for general awareness to help toward preventing you from becoming a victim of fraud and scams. Protect your personal information.
Exercise Caution Before Clicking - New platforms available online may make certain investments easier to access - but are they suitable? Alternative investments, such as fractional shares in rental properties, may be readily available online. Promoting steady returns and appreciation, be careful before clicking or deciding to invest. These investments carry risks including potential loss of principal, are illiquid, and you lose control once your money is sent. There are no refunds. It may take years before a property is sold in order to realize any potential for appreciation. Namedropping of rich and famous folks may also be a sales strategy. Discuss any potential investment with your financial advisor so that we can review any concerns. The disclosure and disclaimer language may be in very fine print. Please note that even if an offering is filed with the SEC, that does not imply any kind of endorsement of the investment by the regulatory agency. Just because things are easy to access doesn't mean they are necessarily right for your circumstances.
Were You Raised That Talking About Money Was Impolite or Taboo? It can be challenging to talk about money if you were taught it was impolite or if superstitious that doing so would cause you to lose money. Your financial advisor can help you feel more comfortable talking about money not only with the advisor, but with your spouse or partner, with your children or family. It is important to have wealth conversations. To make it easier, these conversations might be centered around your values and what money means to you - for example, philanthropy, security and protection, leaving a lasting legacy. Please know that what you share with your financial advisor is kept confidential.
Be Careful When Using AI - Artificial Intelligence (AI) is making headlines these days. As new tools become available, it can be tempting to use them for all sorts of decision-making. Remember, that while AI may provide some benefits such as basic guidelines, results should be fact-checked. AI may generate outdated, false, or incorrect information. Further, it is important to not input any private information into AI tools, as they may lack security features and you do not know where you information may end up or how it might be utilized. Before taking any action in regard to your finances, seek professional help from a financial advisor.
Some Potential Required Minimum Distribution (RMD) Mistakes to Avoid with Retirement Plans: 1) Missing the Deadline – Your first RMD must be taken by April 1 of the year following when you turn 73. Mark your calendar because the penalty may be a 50% tax penalty on the missed RMD amount. 2) If you have multiple retirement accounts, it may be easy to overlook taking the RMD. Once again, a 50% tax penalty for overlooking the RMD awaits. 3)Miscalculation of the RMD amount can lead to underestimation of the amount to be withdrawn. The calculation is based on the account balance and life expectancy and working with a financial advisor may be beneficial. Taking too little of a distribution can also result in tax penalties. 4) Different types of retirement accounts may have different RMD rules. Depending on what types of retirement accounts you have, it’s important to know what is required. A Roth IRA, for example, does not require an RMD during the account owner’s lifetime, but a Traditional IRA or 401(k) has different rules. 5) If you inherit a retirement account, you may have to take RMDs and utilize the account within 10 years, depending on age and relationship. Tax penalties exist for not following the rules. It is important to understand what is required if you inherit a retirement account. 6) It is important to review and update your RMD strategy over time, as new tax rules and legislation may come into effect. You may also have a shorter life expectancy or have different income needs. Further, you may want to potentially consider retirement account consolidation to possibly reduce administrative fees and simplify RMD processing. Working with a financial advisor may help to enhance your understanding of RMD rules, develop a strategy, as well as assist with calculating the RMD amount. Seek professional advice before taking any action regarding your finances.\
Why do People Avoid Seeing a Financial Advisor? Some may avoid seeing a financial advisor because they are under the assumption that they already need to be wealthy in order to schedule an appointment. While some advisors may advertise that prospective clients must have a minimal level of investable assets, that is not generally the typical case. Some may think they might not understand financial terms and may feel intimidated. A good financial advisor provides education to their clients and answers questions. Others may feel hesitant because they have made financial mistakes and are afraid of getting a lecture. A financial advisor is not here to pass judgment, but to pave the way toward goals from where you are now. We are pleased to work with you and to help you toward your personal goals and objectives. Not sure how to get started? Contact us for a priority appointment.
As one of the most expensive financial goals, starting early toward retirement is important. We hear a lot about how social security may not be available by the time some individuals reach retirement, but that doesn't mean we should stop planning for retirement. Social security was meant to supplement retirement income, not be the entire income. While it may seem odd to focus on retirement when you get a first job or are in your 20s, the years will pass by quickly. Even small amounts saved over time might compound toward enhanced savings. Using automated savings, enrolling in available employer plans to benefit from possible matching programs, and seeking advice from a financial advisor are all ways to get started. Retirement may last for decades - what you do early to lay a foundation may have a lasting impact.
A Delayed Financial Decision is Still a Decision: If you procrastinate about a financial decision, that is a still a decision, a decision not to act. Lack of action on a financial matter may have a number of consequences including but not limited to: missed opportunities, the need to plan in a crisis situation when it may potentially be too late, the need to obtain money from other sources such as continued work or borrowing, enhanced risk. It's important to have enough "runway" when working toward a financial goal. Contacting a financial advisor is the first step. We are here to help.
Federal Borrowing Cap to Impact Education Borrowing Beginning July 2026, Plan Now: There is a new lifetime borrowing cap for federal student loans beginning in mid-2026 that may have significant impact on students pursuing graduate degrees. The lifetime limit is $257,500. Graduate students will be capped at $20,500 per year in unsubsidized loans with a lifetime maximum of $100,000. For those pursuing professional degrees such as medicine or law, borrowing will be limited to $50,000 per year and $200,000 over a lifetime.Parents taking out federal Parent PLUS loans will face a new cap of $20,000 per year per student, with a $65,000 lifetime limit. Currently, both graduate and professional students, as well as parents of dependent undergraduates, can borrow up to the full cost of attendance each year. The proposal would also eliminate Grad PLUS loans entirely, which now allow graduate students to borrow up to whatever expenses remain after other federal aid. College costs are continuing to rise and these gaps may likely grow larger over time.The biggest impacts are likely to be felt by those seeking to attend medical school, law school, dental school, veterinary school, and physical therapy programs which all generally cost more than the new loan limits enable.Parents with multiple kids may want to consider borrowing more now for students already in college to stay under the lifetime cap, which goes into effect next July. By borrowing more now, parents might save more toward future college bills, when borrowing limits will be in effect. In the past, federal student loans were typically considered the first option for student borrowers because they were generally more flexible and had more options for repayment. Now, taking a potential look at private loans may be potentially beneficial if the student envisions needing more than the federal limit will allow. Then, after the private loan, potentially consider the federal loan. Right now, private lenders generally are competitive with federal loan interest rates but that could change when the federal borrowing bap puts more demand on private loans. Comparing private loan options will be essential and some credit unions or not-for-profit lenders might offer lower rates. In the future, as demand rises, it could be possible that some will be shut out from private loan borrowing as the lenders could possibly have their pick of people seeking to borrow due to higher demand. Paying out of pocket or cutting costs by attending a less-expensive institution may help to avoid the federal loan limits. Parents with time before their students go to college may increase 529 education savings plan contributions or to Roth IRAs which might also provide potential tax-advantaged and penalty money. Gifting strategies, cash-flow planning, or low-interest rate lending by family members may also be helpful potential considerations to help avoid the need for private loans. Grants and scholarship searches become important strategies as well. Considering the amount of aid offered by a school may also become an important part of the college search, reducing overall costs and borrowing needs. Scheduling an appointment with a financial advisor to discuss education planning may be helpful toward considering options at this time before the federal cap is in place. Seek professional advice from your financial advisor before taking any action regarding your finances. Your circumstances may vary. Information is provided for educational purposes only and is not intended to provide personalized advice for any individual.
Be Mindful of Meme Stocks - A meme stock is a stock that has seen a price increase based on no fundamental reason other than discussion on social media or chat rooms. These stocks are subject to considerable volatility and may carry significant risk, as the faster they rise while being hyped, the faster they have the potential to fall once the hype is over.
