Retirement Planning - Money Not Math

I am Maxing out my 401k, Now What? Money Not Math Client Success Story 2 I love to help people have more confidence in their future and it is my mission to provide the highest quality advice and service possible to my clients. To accomplish this, I limit myself to having 100 active clients or less that I have a fiduciary responsibility to at all times. One way I hope to provide value to good people is to periodically write a client success story. So that no matter what is troubling you today, you can see there is light at the end of the tunnel, and it is possible to improve your financial future. After I gave a retirement planning presentation to a group a few years ago. A 35-year-old doctor from the group reached out to me afterwards and basically said, “I am maxing out my 401k, HSA, and IRA, now what?” So, we scheduled a meeting to discuss their current planning and determine if it might make sense for us to work together. In that meeting I found out a few key pieces of information about this person that would impact their planning. They were motivated to be a good steward of their money so they could help others, they wanted to travel, and they wanted to retire as early as possible so they could go on mission trips and volunteer to help those in need across the world. This was great news and a problem at the same time. It was great news because this was obviously an incredible human that cares about others that I would enjoy working with. But the problem was, like many people, their life aspirations and current savings strategies did not align and were not working together. They were maxing out their 401k, IRA, and HSA. Which is an impressive display of discipline and saving for their future. However, the problem is their primary goals in life were to help others, travel, and retire as soon as possible which means they would need access to their money and liquidity before they are 59.5 years old. Unfortunately, their max contributions to their 401k and IRA would not be completely liquid without penalty or taxes until they were 59.5. Plus, they had no current medical issues or expenses so even though their HSA savings would be valuable in the future, they were not overly impactful when it came to achieving their shorter-term goals. Therefore, a majority of their current savings were not going to help them achieve their goals and they did not have any strategies in place to help them achieve their goals. They decided they wanted to work together so we got to work reviewing savings strategies and options for them to consider that would help them achieve their goals by growing their wealth while staying liquid or accessible when they wanted. Since that time, they continued saving into their 401k, IRA, and HSA while also adding two additional tools to their strategy that will grow, balance their exposure to the market, and stay accessible for them to use to help others, travel, and retire as soon as possible rather than waiting until they are 59.5 years old. Plus, they also completed their estate planning, and we continue to meet once or twice a year to maintain and update their planning. Thank you and I hope you have a wonderful day, Drew Erickson Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. Please reach out if you have questions or would like to discuss any of the details mentioned in this client’s story. Out of respect to the clients, I kept names and specific details out of this story while leaving enough information to hopefully provide value. This story would not have been written without the consent of my clients about whom it is written. And as always, everything my clients do with me is confidential at all times and is not shared with any of my other clients or people I know without their consent.

