provwealth
provwealth
provwealth's articles
- January 22, 2025
Leaving behind a lasting legacy and providing for surviving family members in the event of an individual’s death or disability takes time, patience and consideration of a broad range of non-financial issues. While there are times when an unequal division of property among heirs is preferable, consideration should be given…
- January 14, 2025
After years of diligent saving, you probably built a significant nest egg to afford a comfortable retirement, but that doesn’t mean you’re ready to put your feet up and coast through your golden years. Preparing for retirement requires having a plan in place to address your spending habits, rising healthcare…
- January 8, 2025
Effective Jan. 1, 2025, employers must ensure their workplace retirement plans comply with the latest provisions of the SECURE Act 2.0, which aims to improve taxpayers’ retirement savings and the costs and complexities businesses incur administering those plans. Since the law’s enactment, employers of all sizes have gained expanded tax…
- January 2, 2025
Cosigning loans for friends or family members can spell financial disaster and ruin otherwise healthy relationships. While it is not unusual for parents to cosign for a child’s student loans, car loans or even a mortgage, doing so can damage parents’ credit scores and leave them liable for paying off…
- December 24, 2024
Market downturns can be unsettling, but they also present opportunities for long-term investors. In this episode, the South Florida Finance Guys explore the contrasting mindsets of young investors who are steadily saving for the future and those nearing financial milestones, such as retirement. We also discuss key behavioral finance concepts…
- December 23, 2024
Employer-sponsored retirement-savings plans, including 401(k)s and 403(bs), are critical for helping businesses attract and retain skilled employees. However, due to government regulations and annual contribution limits, these qualified plans restrict highly compensated employees' savings opportunities and their ability to build enough wealth to maintain their standard of living in retirement…
- December 15, 2024
The IRS released the retirement savings plan contribution limits for 2025, raising the cap on pre-tax contributions to employer-sponsored plans, including 401(k), 403(b) and certain 457 plans. For individual retirement plan contributions, the annual limits remain unchanged. Employer-Sponsored Retirement Plans Employees may contribute up to $23,500 via salary deferral to…
- December 12, 2024
One of the many things individuals learned from the pandemic is that the unexpected can happen, and the best way to be prepared is to have a plan in place that meets your evolving circumstances. It is wise to proactively take stock of your physical and financial health throughout various…
- December 11, 2024
The IRS released its annual inflation adjustments to various provisions of the tax code for tax year 2025. It is important to recognize that some of these tax rates, limits and deductions available in 2025 are scheduled to expire at the end of the year under the Tax Cuts and…
- December 10, 2024
The U.S. housing market is facing one of the most challenging times in recent history. The shortage of housing supply has led to record-high prices and limited options, pushing home affordability further out of reach for many. But what caused this shortfall, and why is it so hard to fix?…