FOCUS: The annual FOCUS flagship conference for LPL Financial will be held in San Diego this year in August. We are pleased that Tom Burdick, Lisa Tennant, Brigitte Murphy, and Gretchen Meyer-Thornton will be attending to enhance their knowledge, network with colleagues, learn important updates from home office professionals about technology, key industry trends, compliance, strategic planning, client service, and other important topics. Product partners will also be on hand to offer assistance and ideas toward addressing evolving client needs. Congratulations to all attendees.
Wills or Trusts or Both? As previously stated, August is National Make-a-Will Month, to bring attention to this important estate planning document. A will helps to distribute property after death and is used to name guardians for minor children. A will does not avoid the probate process and is public. If you become incapacitated, the will does not help you to distribute property since you are still alive. A trust can help in cases of incapacitation. Assets held in a trust bypass probate allowing for faster and more private distribution to named beneficiaries. In a trust, you can place conditions on when assets can be distributed, such as at a certain age or how much can be distributed at a certain time, which can help minor children or persons with special needs. Trusts are private, unlike the probate process. Some trusts may offer tax advantages, such as for larger estates. Unlike a will, assets must be formally transferred into the trust to be covered by it. Trusts may also involve ongoing administration and there may also be fees paid to the trustee. Trusts are generally more complex (and likely more expensive) to set up. Some people may wish to have both a will and a trust, combining the benefits of both. A will called a "pour-over will" can help ensure that those assets that were not moved into the trust are transferred to the trust upon death. Therefore, the guardian appointments made in the will and the ability to avoid the probate process are maintained. Your financial advisor cannot provide legal advice, so it is important to seek professional advice from an estate planning attorney to determine the documents that are right for your circumstances. This information is provided for general educational purposes only and is not intended to offer specific advice for any individual.
35% Canadian Tariffs Slated to Hit August 1 - If the proposed Canadian tariffs go into effect on August 1, consumers may possibly see higher prices on certain food items in the grocery stores as well as at the gas pumps. Canada supplies food products such as maple syrup, frozen foods, potatoes, beef, pork, canola oil and also supplies a large amount of oil to the United States. We cannot predict prices nor the amount of potential increases; It may be prudent to evaluate whether stocking up in advance on certain items you use to potentially mitigate possible price increases may be helpful to your budget.
Effective August 1, 2025, interest on student loans will begin accruing again for borrowers enrolled in the SAVE plan who have been in an interest-free forbearance period since July 2024. This change is a result of a federal court injunction against the SAVE plan. While interest will start accruing, monthly payments for borrowers on the SAVE plan remain paused under a general forbearance. This gives borrowers a short window to consider their options. The SAVE plan has been facing legal challenges and is essentially being phased out. Borrowers in the SAVE plan might consider their options prior to August 1, including, but not necessarily limited to, another income-based repayment program to strive to avoid much higher payments. This information is being provided for educational purposes only and is not intended to provide personalized advice for any individual.
While your financial advisor may not provide taxation advice, it is important to be familiar with some recent changes which may possibly impact your potential tax liabilities. Seek professional advice regarding your income tax return from a qualified tax professional such as your accountant:
Affordable Care Act may potentially be paying 2026 premiums that are a median of 15% higher. Additionally, the tax deduction for Affordable Care Act health insurance plans was not extended.
The IRS has been gradually lowering the reporting threshold for Form 1099-K which is used to report payments received through third-party payment networks like PayPal, Venmo, and online marketplaces. This does not include gifts or sharing expenses like splitting the check after a dinner out with friends, but reports money received for goods and services provided. In 2024 the threshold was $5,000; in 2025 it is $2,500, and in 2026 and after it is just $600 or more in gross payments.
Some people might believe that there now are no taxes on Social Security, and this is not the case. Recently, President Trump enabled a "senior bonus" for those Social Security recipients age 65 and above. Therefore, seniors under age 65 are not eligible for the bonus, even if they receive Social Security benefits and will see their benefits taxed of they meet certain income thresholds and not have the offsetting senior bonus deduction (example: age 62, 63, 64). People with significant income in addition to Social Security will see their benefits taxed. Other recipients will generally see their social security taxes reduced but not eliminated. Here's a general breakdown of some more rules of which to be aware: Some married couples may see both individuals being eligible for the bonus if they are both 65 and up, but they must file jointly to claim the senior deduction (married filing separately does not provide the deduction). Seniors must have a valid Social Security number to claim the deduction. Those with higher incomes face limits: The tax break would phase out entirely for single taxpayers 65 and older with a modified adjusted gross income at $175,000. It would phase out entirely for married taxpayers 65 and older with a modified adjusted gross income at $250,000. When your income climbs above the threshold, the deduction phases out at a rate of 6%..
August is National Make-A-Will Month, a timely reminder that estate documentation deserves your attention. A whopping 76% of Americans don't have a will. This can lead to unintended consequences for those with asset distribution and care for children. A comprehensive estate strategy can help preserve your legacy while helping manage the probate process. Consider reviewing your documentation periodically, particularly after significant life events such as marriage, divorce, or the birth of children and grandchildren. Our team can help your legal counsel facilitate comprehensive estate coordination. Remember, we cannot provide legal advice, but we are pleased to work in tandem with your other professionals such as your attorney and accountant to help with your estate planning.
When faced with the common inquiry "How are you?" many respond with a simple "I'm fine," concealing the true struggles they may be experiencing. Substance use and mental health disorders silently impact numerous families nationwide, often shrouded in stigma and seclusion. As financial advisors, we engage in various aspects of our clients' lives, orchestrating plans for significant life events like retirement or education while rejoicing in their joys such as new additions to the family. Regrettably, clients frequently omit divulging more profound challenges like those related to mental health and substance use disorders.It's crucial to recognize that seeking assistance for these issues carries no shame, judgment, or stigma from us. These are prevalent diseases affecting countless individuals. Together, we can explore avenues to access treatment, address financial considerations, and establish protective measures to safeguard assets and pave a path forward. As your professional advisor, any information you share remains strictly confidential. Utilizing health insurance for treatment does not entail disclosure to your employer by the insurance company. We stand ready to collaborate, potentially involving legal counsel to devise strategies like trusts for risk management.Please don't hesitate to share critical details that could impact your financial well-being. We are here to support you every step of the way. LPL Financial representatives offer access to Trust Services through The Private Trust Company N.A. an affiliate of LPL Financial. Empire Financial Advisors and LPL Financial do not provide legal advice. Please consult your legal advisor regarding your specific situation.
When approaching retirement, it's important to discuss your withdrawal strategy with your financial advisor. You may have a workplace retirement plan, retirement investment accounts with your financial advisor, savings, and other assets. Depending on where you withdraw from there may be tax implications. Additionally, you may need to sell investments and which securities to sell first is also an important piece of your withdrawal strategy. Your advisor might potentially discuss particular products which may help you to receive income in a disciplined approach. Withdrawing too much can cause financial strain down the line. Speaking to your financial advisor about your withdrawal strategy may help you to avoid mistakes and implement strategies toward helping your money to last longer.
While the Federal Reserve is generally expected to eventually cut interest rates in 2025, it's not certain whether they will begin in July. The minutes from the June FOMC meeting show a split among policymakers, with some open to a July cut and others preferring to wait. Factors influencing the decision may include inflation data, the impact of tariffs, employment data, and the overall strength of the economy. Cutting interest rates makes it less expensive to borrow money, which generally enables people to access less expensive credit, such as for a mortgage. When rates are lower, consumers typically tend to buy more and businesses access financing for expansion and other purposes, thus stimulating the economy. Interest rate cuts are only one of the tools available to the Federal Reserve for managing economic policy.