I love to help people have more confidence in their future and it is my mission to provide the highest quality advice and service possible to my clients. To accomplish this, I limit myself to having 100 active clients or less that I have a fiduciary responsibility to at all times. Rather than trying to sell as many hot dogs (or products) to as I can to as many people possible even if they do not need or want them. One way I hope to provide value to good people, whether they are my clients or not, is to periodically write a client success story. So that no matter what is troubling you today, you can see there is light at the end of the tunnel, and it is possible to improve your financial future. Nine years ago, back in 2014, I met with a couple for the first time. During that meeting they expressed to me their number one financial planning goal was to retire comfortably in their early to mid-60s. However, due to a pile of credit card and student loan debt plus not having a plan they were not sure if they would ever be able to retire much less in their 60s. In that meeting they almost shrugged off the idea of ever retiring due to their situation looking so bleak and said, “we don’t want to be a prisoner to what we owe to our debt.” These clients were familiar with the financial industry and had even met with “financial planners” in the past. However, due to life getting busy with work and raising their kids plus the “financial planners” never calling them again after selling them a product. Their financial plan and confidence to retire went by the wayside. To avoid leaving them with products and strategies they would not remember how to use in the years to come and to improve our ability to reach their financial and retirement goals. We agreed in our first meeting to have at least one annual review and one check-in call per year minimum. Over the next nine years we worked together on their investments and 401k planning, budgeting, insurance protection, and debt reduction goals together. With our ability as an independent company that can use the strategies, we believe fit our clients best and shop around to almost any company we want for investments, insurance, structured notes, and annuity options. We were able to bring them from wondering “if they would ever be able to retire and stop being a prisoner to their debt” to choosing when and where they want to retire. To go from wondering if they will have to work until the day they die, to choosing where in the country they want to live and what they want to live in throughout the different seasons of the year. All with a healthy portion of their retirement portfolio paying them guaranteed income for life that they cannot outlive. Plus, a healthy portion of their retirement portfolio allocated to fight inflation and be available for their legacy to their family and/or charity. Giving them the confidence, they hoped for to retire when they wanted to, how they wanted to, and where they wanted to when we met nine years ago. Money does not buy happiness. However, when used correctly and with discipline, it can be an amazing tool to help us build the lives we dream of and have ... Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. Please reach out if you have questions or would like to discuss any of the details mentioned in this client’s story. Out of respect to the clients, I kept names and specific details out of this story while leaving enough information to hopefully provide value. This story would not have been written without the consent of my clients whom it I written about. And as always, everything my clients do with me is confidential at all times and is not shared with any of my other clients or people I know without their consent. #MoneyNotMath #money #retirement #RetirementPlanning #Integrity #Learning #Generosity #Relationships #Legacy #Gratitude

“I’ll be 65 this year. I’ve saved diligently and built up a $1 million 401(k). I’m expecting a $500,000 inheritance. I spend up to $6,000 a month. So, here’s the big question: Can I retire on January 1st, 2026?”In this episode, we walk through a real-world retirement scenario — and without making any guarantees or recommendations. You’ll learn:✅ Why when you retire matters✅ How Long-Term Care and medical costs can impact your future✅ The role of Asset Allocation, Social Security, Tax, and Spending Strategies in shaping your retirement experienceThis is not financial advice — it’s education. Because money is not math, and there’s so much more to retirement planning than just numbers.👉 If this sounds like your situation — or if you’re wondering whether your retirement plan is truly ready — let’s talk. I help people like you turn uncertainty into clarity every day.📩 Email me at drew@5stonefinancial.com🔁 Share this episode with someone who needs it💬 Comment with your thoughts or questions________________________________________Disclaimer: This content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation.#MoneyNotMath #RetireConfidently #RetirementPlanning #FinancialEducation #EmptyNesterFinance #RetirementReady #FinancialClarity #LongTermCarePlanning #SocialSecurityStrategy #TaxSmartRetirement #AssetAllocationMatters

If you're 65 or older—or planning for retirement—this episode breaks down how new legislation could reduce your taxable income and potentially eliminate taxes on your Social Security benefits.📌 Topics include:2025 standard deduction increasesSocial Security tax reliefIncome limits and sunset clausesStrategic planning tips for retirees📞 This podcast is for informational purposes only and does not constitute personalized financial, legal, or tax advice.📩 Contact: drew@5stonefinancial.com#Retirement #TaxPlanning #MoneyNotMath #FinancialLiteracy

🎢 The market dropped sharply in April…📈 Then surged over 26% by early July.In Money Not Math 160, I break down what this rebound teaches us about long-term investing—and why reacting emotionally to short-term volatility can derail your retirement goals.✅ Stay focused✅ Stick to your plan✅ Think long-term💡 I also reference strategies from Episode 159 to help you stay grounded when the market gets shaky if you would like to check that out here, https://youtu.be/hKfnvQOsbSM?si=ZYEuyL3Jc7EEMP1f If you're looking for a fiduciary financial advisor to help guide your retirement journey, I’d be honored to help. You can contact me at 218-686-3170 or Drew@5stonefinancial.com to schedule a free consultation.Past performance is not indicative of future results. This content is for informational purposes only and does not constitute legal or investment advice.#MoneyNotMath #RetirementPlanning #FiduciaryAdvisor #InvestSmart #LongTermThinking #MarketVolatility #FinancialWellness #EmptyNesters

