Whitten Retirement Solutions

11 hours ago

April isn’t just about tax deadlines—it’s Financial Literacy Month, a great time to step back and evaluate overlooked areas of your financial strategy.

Here are some of the tips we give to our clients:

🔹 Your tax return is a roadmap. Are you missing opportunities for charitable giving or smarter investment income strategies?
🔹 Holding too much cash? Higher interest rates make it tempting to keep more cash, but excess cash can mean potentially missing out on other opportunities.
🔹 29 million retirement accounts sit forgotten. Do you have an old retirement account with prior employers? Consolidation may help investment performance and estate management.
🔹 Beneficiary designations override wills. When was the last time you reviewed yours?
🔹 Fraud related to identity theft losses hit $10 billion in 2023. Updating passwords and enabling multi-factor authentication are simple but helpful steps.

Even small adjustments can make a difference over time. What’s one financial habit you’re focusing on this month?

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Whitten Retirement Solutions

2 days ago

While today is all about pranks and jokes, one thing that’s no laughing matter is having a solid strategy for your financial goals.

Personal finance isn’t a game of chance—it’s about preparation and making smart decisions for the future.

Enjoy the jokes today, and if you ever want to talk about serious financial moves—without any “gotchas”—we’re here to help! 😉

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Whitten Retirement Solutions

1 week ago

Did you know that disorganized estates can take years to settle, while well-prepared estates can be resolved in a shorter period of time?

Here’s the truth: organizing your legacy isn’t about paperwork—it’s about helping to protect your loved ones.

Our top tips:
👉 Keep a physical “life folder” of essential documents—digital vaults are great, but in our experience, a paper folder can be more manageable for families to access when they need it most
👉 Double-check those beneficiaries—in some instances, they actually override your will
👉 Consider consolidating scattered accounts (your family will thank you later)
👉 Look into TOD options to help manage the probate process
👉 Get specific about sentimental items—they often cause the biggest conflicts

The best time to organize your legacy? When you don’t need to. Let’s talk about making things better prepared for your loved ones.

#PersonalFinance #EstateStrategy #Legacy #WealthManagement ... See MoreSee Less

Whitten Retirement Solutions

2 weeks ago

The Internal Revenue Service has announced key changes to retirement contribution limits for 2025.

Here’s what you need to know:

Workplace Retirement Updates:
▪️ 401(k) contribution limit increases to $23,500
▪️ Special catch-up provision for ages 60-63: up to $11,250 in additional contributions
▪️ Standard catch-up amount remains $7,500 for those 50+

Individual Retirement Account (IRA) Changes:
▪️ Annual contribution limit stays at $7,000
▪️ Traditional IRA phase-out range expands: $79,000-$89,000 for individuals
▪️ Roth IRA phase-out range increases: $150,000-$165,000 for individuals
▪️ Married filing jointly Roth phase-out: $236,000-$246,000

These adjustments could affect your retirement strategy. Want to discuss how to make the most of these opportunities?

Remember, once you turn 73, you must take required minimum distributions (RMDs) from your 401(k) or other defined contribution plans in most cases. Withdrawals from these plans are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Similarly, once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

With a Roth IRA, to qualify for tax-free and penalty-free withdrawal of earnings, distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

#RetirementPreparation #FinancialFuture #2025Savings ... See MoreSee Less

Whitten Retirement Solutions

2 weeks ago

Congratulations to Beth for being recognized as one of the 2025 Women to Watch! Out of hundreds of nominations, she's one of just 12 selected to be featured in the magazine, highlighting her leadership, dedication, and positive impact she's making in our community. We are so proud to see you shine, Beth! ✨ ... See MoreSee Less

Whitten Retirement Solutions

2 weeks ago

⏰ April 15th is around the corner—Have you maximized your 2024 IRA and HSA contributions?

As the April 15 deadline approaches, it’s important to review your retirement savings and understand the potential tax advantages for the 2024 tax year.

Reminder of Contribution Limits:
👉 IRA (Traditional or Roth):
▪️$7,000 for individuals under 50
▪️$8,000 for those 50 and older

👉 Health Savings Account (HSA):
▪️$4,150 for single coverage
▪️$8,300 for family coverage
▪️Additional $1,000 catch-up for those 55+

With just a few weeks remaining, review your contribution status and consult with a financial professional to check whether you’re taking advantage of these opportunities and whether they align with your overall financial strategy.

Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty. This penalty is void after the age of 65; however, it will still become taxable income.

#RetirementPreparation #TaxStrategy #FinancialWellness ... See MoreSee Less