Snowball? Avalanche? Consolidation? Debt Management Strategies. The “Snowball” method for repaying debit is to pay off the smallest amount first, regardless of its interest rate. Then, apply the payment from the repaid debt to the next largest debt and pay it off. Thien apply that payment to the next largest debt and so on. This method may provide motivation as debts as progress toward resolving debt is visible. The snowball method, while motivating due to quick wins, can lead to paying more interest and potentially taking longer to become debt-free compared to other methods. Focusing solely on the smallest balance first, regardless of interest rates, means high-interest debts may linger longer, accruing more interest. The “debt avalanche” is another approach to debt repayment. The debt avalanche method is a strategy for paying off debt where you focus on paying down the debt with the highest interest rate first, while making at least the minimum payments on all other debts. When the highest interest debt is paid, you then roll that payment to the next highest interest debt and pay it off and so on. This approach prioritizes saving money on interest over time and may enable paying off debt in a shorter time frame. It may not be as immediately-gratifying as the snowball method, as it may take longer to pay off the higher interest rate debt compared to the lower balanced debt. You may also potentially not remain as motivated to stick with the repayment plan. Another potential debt management strategy is to consolidate your debt to a lower interest product to have one payment. Debt consolidation may temporarily lower your credit score as you close accounts and have less available credit. Any application for a new loan or card may produce a hard inquiry which can lower your credit score. However, some people find having one payment much easier. Explore the various methods of debt repayment and see which one might work for your personal situation so that you consistently work toward paying off your debt once and for all. Once debt is repaid, it is important to not get in significant debt once again. Seek professional advice before taking any action regarding your finances.
What is Credit Card Cycling and What Happens if You Do It? Credit card cycling is charging up to your card's limit and paying it off mid-cycle and then charging up to your card's limit again (For example, if you had a credit card with a $5,000 limit and you charged $5,000 then paid it off mid-month and then charged $5,000 again and paid it off at the end of the month, essentially charging $10,000 during the month). Banks view this as a red flag, because you are charging more than your limit per month and there is significant frequency in your credit usage beyond your stated limit. This adds to their risk and may be a sign of money laundering or other nefarious behavior. You might think you are using the card responsibly since you pay it off, or that you are able to generate more reward points by this behavior. Eventually, the bank may decide to close your card, to stop your rewards, or other penalty. The closing of your card may likely negatively impact your credit score. Instead of using credit card cycling, you might instead consider using more than one card or requesting a credit line increase. Using credit responsibly is an important part of financial health. Your credit score can impact the cost you pay in credit card interest rates, mortgages, and other loans as well as your overall ability to borrow money.
Filial Laws Exist in 27 US States and May Require Some Adult Children to Pay for Parental Long-Term Care. While generally inconsistently enforced, filial laws in certain US states may potentially hold adult children liable for paying for parental long-term care or medical care. There may be exemptions such as in the case of parental abandonment or past abuse. There may also be exemptions if adult children might be placed in significant financial hardship. Some cases exist, due to large bills, where the adult children were required to pay. It is important to know what the laws are in your state, if any, and to consult an elder care attorney to discuss. Your financial advisor is not able nor permitted to provide legal advice.
What Happens Next? The day after the retirement party and lunches with colleagues and all the fanfare of your retirement day dies down, what happens next? How will you fill your days? Some retirees struggle with this. Some may have an identity crisis as they are no longer defined by their job. Others may try different new hobbies to try to find one they enjoy. Some may seek to take many trips, spending money quickly. Some may find retirement lonely, as many of their friends are still working. It's important to not only plan financially but also plan mentally for retirement. Finding your purpose and your interests and developing a new routine may make a positive difference in retirement enjoyment.
Back to School Budgeting: Some Potential Ways to Save If your children go to a school where they wear a uniform, organize a uniform swap where parents can exchange outgrown uniforms for the next size. If your school does not provide free lunch for all, homemade lunches generally will enable savings throughout the year than purchasing lunch, especially if multiple children are in the family. Look for school supply sales earlier in the summer and stock up before the September rush. Join an online community where people give things away for free and request items you might need such as backpacks, locker shelves, binders and other items. If you drive your children to school, seek to form a carpool with others to save on gas. Review the school supplies your child brought home at the end of the last school year and see if any might be reused rather than repurchasing everything. Get your children involved in lemonade stands, car washes, or garage sales that can help raise money for school clothes while having fun - when they have some "skin in the game" they will likely be more appreciative of the items purchased and take better care of them.
Many parents do not have the empty nests they thought they would, as adult children move back home. Other parents may support adult children who may have moved out, but whose expenses may exceed their incomes, due to high costs of housing, student loans, and other issues. It's important to share these situations with your financial advisor, so that we might assist you in working toward your own financial goals such as retirement. Providing a full picture of your finances helps to determine important timelines and other factors.
Are you required to take a Required Minimum Distribution from your retirement plan and don't need the money? Speak to your financial advisor about opportunities that may be helpful to you to help keep the money growing, to help a charitable endeavor important to you, to educate a child, and other scenarios. Your financial advisor stands ready to assist you.
Summer is often a time for increased fun, travel, activity, and adventure. It may also be a time for increased injury. If you become hurt and unable to work, how will you pay your bills and provide for your family? The risk to your finances due to unexpected injury may be significant if you are unable to work for the short or long term. Speak to one of our financial advisors who is licensed for disability insurance to help close this gap.
No two changes in the One Big Beautiful Bill Act likely received more attention than "no tax on tips" and "no tax on overtime." Here’s a high-level overview of the tax changes that were passed: A new $25,000 deduction was created for tips starting in 2025 and ending in 2028. The deduction is reduced if your gross income exceeds $150,000 or $300,000 if married. Note: The tax on tips provision is allowed even if you take the standard deduction. A new $12,500 deduction (single filers) and $25,000 (married filing jointly) was created for overtime starting in 2025 and ending in 2028. Note: Like no tax on tips, the deduction is reduced if your gross income exceeds $150,000 or $300,000 if married. The new bill has added complexity to the tax code, and it is likely the IRS will issue guidelines on how to interpret the updated rules later this year. Consult a tax professional before taking action regarding your tax strategy.
The One Big Beautiful Bill Act included a few key tax law changes for business owners. One extended an existing tax law, one restored a provision, and one eliminated a requirement. Small Business Deduction: The new law permanently establishes the deduction of up to 20 perecent of qualified business income for sole proprietorships, partnerships, and S Corps. 100 Percent Expensing of Capital and Factory Investments: The bill restores the provision that allows businesses to expense 100 percent of capital investments made on or after January 19, 2025. However, some limits may apply. 1099-K: The new law sets the reporting limits at $20,000 and 200 transactions for transactions on cash apps. Note: The rule starts in 2025. It rolls back the $600 threshold set under the American Rescue Plan. Consult your professional tax advisor for your specific circumstances.
Automobiles were also included in the One Big Beautiful Bill Act. Here’s a “fast take” on the two key changes. Between 2025 and 2028, a $10,000 deduction on new car loan interest will be available, but some limitations apply (such as the car needing to be brand-new). First, the deduction will be reduced by $200 if your gross income exceeds $100,000 or $200,000 if you are married. Plus, the car's final assembly must occur in the U.S. to qualify for the deduction. EV credits for new and used cars will end after September 30, 2025. Note: Some EV home improvements (such as windows) and residential energy credits (adding solar) end after December 31, 2025. These new rules may influence how some of you view your current car or your future car-buying ideas. If that’s you, consider speaking with a tax professional who is familiar with the new rules before making any changes.
There was a basket of tax law changes for children included in the One Big Beautiful Bill Act that families may wish to review. Starting in 2025, the child tax credit is increasing to $2,200 from $2,000. The credit also has a COLA (cost-of-living adjustment) attached. The bill, which will take effect in 2026, increases the dependent care flexible spending account limit to $7,500 from $5,000. Note that the bill also raises the maximum percentage of qualified expenses for dependent care from 35 percent to 50 percent. The government will make a one-time $1,000 payment into an account for babies born between 2025 and 2028. Note: Parents can add up to $5,000/year. No withdrawals are allowed before age 18. The bill extends the 529 umbrella to cover non-tuition expenses related to elementary or secondary school attendance. In addition, starting in 2026, the cap for tuition-related expenses increases from $10,000 to $20,000. Consult your professional tax advisor before making any changes to your tax strategy.