Feeling the ups and downs of the stock market? 🌊 Don't worry, you're not alone! Check out these five essential strategies to help you ride the market roller coaster:1. Embrace the Long Game: Investing is a marathon, not a sprint. Focus on your long-term goals and checkout the Probability of Positive Returns graph I highlight in the video.2. Diversify Your Portfolio: Spread your investments across various asset classes to reduce risk.3. Rebalance Periodically: Keep your portfolio in check by adjusting your asset allocation regularly.4. Tune Out the Noise: Limit exposure to financial news that can cause unnecessary stress.5. Harvest Tax Losses: Use market downturns to your advantage by offsetting gains with losses.Stay calm and invest wisely! 💡💪Thank you for taking the time to watch or listen to today’s Money Not Math episode. Please help me provide more value to more people by sharing it with a friend, sharing it on your social media page and commenting with a question or thought. Or, if you would like to ask me a question privately or schedule a meeting, please email me at drew@5stonefinancial.com.Articles referenced: https://www.morningstar.com/markets/5-strategies-riding-market-roller-coaster?utm_source=eloqua&utm_medium=email&utm_campaign=MorningDigest&utm_content=None_62390&utm_id=32286 www.ftportfolios.com Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation.

Hello and welcome to Money Not Math episode 158! I'm Drew Erickson, and today we're diving into Warren Buffett's recent comments on Berkshire Hathaway's cash holdings and what they mean for investors like you.In his latest annual letter to shareholders, Buffett addressed concerns about Berkshire's substantial cash reserves, which stood at $334 billion at the end of the fourth quarter. He emphasized his preference for owning "good businesses" over holding cash and highlighted the importance of patience and discipline in investing.Buffett also discussed the impressive performance of Berkshire's insurance arm and expressed confidence in the company's Japanese investments. These insights underscore the value of diversification and waiting for the right investment opportunities.Tune in to learn more about how Buffett's philosophy can inform your personal retirement planning strategy. If you find this episode valuable, please consider subscribing, leaving a review, or sharing it with a friend. And remember, if you're looking for personalized retirement planning advice, I'm here to help.📌 Read the article: https://www.morningstar.com/stocks/warren-buffett-dismisses-concerns-about-cash-holdings?utm_source=eloqua&utm_medium=email&utm_campaign=MorningDigest&utm_content=None_61302&utm_id=31743 Disclaimer: This content is not legal, tax, or investment advice. Always consult a qualified professional regarding your personal situation.#MoneyNotMath #Podcast #WarrenBuffett #InvestmentPhilosophy #RetirementPlanning #FinancialAdvice #Diversification #PatienceAndDiscipline #InvestSmart

