MDRN Wealth

2024 comes with adjustments you should know about!

1) IRA's contributions are now capped at $7,000 (up from $6,500).
2) Employee contributions (401k, 403b, most 457) are now capped at $23,000.
3) The limit for FSA contributions will increase to $3,200.
4) Social security benefits will be increased by 3.2%.

Don't let this be you this year.

Reminder:
▪️ Tax Day is on a Monday this year
▪️ April 15th: Filing deadline for 2023 taxes. For quarterly tax payers; first estimated tax payment for tax year 2024 due.
▪️October 15th: Extended deadline to file 2023 tax return

It's not about how much you earn, but about how much you keep.

Join our Tax & Planning Insights newsletter in our learning center on MDRNWEALTH.com for tips on how you can optimize your wealth.

Let's talk Housing:

The 3-2-1 buydown is a financing strategy aimed at helping potential homebuyers address the challenges of high home prices and steep interest rates.

This approach involves temporarily reducing the mortgage interest rate for the first three years of a mortgage, which results in lower monthly payments during that initial period. After this period, the interest rate typically returns to the standard rate.

To implement this strategy, the cost of the reduced interest rate during the initial years can be covered through various means, such as prepaying interest upfront, receiving credits from a builder (for new homes), or having the home seller finance it to make the property more attractive.

Individuals considering this strategy should evaluate factors like affordability, potential income growth, and their outlook on future interest rates to determine if it suits their specific financial circumstances and goals.

New Year - New Legislation in Effect!

In 2022, the Secure 2.0 Act became federal legislation to encourage Americans to save more for retirement. Some of its changes will start in 2024.

What's new this year? Many students struggle to save for retirement while paying off their student loans. This makes it harder for them to benefit from employer contributions to retirement plans, and therefore can negatively impact an employee's future retirement savings. The new law allows employers to match their employees' retirement plan contributions based on their student loan payments. This helps employees save more for retirement, even as they pay off their loans.

The celebration of a New Year is a great time to review your financial health and reevaluate financial goals for the upcoming year ahead. Here's your (starting) checklist for a financially happy new year.

1) Reevaluate your household budget
2) Check your emergency fund
3) Prioritize paying off your debt
4) Reevaluate your asset allocation





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If your looking for a sign to start your estate plan, this is it.

Loading: MDRN Estate Planning Month

We are excited to share with you all month of November the importance of Estate Planning and preparing for the next generation.

Weekend reading material: Wills vs. Living Trusts

Read all about it, on our blog.

Our services are designed to optimize every element of your wealth.

Ongoing Advisory Solutions, Tax Planning, Investments & Alternatives, Trust & Estate Planning, Benefits and Equity Compensation, Travel Concierge, Asset Protection and more all under one roof.

It's a great day to better your financial future.