One key feature in the One Big Beautiful Bill Act is the extension and revision of some of the tax laws that were part of the 2017 Tax Cuts and Jobs Act (TCJA). Here’s a quick summary of three interesting changes: The bill extends the current tax rates of 12 percent, 22 percent, 24 percent, 32 percent and 37 percent, respectively. If the TCJA expired, the rates were scheduled to revert back to 15, 25, 28, 33 and 39.6 percent.It also increased the standard deduction to $15,750 for single filers and $31,500 for those filing jointly for 2025. Both are a slight increase from the current rate. Note: The standard deduction will be adjusted for inflation starting next year. The SALT is increasing to $40,000 in 2025, and will increase 1 percent annually until 2030. But in 2030, the SALT will revert to $10,000. Note: SALT has a $500,000 threshold for both single and married filers. Having some familiarity with the updated tax rules may help when managing personal finances. Of course, it’s important to also consider working with a tax professional before making any changes to your tax strategy.
The new “bonus” deduction for older Americans has received a lot of attention since the One Big Beautiful Bill Act was passed on July 4. Here’s what’s changing for seniors with the new bill. Starting in 2025, the bill provides a $6,000 bonus deduction for filers 65 and up in addition to the standard deduction available to all taxpayers. The new amount will be $7,600, and $8,000 for unmarried/non-surviving spouses. Note: The bonus deduction ends in 2028. The deduction begins to phase out for individuals with incomes starting at $75,000, or joint filers with an income of $150,000. It phases out completely for individuals earning more than $175,000, and couples earning $250,000. It’s important to consider working with a tax professional who can show you how the new rule may apply in your specific situation.
There are corporate retirement plan strategies for business owners that enable them to put away more for themselves while benefiting employees. A corporate retirement plan may help to attract and retain quality employees, while enabling the business owner to also benefit. Speak to a financial advisor about the appropriate retirement plan structure for your business. There are retirement plan opportunities for businesses of all sizes from one person to many. Let's talk about the corporate retirement plan structure that may be right for your business.
Please be particularly cautious if contacted by alleged cryptocurrency companies regarding "your account". There have recently been scams in this area in the financial industry. Do not give out private information or wire money, provide banking information, or send in any money to these alleged companies. Exercise caution whenever contacted by phone or email concerning your finances - even if they may have, through a cybersecurity event, obtained some of your information and are asking you to confirm it.
Retirement spending is generally not the same across the years with different needs at different stages - planning with your financial advisor is important on this journey. With longer life spans, retirement can last for decades. Having a plan in place to support ongoing expenses is important. For many, the earlier retirement years up to about age 74 may consist of larger expenses dedicated to entertainment, travel, purchasing a vacation home or paying off a mortgage. These tend to be the more fun and active years where retirees are empty nesters and want to enjoy themselves. In order to support such a lifestyle, retirees will need a majority of their previous income level (consider about 80%). Spending too much in these years can erode financial security down the line, so it is important to speak with your financial advisor about income needs and sustainability. As retirees age, they may slow down and may consider downsizing the large house with all the stairs that no longer suits them, selling the second car they don't use, shedding the vacation home that they don't go to as often, or other assets. This may free up some money, but they may not be as active as they had previously been. What may creep in here is increased health costs or perhaps even the loss of their spouse. Speaking with a financial advisor may help to address loss of income such as spouse's social security or pension, as well as long term care needs. After 85, and again circumstances may vary but this is a generality, expenses for ongoing maintenance of a home (if still living in the house) such as landscaping, painting, repairs may increase as the home is prepped for living (adding accessibility devices or prepping the home for sale). Other expenses such as moving into assisted living or obtaining an aide in the home may be a major cost. Planning ahead for long term care expenditures is important. Medicare will generally not cover all needs. Retirement is a journey, and your financial advisor can walk alongside you throughout the different stages of retirement. Don't walk alone.
Health is Wealth. Preventative care, exercise, eating well, getting plenty of sleep, and remaining mentally healthy may help to add life to your years. Medical costs can wreak havoc on personal finances and getting regular checkups, adopting a healthy lifestyle, and investing in your personal care may make a difference in not only your enjoyment of life but in reducing expensive health costs down the line.
Celebrating a "Financial" Birthday? A financial birthday is a milestone age at which certain financial activities may begin. Beginning at age 50, catch up contributions to retirement plans may be made to enable increased savings. Beginning at 55, you may begin to contribute more to your Health Savings Account (HSA), provided you have not started to receive Medicare). At 59 1/2, you may begin to take penalty-free withdrawals from retirement accounts (which will be taxed as ordinary income). At 62, you are eiligible to withdraw (reduced) social security payments. At 67, you may withdraw full social security benefits. At 70, you may maximize the amount of social security you receive by delaying it. At 73, you may begin taking Required Minimum Distributions (RMD) from 401(k) and other retirement accounts. Your financial advisor can provide guidance as to what makes sense for your individual circumstances - these are milestones at which financial actions may begin but do not necessarily have to (other than the RMD at age 73). Talk with your financial advisor about your upcoming milestones and whether taking action is appropriate for your situation.
Business owners are often caught in a financial "tug of war" between business and personal financial needs. Do they reinvest in the business or in their own retirement planning? Are they appropriately insured to help ensure the ongoing survival of the business - and their family? Do they allocate their assets in the business - or personal savings and investing? A financial advisor can help with strategies toward balancing business owner financial needs. Financial advisors will even meet you at your business if you cannot get away - let's put an appointment on the calendar.
The newly passed "Megabill" may have some components which might impact your financial planning. Contact your financial advisor for more information about your retirement, estate, business, and educational planning.
When a spouse dies, it can be heartbreaking - there may also be numerous financial impacts that nobody likes to talk about but it's important to plan for them: If you are both collecting social security, do you know what the survivor benefits are? How will you replace lost income, such as the lost social security payment? Will you downsize the house to potentially take advantage of the step up in basis to eliminate/avoid capital gains? Have you considered that you will lose marital benefits when it comes to income tax filing (single versus married filing)? Have you thought about the potential for higher Medicare costs? These are all reasons to speak with your financial advisor and plan ahead so that you won't be negatively surprised when you are most vulnerable.
The time to start planning for nursing home care is generally well before you will ever need it. Depending on where you live in the United States, and the level of care needed, costs can be significant. While some very wealthy people might be able to privately pay for this care, most people could not pay, or at least not for a long time, for this care. So, what can one do? Seek professional advice. Empire Financial Advisors and LPL Financial do not provide legal advice. However, we can work in tandem with your attorney to help address planning for nursing home care. We can discuss along with your attorney ways to protect your assets from nursing home costs. Applying for Medicaid has a 5-year look-back period, so the time to do this is generally as early as possible to help avoid penalties. An attorney can help set up asset protection trusts, an example of which may be the life estate, which can put your home in an irrevocable trust to prevent it from being counted as an asset. Assets outside of a trust may be counted against you and therefore it is important to talk to your elder care attorney about the approach suitable for your circumstances and any pros and cons of each approach. State laws may vary. You may also want to discuss ways to potentially protect the spouse who is not applying for Medicaid so that they are not impoverished, which can be important if there is a much younger or healthier spouse. You may also talk with your financial advisor about long term care insurance, which can help to pay part of the costs. You may pay a portion out of pocket It may be a combination of approaches that pays for nursing home care. Even if you never need the care, putting plans in place for the possibility may be helpful for risk mitigation. This is not a conversation that people like to have, but it is an important discussion to help protect your hard-earned assets and family. Knowing your options may be helpful as you consider this important part of financial planning.
The financial markets will be closing early at 1 pm on Thursday, July 3 and will remain closed on Friday, July 4 in observance of Independence Day. Please make sure to request any money movement or transaction settlement needs in advance. On July 4, banks, federal and state government offices, the US post office, courier services will also be closed. Retailers and grocery stores may have reduced hours.
