Month: December 2024
5 Financial Resolution Mistakes to Avoid in 2025
As the year draws to a close, many of us begin reflecting on our goals for the upcoming year. Not surprisingly, financial resolutions often top the list. According to a 2024 study by the Pew Research Center, 61% of those who make resolutions include money or finances among their priorities. With this in mind, setting the right financial goals is key to starting the year on the right foot. To help you avoid common pitfalls, we’ve put together a list of five financial mistakes to steer clear of—ensuring your resolutions set you up to reach your financial goals. Not preparing for the unexpected Having an emergency fund is essential, especially in today’s uncertain economy. According to a 2024 Discover Personal Loans survey, 80% of Americans feel anxious about their finances, with many unprepared for events like job loss, unexpected expenses, or medical emergencies. Beyond an emergency fund, proper insurance is crucial to protect your financial plan. Review your life, disability, property, and casualty insurance to ensure you're covered. For retirees, long-term care is critical. According to the U.S. Department of Health and Human Services, 70% of people aged 65 or older are likely to need long-term care at some point. Lastly, if you own rental or vacation homes, an umbrella policy can provide extra protection. Not planning goals Not planning your financial goals is another mistake to avoid. According to a survey by Schwab, only 36% of Americans h
December Market Commentary
This month we are focusing on the U.S. labor market. While having cooled from its red-hot state, it has settled into a relatively healthy position. Following a month of hiring disruptions due to hurricanes and strikes, businesses added 227,000 jobs in November. However, the uneven nature of recent job growth has led many to question the true health of the labor market. Employment growth in 2024 has been concentrated in a few key sectors, primarily health care and government, which have contributed 41% and 21% of this year’s job gains, respectively. Healthcare’s hiring dominance seems less concerning as the sector is still addressing pandemic-related backlogs. However, employment growth dominated by the public sector, which tends to see increased hiring later in the economic cycle, may be viewed as a warning sign. That said, there are important nuances to consider. Government employment as a sector currently accounts for 14.7% of total payrolls. Of the 21% growth referenced above, 90% has come from state and local levels, which appears less troublesome. Moreover, the sector’s share of payrolls remains below its pre-pandemic (2014 – 2019) average of 15.3%, suggesting its recent outsized growth reflects the continued uneven normalization of the labor market post-pandemic. Outside of these two sectors, sluggish manufacturing activity has been a headwind. Still, some cyclical sectors, including construction, leisure, and transportation, have se
Tax-Friendly Ways to Give
With the holidays right around the corner, it is a great time to explore tax-friendly ways to give money to loved ones or your favorite charities during the holiday season. The following are some great ways to transfer money to others before the end of the year: Qualified Charitable Distributions (QCDs) If charitable giving is already part of your financial plan, then qualified charitable distributions, or QCDs, are a great way to contribute to your favorite charities throughout the year. If you are 70 1/2, you can donate up to $105,000 to a charity directly from your IRA using a QCD in 2024. In 2025 this amount will expand to $108,000. By utilizing QCDs, the taxable portion of your RMD will be reduced dollar for dollar by the amount given to a charitable organization. This will reduce your federal and state taxes without having to itemize your deductions. Gifting and 529 Plans In 2024, individuals are allowed to gift up to $18,000 to another individual without having to report it to the IRS. By staying under the $18,000 limit, there will be no future tax implications for estate taxes. The $18,000 limitation is per gift to an individual, meaning you can make multiple gifts to different individuals before the end of the year as long as they are under the limitation. In 2025, the limitation per gift will increase to $19,000. Gifting to 529 plans is a great way to plan for future education expenses. Gifts to 529 plans are eligible for a state tax deduction. In 2024, Ohio
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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