Hello everyone! 🌟 In today’s Money Not Math episode #157, we review key tax deductions that can help you save money and make the most of your home investment. 🏡💰 I recently came across an insightful article on Yahoo Finance about tax deductions for homeowners, highlighting eight valuable deductions that can lower your income tax. Let's break them down: 1. Mortgage Interest Deduction: Deduct the interest paid on your mortgage if you itemize your deductions. 2. Interest on Home Equity Loans and HELOCs: Deductible if used to buy, build, or improve your home, within certain limits. 3. Discount Points: Prepaid interest points that can be deducted in the year you pay them or spread out over the life of the loan. 4. Property Taxes: Deduct the amount you pay in property taxes each year. 5. Home Office Deduction: Deduct a portion of your home office expenses, including mortgage interest, utilities, and HOA fees if you meet certain criteria. 6. HOA Fees: Generally not deductible, but exceptions exist if you rent out your property or use part of your home for business. 7. Home Improvements: Certain improvements can be deductible, especially if medically necessary or improve energy efficiency. These deductions can significantly impact your tax bill and help you save more for retirement. Be sure to consult with a tax professional to maximize your benefits. Even if you don’t itemize your tax deductions, tax planning around your retirement income is crucial for maximizing your income in retirement while minimizing your social security taxes and Medicare costs. Thanks for watching Money Not Math episode #157! If you found this video helpful, please share it with a friend or on your social media page, follow my page, comment with your thoughts or questions, or like this post to help me provide more value to more good people like you. Disclaimer: This content is not legal, tax, or investment advice. Always consult a qualified professional regarding your personal situation. Article Referenced: https://finance.yahoo.com/personal-finance/taxes/article/tax-deductions-for-homeowners-164247589.html #MoneyNotMath #TaxDeductions #HomeInvestment #SaveMoney #RetirementPlanning #Homeowners #TaxTips #FinancialAdvice #Podcast #Finance

Did you know the government decides when you must start spending your 401(k) and IRA money in retirement? 🎙️ Welcome to Money Not Math 156! 🎙️ Tune in to learn more about: 🔹 RMD Essentials: Understand that taxes are only delayed, not avoided. 🔹 Strategies: Discover ways to delay or avoid RMDs. 🔹 Retirement Planning Tips: Get expert advice to secure your financial future. Don't miss out! Share this podcast with friends, comment with your questions and thoughts, like this post to help me provide value to more people, or contact me privately for a personalized retirement planning conversation. Full Podcast: https://creators.spotify.com/pod/show/drew-erickson7/episodes/Ever-wondered-if-401k-withdrawals-before-age-73-count-toward-your-Required-Minimum-Distributions-RMDs-e2u2aco Disclaimer: This content is not legal, tax, or investment advice. Always consult a qualified professional for your personal situation. #RetirementPlanning #401k #RMDs #FinancialAdvice #MoneyNotMath #Podcast #InvestSmart #SecureFuture #5StoneFinancialGroup Article referenced: https://finance.yahoo.com/news/401-k-withdrawals-turn-73-142043461.html

Ever wondered if 401(k) withdrawals before age 73 count toward your Required Minimum Distributions (RMDs)? 🤔 Did you know the government decides when you must start spending your 401(k) and IRA money in retirement? 🎙️ Welcome to Money Not Math 156! 🎙️ Tune in to learn more about: 🔹 RMD Essentials: Understand that taxes are only delayed, not avoided. 🔹 Strategies: Discover ways to delay or avoid RMDs. 🔹 Retirement Planning Tips: Get expert advice to secure your financial future. Don't miss out! Share this podcast with friends, comment with your questions and thoughts, like this post to help me provide value to more people, or contact me privately for a personalized retirement planning conversation. Disclaimer: This content is not legal, tax, or investment advice. Always consult a qualified professional for your personal situation. #RetirementPlanning #401k #RMDs #FinancialAdvice #MoneyNotMath #Podcast #InvestSmart #SecureFuture Article referenced: https://finance.yahoo.com/news/401-k-withdrawals-turn-73-142043461.html