On Monday, June 23, Empire Financial Advisors financial advisors met in an investment roundtable discussion to share investment ideas and opportunities, to help address client needs in this time of changing geopolitical and economic events. This open sharing with peers is one of the benefits of working together, even though each advisor owns their individual practice, as we each might come away with new perspectives and ways to assist our clients.
Investing is generally not a “set it and forget it” undertaking. Things change over time, not only in your life or lifestyle, but in the world at large. Your tolerance for risk may also change. Consolidated security positions or a portfolio overweighted in a singular market sector may add risk. Diversification of investments, including (but not limited to) across industries and asset classes, may help to mitigate the risk of loss, including during periods of geopolitical turmoil. Although no investment is immune from the potential for loss, diversification may help to reduce the likelihood of a particular market event generating substantial loss. This may help to preserve wealth for you now, and for future generations to come. Your financial advisor may help you to diversify your holdings to help reduce risk. Schedule an appointment for a portfolio review.
Much of the United States will be affected by high heat the week of June 23, 2025. Please take precautions to help ensure your personal safety. Seek air-conditioned spaces – libraries, cooling centers, movie theaters may help those without air conditioning. Hydrate with plenty of water (please note that caffeinated drinks such as coffee or cola may dehydrate). Wear light, loose clothing. Avoid outside activities. Be mindful of signs of heatstroke which may include, but are not limited to, lightheadedness, dizziness, nausea. Check on vulnerable people including the elderly, pregnant women, young children, and those with underlying health issues who may be more susceptible to the heat. Keep pets indoors and provide plenty of water (do not walk pets on asphalt surfaces or leave in cars). Please note that Empire Financial Advisors offers phone and video conference appointments should you want to meet but don’t want to go out in the heat. Keep cool!
In observance of Juneteenth, the financial markets, federal offices, banks, and US postal service will be closed on June 19. Juneteenth commemorates the end of slavery in the United States.
Looking for some summer savings? Head to Your Public Library. Many libraries offer free and reduced cost museum and state park passes for patrons. If you are planning a visit, look to see what your local library offers. You may just save on entrance fees. While there, look to see if your library offers a "library of things", lending sports equipment, video and photography equipment, baking pans and mixers, fishing poles and tackle, gaming consoles/controllers/games, and more. Why spend money you don't have to?
Automation may be helpful toward building saving and investing habits. Setting up direct deposits of your compensation into different “buckets” may enable you to simplify. No need to write a check or find a stamp, you simply establish automatic deposits into your workplace retirement plan, savings account, and/or your investment accounts. With consistency, even small deposits might build up over time. The time will pass anyway; shouldn’t you use it to your wealth-building advantage?
“Bejeweled and bespoke? They must be rich!” – not necessarily! “Keeping up with the Joneses” is not a financial plan. Habitually using credit cards for impulse purchases, taking out high interest loans, and living beyond your means are all ways to potentially develop financial distress. Not having a sound financial plan toward your goals may be another. A solid foundation, an honest assessment, and a disciplined approach are all opportunities that a financial advisor may offer. Financial security is a definition of true wealth for many. The next time you find yourself about to buy things you can’t afford to impress people you don’t even like, stop and consider that not all that glitters is gold.
You may have heard of the “Great Wealth Transfer”. As baby boomers pass away, assets will be transferred to their heirs. More women will be coming into money from this transfer. Preparation may be beneficial and a financial advisor may be able to assist: with having open and honest family wealth conversations, by enhancing financial literacy and being able to provide education and to answer questions, by working in tandem with other professionals on your wealth management team such as tax accountants and attorneys, by working to develop estate plans to help address taxation and other risks, and by helping to establish legacies such as charitable gifting. Seeking professional advice and guidance as you prepare for the Great Wealth Transfer may be helpful should you be in a position to potentially inherit. This information is provided for educational purposes and is not intended to be a specific recommendation for any indvidual. Your circumstances may vary and seeking professional assistance may be helpful.
You may have heard that a large data breach occurred recently with a major communications company. Following a data breach, it is important to take action to protect yourself: Confirm the breach with the company itself (you may receive an official letter; If you are a customer, you may call them directly to see if your data was breached). Change passwords and enable two-factor authentication. Monitor your accounts for any suspicious activity – access online or via your mailed statements – look carefully at bank and credit accounts. Access your free credit report (Equifax, Experian, TransUnion are major credit reporting companies). You may request to freeze your credit or have a fraud alert placed on your accounts to make it more difficult for others to open accounts in your name. If you note suspicious activity, notify the bank/credit card company. If you see accounts you did not open yourself on your credit report, close them immediately. Consider identity theft protection services. Be on high alert for potential scams such as emails asking you to confirm your information or calls received on the phone asking for your personal information – do not provide your information and do not click on any suspicious links or attachments. Often, during a highly publicized breach, scammers use this as an opportunity to try and steal information. Stay vigilant.
The payment method you use may matter in cases of fraud. Credit cards generally have greater protections in the event of fraud than debit cards or payment apps. With credit cards, you can dispute a charge suspected to be fraudulent. For example, a new scam is for "companies" to promote their products online, you purchase the product online but the package never arrives. When you contact the company, they say the package has not arrived because it is held up in customs, for tariffs, or for other reasons prevalent in the news lately. In some cases the scammer may provide a fake tracking number showing delivery but not to you, such as to another state. You may dispute the charge with your credit card company, which can help keep you from having to pay the scammer.
Social Security Spousal and Survivor Benefits Exist. Even if you did not work, or worked less, you may be eligible for spousal benefits (up to 50%). Survivors may also qualify. This plays a role in estate planning and you can learn more from your financial advisor.
Halfway through 2025, have you made a catch-up contribution to your retirement account if you are age 50 and above? Retirement is one of the most expensive financial goals you might have and, thanks to longer life spans, some people can expect to be retired for decades. Regardless of how much you have saved already, if you are an investor age 50 and above, you can enhance your savings in certain retirement accounts in 401(k), 403(b), 457(b) plans for $7,500 additional per year or $3,500 per year for Simple IRAs, and $1,000 per year for Traditional and Roth IRAs. For employer plans, contact your employer for their procedure. For IRAs and Roth IRAs, your financial advisor can assist you (catch up contributions to these IRA accounts are due by the income tax filing deadline). You can make catch up contributions at any time during the calendar year that you turn 50, even if your birthday has not come yet. If eligible, consider making a catch-up contribution to help meet your retirement savings goals.
Schools Out for Summer: Make an appointment to review your finances. If you are a school employee or other occupation that is off for the summer, please contact your advisor for an appointment. We're always pleased to help you stay on track.
Q2 2025 estimated income tax payments are due by June 16, 2025.
June is Pride Month. Members of the LGBTQ+ community may have unique financial planning needs. Consult with a financial advisor to identify strategies that may help to address your specialized goals and objectives.
IMPACT MAKER: EMPIRE FINANCIAL ADVISORS LATHAM, NY OFFICE. With great pride in our country and its brave veterans, Empire Financial Advisors was pleased to host a collection drive of food, cleaning and hygiene supplies, and household essentials for the Veterans Miracle Center in Albany, NY. Together, we assembled an impressive number of items useful for the daily life necessities of veterans and active-duty military personnel and their immediate families. The Veterans Miracle Center, which has served over 26,000 veterans since its founding in 2014, operates a retail-style store where all items are provided at no cost to the veterans, so that their needs do not go unmet. It is our honor to support these heroes. Thank you to Tom Burdick for his efforts to coordinate the drive and all advisors and associates who so generously donated.
