Gayle Ross, Private Wealth Manager

🚨 Attention all investors! 🚨

As we ring in the new year, let's not forget about the exciting changes coming our way in 2024! 🎉 The SECURE 2.0 legislation has brought some notable updates, particularly in the realm of Roth provisions. Here's what you need to know:

1️⃣ 529-to-Roth IRA Rollovers: Good news for those worried about unused 529 plan funds! Thanks to SECURE 2.0, rollovers of these funds to Roth IRAs are now permitted. However, there are important restrictions to keep in mind, including a $35,000 lifetime maximum rollover amount and a requirement for the Roth IRA to be in the name of the 529 beneficiary.

2️⃣ No RMDs on Roth 401(k) Funds: Roth 401(k) holders, rejoice! SECURE 2.0 has eliminated lifetime required minimum distributions (RMDs) for Roth 401(k) funds, bringing them in line with Roth IRAs. Remember, though, inherited Roth 401(k)s are still subject to RMDs.

3️⃣ Mandatory Roth 401(k) Catch-Ups – DELAYED: Originally set to go into effect this year, the IRS has pushed back the implementation of mandatory Roth catch-up contributions for highly-paid employees to 2026.

Exciting times ahead! Stay tuned for more insights and guidance on navigating these changes in the world of finance. 💼💰

🏞️ Reflecting on an Inspiring Team Building Trip to Salt Lake City 🌟

Last week the Fiat Wealth Management Family spent some time in the mountains of Park City, Utah. We had an incredible time playing, learning, and enjoying the company of our co-workers and their loved ones. We also attended a training session with our Partners, Town Square Capital where we delved into specific ways to de-risk our clients’ investment portfolios as especially as it relates to taxes. What a way to start 2024!

🌅 Navigating the Retirement Horizon 🌟

Deciding when to retire is like choosing the perfect sunset—timing matters! Retirement is a chapter we all look forward to, but finding the right moment is a unique journey for each of us.

Here are five key questions to ponder:

1️⃣ Financial Checkup: Have you crunched the numbers? Ensure your financial ship is ready to sail smoothly into the retirement seas.

2️⃣ Passion Pursuits: What dreams are waiting for you? Retirement isn't just about stepping away; it's a chance to embrace new passions and adventures.

3️⃣ Health Matters: How's your well-being? Consider your health and wellness—after all, the best retirement is a healthy retirement.

4️⃣ Life Goals: What do you want to achieve? Define your post-retirement goals, whether it's travel, learning, or spending quality time with loved ones.

5️⃣ Timing is Everything: When does your heart say it's time? Listen to your inner compass. The right time to retire is when your soul feels ready for the next adventure.

Remember, retirement is not a one-size-fits-all journey. It's YOUR adventure, and the timing should align with YOUR goals and aspirations.

Embrace the journey, and when you're ready to explore the possibilities, I'm here to guide you. Let's make your retirement dreams a reality! 🌠💼

🌟 Setting Good Financial Habits Today 🌟

The new year is the perfect time to take charge of your finances! Transform from managing defensively to confidently controlling your finances with minimal effort. Here are some simple steps:

Automate, Automate, Automate:
-Set up automatic withdrawals and bill payments to avoid late fees.
-Automate savings for specific goals – a stress-free way to build funds.
-Consider auto-increasing your retirement savings for long-term gains.

Show Me the Money:
-Track your expenses to understand where your money goes.
Prioritize saving and investing – compounding works wonders!
-Set Small Quarterly Goals:
-Break down tasks like updating beneficiary designations into manageable steps.
-Schedule weekly time on your calendar for financial progress.
-Protect your time as you would your financial goals.

Protect Your Identity:
-Invest in a credit and identity theft program for monitoring and restoration.
-Benjamin Franklin said, "An ounce of prevention is worth a pound of cure" – especially true in today’s digital age.

From Chaos to Confident:
-Be the person in control when finance talks arise – not the one with their tail between their legs.
-Ready to embrace financial confidence? 💪

Share your tips or tag someone who needs this!
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Disclosure: Fiat Wealth Management, LLC is registered as an investment advisor with the SEC and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.