A guide to help you retire early in 2026 or in the near future, with a month-to-month checklist of achievable goals. Keep an eye on sticky inflation, stretched valuations, and an uncertain policy landscape. Weekly Retirement Planning Coffee Talks are a casual way for me to connect and answer questions—even if you’re not a client—at no cost. Join us on Facebook Live or stop by my office to enjoy free coffee. If you’d rather not ask questions online or in person during the live session, feel free to message me directly. Or simply enjoy your coffee at my office, and we can chat once the live video wraps up. There’s no pressure to work with me or become a client, whether you join in person or online. My mission is to provide my clients with the highest quality advice and service. To maintain this level of care, I limit my practice to 100 active clients at a time, as I have a fiduciary responsibility to each of them. While I cap the number of clients I work with, I’m dedicated to serving as many people as possible by sharing valuable information and answering your questions. That’s why these Coffee Talks mean so much to me. Here’s the link to schedule a call with me if you want to ask questions privately: https://outlook.office365.com/owa/calendar/Gb122ad25bf0742de9ef95f26af89fd04@5stonefinancial.com/bookings/s/ytXDEtRh0E-29mrENW6_Uw2 Disclaimer: This content is not legal, tax, or investment advice. Always consult a qualified professional regarding your own situation. And since this was a live session, I may occasionally make a mistake. Articles referenced, https://www.kiplinger.com/retirement/retire-early-this-year-is-this-the-year-you-take-the-leap https://www.morningstar.com/markets/6-market-pros-biggest-risks-2025?utm_source=eloqua&utm_medium=email&utm_campaign=AdvisorDigest&utm_content=None_60118&utm_id=31029 #RetirementPlanning #MoneyNotMath #EmptyNesters #5StoneFinancialGroup #Investing #Money #FinancialEducation #Retirement #Coffee

How to Avoid Letting Unforeseen Events (Black Swans) Ruin Your Retirement. Money Not Math 155 “When it comes to investing, a big obstacle many people face is the fear of catastrophe.” “The fact that winners can gain more than losers can lose is one of the many reasons I’m so optimistic about investing in public markets.” “Staying disciplined is one of the keys to capturing the market’s long-term returns. Over the past century, the stock market has returned on average about 10% a year, which makes sense when you consider the asymmetric nature of stock returns.1 Remember that while a stock can only fall to zero, losing 100% of its value, successful companies have the potential for gains far exceeding 100%.” Article referenced, https://www.dimensional.com/us-en/insights/how-to-avoid-black-swans Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. #MontyNotMath #RetirementPlanning #Retirement #investing #money #BlackSwan #discipline

The True Tax Benefit of IRAs and 401(k)s plus how they stack up against taxable and after-tax accounts. Money Not Math 154. Where should you be investing your money? Tax-deferred (Traditional IRAs/401(k)s, taxable, or after-tax (Roth IRAs/401(k)s)? This article and visual will hopefully help you answer that question. Please let me know if you have follow-up questions or thoughts plus future money not math or retirement planning topic requests. Article referenced, https://www.morningstar.com/columns/rekenthaler-report/whats-tax-benefit-owning-traditional-ira-or-401k-account?utm_source=eloqua&utm_medium=email&utm_campaign&utm_content=_58805&utm_id=30039 Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. #MoneyNotMath #RetirementPlanning #Investing #401k #IRA #Roth #Taxes #Retirement #EmptyNesters #money

Forgive, Be BOLD, and Live! Money Not Math 153 interview with Alison Bernier – Bernier Properties LLC What an absolute pleasure it was for me to interview Alison and get to know her better. Her faith, perseverance, genuine nature, and kindness are incredible. I love her Core Values and belief system. Especially when she talks about how the connections you have and how we treat people are more important than the money you have. From pre-law and nutrition to entrepreneurship I strongly encourage you to set aside 30 minutes to watch or listen to Alison’s story. Plus, I would appreciate it if you helped me celebrate Alison by sharing, commenting, and liking this post. Please reach out with questions or thoughts for Alison or me. Thank you and I hope you have a wonderful day. #Forgive #BeBold #Live #RealEstate #Faith #Family #perseverance #kindness #MoneyNotMath #Connections

2.23.24 Money Not Math interview with Tevin Moreno – Moreno Dental Services. Money Not Math 152. Did you know Tevin drove a bus to his first year of college and started his own practice/business straight out of college? Listen to this awesome interview to learn more about Tevin, his impressive path to becoming a dentist, and the lessons he has learned along the way. I left more impressed than expected and think you will too. Plus, there are some tremendous pieces of advice shared so it’s well worth the listen. Also, he may have a job opportunity for you. Help support his business and share his story by sharing and liking this video or podcast plus comment if you have questions or requests for future Money Not Mat conversations. You can reach Tevin at Dougl240@umn.edu Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. #MoneyNotMath #Dentist #Money #BusinessPlanning #FinancialPlanning #RetirementPlanning #wealth #GrowthMindset #resilience #HardWork