Consider Carefully before Cosigning: Emotionally, it can feel helpful to offer to cosign a loan for a loved one. But before doing so, it is important to consider the facts: You will be legally responsible for the entire loan amount if the borrower defaults or is unable to continue payments. You may struggle to make the payments yourself if that happens. Even if the borrower makes the payments, the loan appears on your credit report, and this can impact your credit score and your ability to borrow money yourself including car loans or mortgages as it is part of your debt-to-income ratio. If you secure a loan with your personal property, you can lose that property if the borrower defaults. Being a co-signer can strain your finances and make it difficult for you to budget for your own needs. Mixing money and personal relationships can sometimes be a recipe for disaster - it is not generally prudent to do so in new romantic relationships or in cases where a person has a history of unstable employment, substance abuse, or other challenges no matter if it is your child or parent or other loved one. If you put your name on a loan, it can be very difficult to remove it. Cosigning is a serious financial decision and guidance from your financial advisor and an attorney may be helpful in weighing all options before agreeing to do so.
Be mindful of buy now/pay later arrangements, particularly when shopping online. There are now more options for purchasing with smaller payments over a short period of time. There may be ways to convert those arrangements into a longer period of time, incurring interest. The potential concern with such flexible opportunities is that it can become easier to get yourself into debt. Debt management is an important part of financial planning, and your advisor can discuss ways in which to stick to your budget.
Enhance your personal information security. Don’t leave checks out in your mailbox or other correspondence with your account numbers, social security number, or health information within. There are people who drive around looking for the flags up on mailboxes so they can steal the contents. Always hold your mail at the post office when you are going to be away. Mail items securely from the post office or enroll in autopayment where available. Take advantage of shredding events offered by financial institutions or recycling events in your community (if shredding documents yourself, make sure the machine creates cross-cut confetti and not long strips which could be reassembled). Do not just throw items containing personal information in the trash. Change passwords often. Do not answer survey questions or give out your personal information over the phone. Be mindful of any calls or correspondence (including email) with a sense of urgency or threats – these are red flags for fraud.
Social security payments may be lower beginning in June 2025 for certain recipients. If you receive social security and have a defaulted federal student loan, the US government will begin to take a portion of the social security toward repaying the loan beginning with the June payment. The government may take up to 15% of the monthly amount but must leave the recipient with a minimum of $750. If you are impacted by this change, talk to your financial advisor about potential ways to close the income gap.
Looking for ways to save money? There may be some “low hanging fruit” to consider: Perform a review of your monthly spending – if you don’t have time to read the hard copy newspaper or magazine subscription, get rid of it. If you don’t attend the gym and instead can workout at home, unsubscribe. If you have cable television, consider if a streaming service may be available for less money. If you have a cell phone, you no longer need a landline. If you eat out frequently, look for early bird or weekly specials and cook some meals at home. If you stop by the coffee shop for your daily cup, make coffee at home instead. Invest in a reusable water bottle instead of buying bottled water. Compare prices at your local grocery stores – some may be considerably less expensive than others, particularly if discount grocers are available nearby. Shop your closet before buying new, you may have forgotten about some clothing because people tend to wear the same few things. Consider sleeping on purchases before making them to help reduce impulse buying. Small changes may add up to significant savings and become lifestyle habits.
Resist the Urge to Cut the Wrong Corners When Looking to Save Money. When budgeting, resist the urge to drop or reduce insurance coverage, which could put you at greater financial risk in the long run. Keep in mind inflation and rising costs, as well as the potential for difficulty in replacing policies down the line due to enhanced underwriting screening by insurance providers. Your financial advisor may be able to help you with a review of your life insurance policy by seeing if it might be possible to pay less for the same coverage with a different insurance carrier. Contact your financial advisor for more information and a complimentary review.
Are You Accidentally Leaving Money to Your Ex? When was the last time you reviewed the beneficiaries on not only your investment accounts, but your 401(k) plan at work? Have you established POD (Payable on Death) on your bank accounts? Have you reviewed the titling on your other assets? These are not just things that might be named in your will - the beneficiary listed supercedes the will. Be mindful and take proactive action to avoid messy consequences.
Beware of New Texting Scam: A text allegedly from the Department of Transportation (Final Notice) stating that you have unpaid tolls and failure to pay will result in being added to a violation database, suspension of your vehicle registration, suspension of driving privileges, a service fee if paid at a toll booth, and possible prosecution - this is false and fraudulent. Do not click on any links or make any payments. We remind everyone that communications with urgency and threats are hallmark signs of scams.
To honor our heroes who paid the ultimate sacrifice for our freedoms, the financial markets will be closed on Monday, May 26, 2025 for Memorial Day Observance. Banks, US Postal Service, overnight couriers such as UPS or FedEx, and federal offices will be closed. Please plan ahead for any money movement or withdrawal needs or trade settlement activity. Let us never forget the brave souls who lost their lives.
Congratulations to all recent graduates! May your journey take you wonderful places! The years pass quickly - talk to a financial advisor about how you can get started toward your future!
Financial advisors: It matters where you work. At Empire Financial Advisors, you are independent, but not alone. You'll enjoy the flexibility to use the Empire name, or your own DBA. To work in our turnkey group location, or your own location. To offer your clients the products and services they need, without any quotas or sales pressure. Find your successor, enhance your team with qualified junior partners, tap into meetings of interest to your practice, and more. To learn more, contact Gil Chase, Co-Founder, at 518-608-1112 or gil@empirefa.com.
On May 22 at Lago on Saratoga Lake, Empire Financial celebrated its 11th anniversary with advisors and associates joining together for an evening of fun and relaxation enjoying each other's company. We are grateful for everyone who has made this firm what it is today.
Not everything is a reliable economic indicator. Recently, social media trends declare certain fashion and beauty trends as economic indicators. It is not unusual to see hashtags for "recession hair" as people spread out their salon appointments and let their roots grow (the longer the roots, the worse the economy posts declare), an uptick in the use of press-on fingernails is another example, as are fashion trends for muted colors and more classic styles that last. If you have an interest in more historically reliable economic indicators, consult your financial advisor for guidance.
Be mindful of letters that come in the mail expressing urgency. Whether it is saying your car warranty is expiring or purporting that fraud has occurred and you will arrested if you don't call a number immediately, NOTE THE SIGNS OF FRAUD: a sense of urgency, a threat to cut off your utilities or arrest you, a request for your personal information - these are often telltale signs of fraud. Do not call the number in the letter, call the number you have on file for the organization (for example, Social Security, your bank, etc.).
Social Security Taxation: Depending on income amounts from other sources Iknown as provisional income), Social Security benefits may be taxed significantly. A discussion with your financial advisor may help you to reduce your tax burden, as strategies such as delaying or reducing withdrawals from retirement plans could potentially help. Before taking any action, seek professional advice.
Social Security to eliminate paper checks by September 30, 2025. An electronic payment method ("direct deposit") must be established. There are limited exemptions for the issuance of prepaid debit cards for people without access to a bank account.
Social Security overpayments, including those made in error by the Social Security office and not by the recipient, have moved from a 10% repayment withholding to 50% (initially the current administration wanted to withhold 100% until repaid, but this was moved to 50%). The Social Security Administration (SSA) reduced its default withholding rate for overpayments from 100% to 50% starting on April 25, 2025. This change applies to overpayments of retirement, survivors, and disability insurance benefits (Title II benefits) for notices sent on or after that date. For Supplemental Security Income (SSI) benefits, the withholding rate remains at 10%. Recipients have 90 days to appeal, request a waiver, or request a lower payment before the 50% is withheld.
Relying on Social Security as a sole source of retirement income increases risk. Social security may not be enough to maintain your standard of living. Cost of living adjustments that may be implemented may not keep pace with inflation and rising costs. Social security might generally be considered a supplemental source of retirement income, with other income coming from employer retirement plans, retirement investment accounts, selling a home to downsize, and working during retirement, as some examples. Your financial advisor can help to determine your forecasted Social Security benefit, how it may be impacted by when you apply to receive benefits, and strategies to help you build, grow, and harvest other sources of retirement income.
The recent downgrading in mid-May 2025 of United States credit rating 1 notch by Moody's from AAA to Aa1 may potentially impact the consumer cost to borrow, such as for mortgages. Bond yields have increased while pressure has been placed on bond prices.
