Revisiting Retirement Plans in 2024

Presented by Marc Aarons

I hope you’re doing well as we begin the new year. I wanted to check in on how you’re doing and quickly highlight the importance of keeping your retirement plan current.

The start of the year is a great opportunity to look back on any and all changes that occurred in 2023 that may affect your retirement plan. Here’s a quick checklist of factors that may warrant a plan review:

• Life Changes – Significant life changes, such as marriage, divorce, the arrival of a new family member, or alterations in your income, can have a profound impact on your financial goals. It’s essential to assess your retirement plan and make any necessary adjustments to align it with your evolving circumstances.
• Risk Tolerance Shifts – Different stages of life bring different levels of risk tolerance, and changes in overall goals may cause changes to your risk tolerance as well. With that in mind, it’s a good idea to regularly evaluate your risk tolerance in relation to your retirement plan.
• Tax Implications – Tax laws and regulations can undergo annual changes, affecting the financial aspects of your retirement plan. If your financial situation has evolved, it’s important to evaluate how these changes may influence your retirement strategy.

With this brief overview noted, please know that I am more than happy to provide a thorough review of your existing retirement plan, engage in discussions about any pertinent financial considerations, and address any questions or concerns you may have.

Feel free to reply to this post or give me a call to set up a review meeting.

Marc Aarons may be reached at 714-887-8000 or marc@ocmoneymanagers.com

www.ocmoneymanagers.com

This communication is from Money Managers, Inc.; a Securities and Exchange Commission registered investment advisor.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results.  Investments involve risk and are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.

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While some initiatives are left behind, others are seeing renewed interest.

 Provided by Marc Aarons

 While it’s still too early to draw any final conclusions, Congress is getting closer to outlining what tax law changes are under consideration to pay for the proposed $1.75 trillion Build Back Better Plan.¹

For now, it appears that changes to capital gains and personal tax rates are off the table. The conversation is shifting to a new corporate minimum tax while adjustments to estate taxes may be still under consideration.¹

Investors cheered as some of the tax-law uncertainty was lifted. In October, the Standard & Poor’s 500 stock index tacked on nearly 7 percent.²

While some initiatives are left behind, others are seeing renewed interest. A growing number also appear to be warming up to the idea of a “billionaire’s tax,” a special tax designed to focus on the 800 or so wealthiest Americans.³

Critics of the billionaire’s tax remind the legislature that when the Alternative Minimum Tax (AMT) was introduced in 1969, it was targeted at 155 individuals with adjusted gross incomes above $200,000 who paid zero federal income tax on their 1967 tax return. But by 2017, nearly five million taxpayers were assessed a minimum tax.^4,5

“It ain’t over till it’s over,” said baseball legend Yogi Berra, when his 1973 New York Mets appeared out of the National League Pennant race. (The Mets eventually won the pennant but lost the World Series in 7 games to the Oakland Athletics.)⁶

If you’re feeling unsettled as Congress continues to work on these tax law changes, please reach out. Or if you want to talk about World Series baseball, give us a call.

 Marc Aarons may be reached at (714) 887-8000 or marc@ocmoneymanagers.com

   ^{MMI Disclosure This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment}

^{This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.}

^Citations

1. ^{CNBC.com, October 25, 2021}
2. ^{WSJ.com, October 31, 2021}
3. ^{CNBC.com, October 25, 2021}
4. ^{TaxFoundation.org, 2021}
5. ^{CNBC.com, March 4, 2020}
6. ^{BBC.com, September 23, 2015}

The post Tax Changes: What’s In, What’s Out? appeared first on Money Managers, Inc..