“Roger Federer’s impact on the sport is maybe more than any man before him. His trademark style took the sport by storm and changed the way younger players approached it, essentially laying the groundwork for the next two decades of tennis. Beyond that even, his impact on the world of sport is clear for all to see and his position as a role model has never been questioned. Roger Federer is undoubtably the greatest tennis player of all time, but he may even be in the argument for the greatest athlete of all time as well.”- https://www.worldtennismagazine.com/archives/21793#:~:text=Beyond%20that%20even%2C%20his%20impact,of%20all%20time%20as%20well. What can that teach us about investing? Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. All these numbers are rounded for simplicity. Data sourced from "Probability of Positive Returns"- Dimensional.com and ultimatetennisstatistics.com. Past performance is no guarantee of future results. Please reach out with questions, comments, or requests for future topics. #MoneyNotMath #Money #Retirement #RetirementPlanning #EmptyNesters #5StoneFinancialGroup #Investing #Tennis #RogerFederer #GOAT

Thank you for your time! Money Not Math 150 Thank you to everyone who has taken the time to watch my videos, listen to my podcasts, and follow my pages. I am extremely grateful for the opportunity to help others improve their financial future. I hope these episodes have brought you value and will bring even more in the future. Below is a list of the most watched or listened to episodes I have had so far for you to check out. Please comment with requests for future Money Not Math topics or questions you have about your retirement planning. I am also excited about feedback you have on changes I can make to improve the quality of my content. Which Episode is your favorite and why??? Please comment to let me know (it doesn’t have to be one of the ones listed below) Most popular videos on YouTube. Congress wants to change how you save for retirement. Money Not Math 124 (7.8k views!) https://youtu.be/1c62Jjw1_CE?si=k_ol_z0oyggMnuwy How to Calculate Roth 401(k) Withholding. Money Not Math 62. https://youtu.be/QYePHhUgUbs?si=bq3bVSFZCIDte90l I am Maxing out my 401k, Now What? Money Not Math Client Success Story 2 https://youtu.be/959kIgQDD7k?si=CiZe8Q6mwjRlzn8C Most popular Podcasts. What is the red stuff in steak? Money Not Math 128 https://podcasters.spotify.com/pod/show/drew-erickson7/episodes/What-is-the-red-stuff-in-steak--Money-Not-Math-128-e1u0km3 What is the BEST way to Grill Steak? Money Not Math 129 https://podcasters.spotify.com/pod/show/drew-erickson7/episodes/What-is-the-BEST-way-to-Grill-Steak--Money-Not-Math-129-e1uc6p5 The CARES Act allows workers to borrow up to $100,000 from their 401(k) and what you need to know about 401(k) loans before you take one. Money Not Math 64 https://podcasters.spotify.com/pod/show/drew-erickson7/episodes/The-CARES-Act-allows-workers-to-borrow-up-to-100-000-from-their-401k-and-what-you-need-to-know-about-401k-loans-before-you-take-one--Money-Not-Math-64-ecfii4 On the flip side, here are my least popular episodes so far… it’s amazing how sometimes what I think will be my best content falls flat on its face. Least popular YouTube video (only 1 view… ouch) Would you intentionally golf with only a driver and a putter? Money Not Math 65 https://youtu.be/-MTm3pAiBXw?si=_WbBnWPNN1tAYV2r Least popular podcasts (there was a tie with only 1 listen… OUCH) I am Maxing out my 401k, Now What? Money Not Math Client Success Story 2 (Ironic considering it’s one of the most popular videos) https://podcasters.spotify.com/pod/show/drew-erickson7/episodes/I-am-Maxing-out-my-401k--Now-What--Money-Not-Math-Client-Success-Story-2-e2e60ij Want to Lose Your Money? Listen to Millionaires. Money Not Math 149 https://podcasters.spotify.com/pod/show/drew-erickson7/episodes/Want-to-Lose-Your-Money--Listen-to-Millionaires--Money-Not-Math-149-e2ech0t Thank you again for your time and I hope you have a great day. Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. #MoneyNotMath #Money #EmptyNesters #Retirement #RetirementPlanning #5StoneFinancialGroup #Congress #Roth #401k #success #steak #CARES #401kLoan #golf