Know your rights about debt collection: Debt collectors may not contact you after you tell them to stop. They may not threaten or harass you, including calling at odd hours or repetitively in a short interval of time. They cannot use false information such as claiming to be from a government agency or law enforcement, threatening your arrest or violence. They cannot threaten acts they cannot legally do, such as seizing your property without a court order. They must also provide verification of the debt. They cannot provide information to family members or friends without your consent. They cannot use postcards or other public postings, such as social media, as an attempt to embarrass you into paying. State laws may differ.
One of the best gifts you can give to the woman who does so much for your family this Mother's Day - and every day - is to make sure your family finances are in order - including but not limited to life insurance, wills and estate planning (we can work in tandem with attorneys and accountants), and up to date beneficiaries on retirement accounts. Women generally live longer, may have earned less, may have sacrificed careers for the family and therefore have lower retirement savings, and are more likely to experience poverty in later years. Meet with a financial advisor to ensure every day is a Happy Mother's Day.
May is a very special month at Empire Financial Advisors: It's the anniversary of our founding. In 2025, we are pleased to celebrate 11 years of success (although many of our advisors have many more years of experience than that). Thank you for your trust and confidence that has been the foundation of our firm.
If something sounds too good to be true - it usually is. During times of market volatility, fraudulent schemes and unvetted products rear their ugly heads, often promoted online. Seek professional guidance from your financial advisor whenever considering making an investment. Be mindful of high-pressure tactics, a lack of documentation and disclosure information, concerning payment options such as "e-voucher" or wire requests, and presentations that only discuss the benefits (usually highly exaggerated or promissory) without identifying the risks. Never be embarrassed to speak with your financial advisor about any matter concerning your finances.
Changes in legislation may impact your finances. Contact your financial advisor to learn more.
May 29 is National 529 College Savings Plan Day. Ask your financial advisor how a 529 College Savings Plan may serve as a tool toward saving toward a child's or grandchild's education, including college, accredited trade schools, and private/parochial secondary schools.
Empire Financial Advisors will be participating in the Financial Planning Association of Northeastern New York's Annual Symposium on May 1, 2025. We are focused on continued learning in our practices and several of our advisors are members of the FPA. The Symposium is a day-long learning event focused on relevant financial planning and industry topics. We appreciate the opportunity to participate and enhance our knowledge to help serve you better.
May 5 may be a concerning day for federal student loan borrowers whose loans may have been in default and paused from collections since 2020 during the Covid-19 pandemic. These defaulted loans are expected to be sent to collections on May 5, which may affect 5 million borrowers. Late payments will also begin to be reported to credit bureaus, which may impact the ability to obtain loans and other financing as well as the cost thereof due to declined credit scores. Approximately 4 million additional federal student loan borrowers are in the later stages of non-payment prior to default. Contacting the loan service provider before May 5 may help to provide opportunities for loan consolidation on different terms or loan rehabilitation which requires a period of on-time payments to prevent the loan from being sent to collections. Please be sure to discuss your student loan debt with your financial advisor, as part of your overall financial planning.
Empire Financial Advisors is collecting donations for Veterans Miracle Center from April 21-May 21. VMC in Albany, NY provides support to veterans offering free-of-charge clothing, food, cleaning products, hygiene items, and household necessities in a retail store-style experience. Leading up to Empire's 11th anniversary in May, we're collecting items in our lobby at our 3 Lear Jet Lane Latham, NY office, including non-perishable foods, natural cleaning products, food wraps and storage items, small appliances (toasters, coffee pots), dental care items, laundry detergent, bathing items, dishes, bedding (twin or full), and more. If you would like to drop off any new/unused items, we'd gladly accept them on behalf of our veterans. This is a great way to celebrate our anniversary and we're very excited to make a positive difference for our local heroes.
April 26 is National Prescription Drug Takeback Day. Safely and anonymously dispose of prescription medications at an event in your community to help prevent addiction, accidental overdose, poisoning, and medication mix-ups. If you can't find an event near you, many police agencies and chain drugstores have secure receptacles for year-round collection.
Important reminder for those with upcoming domestic flight plans: Beginning May 7, 2025, a REAL ID will be needed to fly domestically in the United States. Don't have one? Don't panic - a passport can be used, as can the New York State enhanced driver's license (Minnesota, Vermont, and Michigan also have a state enhanced driver's license available). Minors flying with an adult with a REALID do not need one. More information can be obtained at https://www.tsa.gov/. Please note, a REALID cannot be used for international travel, which requires a passport (and any applicable visas).
Timely reminders:
All 2024 IRA contributions must be postmarked no later than 4/15/25.
Deadline for filing 2024 income taxes is 4/15/25.
Q1 2025 estimated taxes must be paid by 4/15/25.
Financial markets will be closed on Friday, April 18 for Good Friday Observance.
Volatility Update (4/14/25): As we continue to wait for more clarity on tariffs, including exemptions and negotiations, it is likely that fluctuations in the financial markets will continue to take place. While it may be challenging to have such uncertainty in the global political space, but we can continue to work together to stay focused on the future during this fluid scenario. We do see some encouraging signs from the Fed, as they have indicated their support for the economy. And, we have also seen improved equity valuations from their elevated levels. There may be some opportunities. Please continue to communicate any changes in your life or lifestyle which might impact your planning, such as a shorter time horizon or a revised tolerance for risk. A well-diversified portfolio designed for the long term helps to provide some insulation, and we can review our overall strategies. If at any time you have concerns or questions, please do not hesitate to reach out to your financial advisor. No investment strategy assures a profit or protects against loss. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.
Are You a Public Sector Retiree Currently Receiving a Pension? Changes to Social Security May Impact Taxes and Medicare Premiums. Speak to Your Financial Advisor about How the Social Security Fairness Act May Impact Your Taxes and What Adjustments May Need to Be Made to Your Retirement Planning. The Social Security Fairness Act, recently signed into law, repealed the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions previously reduced Social Security benefits for public-sector employees and their spouses who also received government pensions. With the repeal, millions of affected individuals can expect to see higher Social Security payments. Starting the week of February 24, 2025, the Social Security Administration is beginning to pay retroactive benefits and will increase monthly benefit payments to people whose benefits have been affected by the WEP and GPO. Most affected beneficiaries will begin receiving their new monthly benefit amount in April 2025 (for their March 2025 benefit). While this Social Security increase sounds good on the surface - there may be some taxation implications as well as impacts to the premiums paid for Medicare Part B and D.
Thinking about taxes tariffs, and tradeoffs? Your financial advisor is pleased to help you review your portfolio and how it may be impacted by global and political events. Now is a great time to discuss your progress in Q1 2025 toward your goals and to make any necessary adjustments toward staying on track.
April is Financial Literacy Month - Your financial advisor can provide education on many financial concepts to help enhance your understanding and awareness: understanding and determining your net worth, reviewing your employer benefits and identifying potential gaps that may exist, discussing themes of protection, helping you consider your options for long term care planning, assisting you toward leaving a legacy, helping you to avoid falling victim to scams and financial abuse, retirement and education planning, and more.
Congratulations to our financial advisors and associates who are volunteering in the community:
Impact Maker Spotlight (March 2025): Thomas Gregg, Jr. As a member of Delmar Rotary, Financial Advisor Tom Gregg, Jr. helps to raise funds for Mission for Marcus, an organization that helps "Stomp the Stigma" when it comes to substance abuse and its underlying mental health issues through prevention, education, and awareness. An avid golfer, Tom is active in organizing the annual golf tournament fundraiser to advance this important work toward helping to build healthy and safe communities. tomgregg@empirefa.com
Impact Maker Spotlight (February 2025): Christopher P. Davison, CFP®. As a volunteer basketball coach for Athletic Haven, Chris upholds the organization's mission to provide every child with the opportunity to play and compete in sports. He is dedicated to breaking down socioeconomic barriers and fostering an inclusive, supportive environment. chris@empirefa.com.
