LPWMG

I hope this email finds you well and that the new year brings you joy and prosperity. As we kick off 2024, I want to extend a warm welcome and share some insights to ensure your financial house is in excellent shape for the months ahead.

Here are a few key areas to focus on:

1. Estate Planning & Beneficiaries:
   Ensure that your estate plan accurately reflects your current wishes and circumstances. This includes a will, living trust, and both medical and financial powers of attorney. These documents are best prepared by an estate planning attorney. If you don't have an attorney, please reach out to us, and we would be happy to make a referral.
2. Retirement Contributions for 2024:
   The annual contribution limit for employees participating in 401(k), 403(b), and most 457 plans have increased to $23,000 for 2024. Additionally, the annual contributions to an IRA have increased to $7,000. It's important to note that these limits also apply to Roth contributions. In 2024, employees can contribute up to $16,000 to a SIMPLE IRA account – up from the 2023 limit of $15,500 – unless they are 50 or older, in which case they can contribute an extra $3,500. Furthermore, for those aged 50 and over, the catch-up contribution limit remains $7,500 for 2024. This means that participants in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan who are 50 and older can now contribute up to $30,500 starting in 2024. This catch-up contribution limit is also applicable to Roth contributions.
3. Review of 401(k) Statement:
   Outside of people's homes, the 401(k) is often the most sizable investment asset. Quite frequently, these accounts are passively managed and not actively reviewed. Now could be an opportune time to consider consolidating older 401(k)s and IRAs that may also be passively managed and underutilized. Review your current 401(k) statement. This will provide awareness of your existing holdings and how they align with your financial objectives. Feel free to send over your most recent 401(k) statement at your convenience, and we can discuss any adjustments or strategies that may benefit you.
4. Revising Financial Goals:
   Reflect on your financial goals and ensure they align with where you are headed. Circumstances and priorities may change, so taking time to evaluate and adjust your goals can help keep your financial plan on track.

Remember, our goal is to assist you in navigating the complexities of your financial journey and ensure your peace of mind. If you have any questions or if there's anything specific you'd like to discuss further, please don't hesitate to reach out.

Here's to a prosperous and financially sound 2024!

Our Best Always,

Bob

Robert O'Braitis
CEO
Chief Investment Strategist