Along with anybody else who attempts to forecast the investment future. Most who try to predict the market fail more often than not. Problem #1: Recency Bias Problem #2: Group Think Problem #3: Wishful Thinking Why Bother? “Why Investors Might Think Twice About Chasing the Biggest Stocks. As companies grow into some of the largest firms, the returns that push them there can be impressive. But not long after joining the Top 10 biggest by market cap, these stocks, on average, lagged the market.” – Dimensional.com #MoneyNotMath #5StoneFinancialGroup #EmptyNesters #RetirementPlanning #Retirement #Money #Millionair #Investment #predict #market #StockMarket #RecencyBias #GroupThink #Wishful #Thinking Article referenced: https://www.morningstar.com/markets/how-get-poor-listen-millionaires?utm_source=eloqua&utm_medium=email&utm_campaign=newsletter_morningdigest&utm_content=50853

Your 2024 Tax Fact Sheet and Important Dates. Money Not Math 148 2024 Important Tax Facts for All Taxpayers. Do you know the difference between your marginal and effective income tax rate? 2024 Important Tax Facts for Investors. Is it better for you to pay income or capital gains tax rates? 2024: Important Tax Dates to Remember • Jan. 1: New IRA, retirement plan, and HSA contribution and income limits go into effect for the 2024 tax year, as listed above. • Jan. 16: Estimated tax payments due for the fourth quarter of 2023. • April 15: 2023 individual tax returns due, last day to contribute to IRA and SA for 2023. • June 17: Estimated tax payments due for the second quarter of 2024. • Sept. 16: Estimated tax payments due for the third quarter of 2024. • Oct. 15: Individual tax returns due for taxpayers who received a six-month extension on their 2023 returns. • Dec. 31: Retirees age 73 and older must take required minimum distributions from traditional IRAs and 401(k)s; those RMDs are based on their balances at the end of 2023. Last date to make contributions to company retirement plans (401(k), 403(b), 457) for the 2024 tax year. Article referenced, https://www.morningstar.com/personal-finance/your-2023-tax-fact-sheet-calendar?utm_source=eloqua&utm_medium=email&utm_campaign=newsletter_morningdigest&utm_content=50748 Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation.

Priorities and timing are everything. Money Not Math 147 with Joe Hedrick - TRF Airport Manager Listen to this Money Not Math conversation to learn more about Joe, how the airport works, and the lessons Joe has learned running this $1,000,000 per year business. What brought Joe to TRF and how did he become the manager of the TRF airport? From compliance to snowplowing to shaking hands with the governor… you may be amazed by all that goes into Joe’s job! Did you know the TRF airport has doubled how many people fly out of TRF and quadrupled the cargo that’s shipped? Check this episode out to hear the exciting developments coming to the airport next! Did I hear a DELTA in there? What is the greatest financial lesson Joe has learned? Joe’s greatest piece of advice is… What is Joe’s definition of being successful? Consistency or Fairness, Positive Mindset, Sober Optimism, Passion, and Pragmatism are some great core values. Is your glass half full or half empty? Thank you for supporting the airport! #MoneyNotMath #Money #retirement #RetirementPlanning #revenue #GrowthMindset #time #priorties #FinancialBurden #taxes #TaxLevy #PositiveMindset #advocate #rotary