You may have unclaimed funds. Search your state's office of unclaimed funds (often maintained by the state comptroller). Please note, this is a free service to search and claim funds, although you may be required to complete an application and provide certain documents. You should not pay anyone for this service. These funds are often residual balances from old bank accounts, insurance policies, or refunds. You may also want to search for items for deceased family members if you are the executor of their estate.
Shredding documents containing personal identifiable information can help you prevent falling victim to scams. With Earth Day on April 22, many communities offer paper shredding events.
Did Uncle Sam take too big a bite out of your finances when you did your income taxes this year? Speak with your financial advisor about potential strategies to help Uncle Sam go a little hungrier.
Your referrals are the highest compliment you can give your financial advisor. Don't keep them a secret! If they have solved a problem for you, who else do you know who they might help?
When do I call my financial advisor? I don't want to bother them. I heard from a client the other day who said, “I was going to call you, but I didn’t want to bother you.” My response: “Please bother me!”. I want you to “bother” me whenever money is in motion. You see, when you will be facing changes in your life or lifestyle, that is when you should call: birth/adoption, death, disability, loss of job/new job/promotion, retirement, graduation, marriage/domestic partnership, suddenly single, divorce, new home, second home, inheritance….as well as any time you have a question or concern. Together, we can custom tailor a plan to help you deal with changes in your life. So, whenever you see these circumstances arise, please – by all means – bother me!
Reminder: Federal and state income taxes, Q1 2025 estimated taxes due April 15, 2025.
All that Glitters is Not Gold. With prices of gold and other precious metals climbing, scammers are promoting get-rich-quick schemes. Hang up on cold calls, do not respond to unsolicited junk mailings/emails/social media posts, avoid late night commercials. Be wary of "Gold or Silver IRA" frauds - these are often aimed at older workers who have more money in their accounts. Any promotions that over-hype "safety", inflate the price of the metals, and/or have high commissions or fees are signs of fraud. If there are free gifts, limited time offers/urgency, or people want to come to your home or put you on the phone with the "lead trader", these are also signals that something is amiss - these may likely be unregistered, unlicensed persons who are seeking to take advantage of you and who are not qualified to provide investment advice. Contact your financial advisor before taking any action regarding your finances.
Volatility in the Market Concerning to You? Schedule a priority appointment. It's important to talk with your financial advisor and to avoid "knee-jerk" reactions. While political and global events are not generally something each person can individually control, we can focus on what we can control: a) Is your previously stated risk tolerance still the same? Is your time horizon? Are your investment objectives? Have there been changes in your life or lifestyle? b) Do you understand how the different investments and asset classes within your portfolio react to volatility? What is your comfort level with that asset allocation? c) Is rebalancing potentially needed to address the items noted in sections "a" and "b" above? d) Are there potential opportunities? - Your financial advisor can discuss with you a customized strategy to help you navigate the course.
March is Women's History Month: Let us help you to make your own history by helping you to plan for and protect your financial future. Longevity is a key issue for women, who typically have longer life spans than men - ask your financial advisor about strategies to help create income streams to last as long as you will. Did you know that 95% of women will be their family's primary financial decision maker at some point in their lives? (Family Wealth Advisors Council, 2015). We are pleased to provide assistance at each stage of your financial journey.
Avoid IRS Tax Scams: During tax time, scammers pose as the IRS, sending false communications by text, email, social media, and even via cell phone. Please note that the "real" IRS typically will send a letter and does not use the other communication channels for first contact. Secondly, be mindful of any "sense of urgency", such as a threat to fine you or arrest you unless you pay immediately, as that is often a tipoff to a scam. Another scam tipoff is the request for your personal information such as Social Security number (the IRS already has this), your pin number, or your account or credit card number - do not give out your personal identifying information to someone on the phone no matter how threatening they become. Lastly, a scammer will typically ask you for payment via an unconventional method such as via "electronic voucher", cryptocurrency, wire transfer, or via gift cards. Be vigilant!
Upskilling: Did you know our financial advisors have weekly opportunities to hone their craft? Empire Financial Advisors is dedicated to providing educational sessions for financial advisors so that they can keep up with changing market conditions, regulatory compliance, product offerings, and investor needs. Further, Empire Financial Advisors cost-shares the tuition for certain advanced professional designations such as the CERTIFIED FINANCIAL PLANNER^TM practitioner designation. There's always a lot happening "behind the scenes" to help serve you better.
Are you a do-it-yourself investor who now could use some professional advice? No judgment here. Our welcome mat is out. How can we help you? Contact us today for a priority appointment.
Have to take an RMD but don't need the money? Talk with your financial advisor about potential opportunities that may align with your goals and objectives.
Cybersecurity tips: Don't randomly click on links and attachments from unknown senders on email or text. Avoid completing surveys online that ask for the answers to security questions like your first grade teacher, mother's maiden name, childhood best friend, and first pet. If you receive an email purporting to be someone you might know who lost their passport/wallet and is traveling in a foreign country, can't talk with you because they have throat cancer, need money for medicine or some other urgency it is likely a scam - the sense of urgency and inability to talk with you at normal channels are key giveaways. Disregard sweepstakes wins requiring you to pay money - don't - these are false. When natural disasters and global events take place, scammers rear their ugly heads with fake charities - don't give money out on the phone and always research the legitimacy of the charity before donating. Keep antivirus and antimalware up to date. Use 2-factor authentification for email access. The IRS and the bank already have your personal information - they will not call or email you to ask for it. If someone calls or comes to your house threatening to turn off your utilities unless you pay them that instant, that is not true - utility companies would send you letters with payment program opportunities.
Protect your personal data. Check your financial accounts and credit card statements regularly, change your passwords often, and do not provide information over the phone or click on links on your computer or cell phone. Be aware of common fraud scams, which often pop up after news stories and natural disasters. Use multi-factor authentication on your accounts, which requires an additional verification step before access is granted. Use a cross-cut (confetti) shredder when disposing of papers containing personal identifiable information.
The financial markets will be closed on Monday, February 17 in observance of President's Day.
Don't let inclement weather prevent you from meeting with your advisor. Ask your financial advisor about the availability of phone and online appointments.
Want to keep up with weekly market commentary? Click the "Weekly Insights" button on the landing page of this website.
When the markets become more volatile, your tolerance for risk may change. Please contact your financial advisor should you have concerns.
The financial markets will be closed on Monday, January 20 in observance of Martin Luther King, Jr. Day. Please be sure to make any check or money movement requests early the week of January 13 so that they might be processed, as there will be no bank or settlement activity on January 20.
It is not too late to make a 2024 retirement plan contribution. You may still make a contribution to your Traditional or Roth IRA account. The maximum contribution is $7,000 for those under age 50, and $8,000 for those age 50+. The deadline is April 15, 2025. Please mark "2024 contribution" in the memo field of your check.
The SECURE 2.0 Act increases the RMD age: If you turned 72 in 2023, your first RMD for 2024 is due by April 1, 2025. For those turning 73 in 2024 through 2032, your first RMD is required by April 1 of the following year.
The beginning age for RMDs is 75 for those who turn 74 after December 31, 2032.
Our Business Council met on January 7, and will meet monthly, to seek ways to enhance our value proposition to clients, advisors, and associates. Members of the Business Council include Tom Gregg, Adam Knaust, Lisa Tennant, CFP^®, Joe Tecklenburg, CFP^®,, Clare Mertz, Tom Burdick, CFP^®, and Gil Chase.
Clare Mertz, MBA has joined the firm as Senior Vice President/Branch Development. Clare will be instrumental in many strategic initiatives as we position our firm, which was 10 years old in May 2024, for growth and success into the future. Clare has experience in executive management, compliance, trading, recruiting, financial advisement, marketing, and operations. We are excited to have Clare on board.
We were pleased to welcome the following financial professionals in 2024: David Chin, CFP®. Adam Knaust, Nicholas Kopff, Evanna Bauer, Corey Harris, Darby Fabrizio, and Michael Scott.

Disclosures:
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual.
There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes.
Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges.