Andy Rose Wealth Management

Can you believe we're already halfway through the year? Now's the perfect time to review and reassess your finances to ensure you're on track to pursue your goals! 🎯

There’s certainly a lot to take into consideration…

What are your top concerns? 👇👇Rank your top 3 in the comments 💬

1️⃣ Having enough saved for the retirement you envision
2️⃣ Caring for aging parents
3️⃣ Considering all factors when positioning your investments
4️⃣ Managing healthcare costs
5️⃣ Legacy and estate strategies
6️⃣ Career goals or possible career transition

A mid-year financial review is an excellent opportunity to:

✅ Assess your progress toward your goals
✅ Stress test your investment strategy
✅ Check in on your insurance coverage
✅ Review your estate and revisit your beneficiaries
✅ Update your approach to reflect any new goals you now have

Take the time to review, reflect, and realign your strategy.

Happy Father's Day to all the dads out there!

Fathers wear many hats—they're our role models, protectors, biggest cheerleaders, and teachers. They've guided us through life's challenges with wisdom and experience and helped shape us into the individuals we are today.

From teaching us the value of hard work to instilling the principle of living within our means, our dads laid the foundation for our financial futures.

And most importantly, they've taught us that money, while important, isn't everything. The richness of life lies in relationships, experiences, and continuous learning.

To all the fantastic dads out there, Happy Father's Day! Your love, guidance, and unwavering support mean the world to us. Thank you for being our rock and our guiding light.

💍 It's wedding season! Can you guess what the average wedding costs?

According to The Knot Real Weddings Study of nearly 10,000 couples across the country, in 2023, the average cost of a wedding ceremony and reception was $35,000, an increase of $5,000 over 2022.

With inflation driving costs up across the board, paying for a child's or grandchild's wedding has never been more expensive.

It's never too early to start preparing and saving!

Some tips to save a bit:
✅ Hire a wedding planner
✅ Choose an off-season date
✅ Tap friends with relevant expertise (calligraphy, photography, table design, etc.)
✅ Destination weddings can also offer benefits due to the typically smaller guest list

And if you're attending a wedding this season, here are some common questions and answers according to wedding professionals at Vogue magazine:

◾ How much should you spend on a gift? Spend $50–$75 for coworkers or distant relatives, $75–$100 for friends or relatives, and $100–$150+ for close friends, family, or wedding party members.
◾ Should I send a gift if I am not attending? Send a gift if invited to the ceremony, even if you can't attend.
◾ Do I need to give a gift for a destination wedding? Your presence is a gift, but an additional gift is still appreciated.

Bottom line is that weddings can be a large expense, and it's always best to prepare, create a budget, and stay disciplined. 💒💕

What are your top tips for saving on wedding costs? Comment below! 👇

June is National Cancer Survivors Month, and our hearts are with all who have dealt with the battle against cancer.

Cancer is one of life's cruelest trials, but survivors emerge as beacons of resilience.

To the survivors, your perseverance is heroic beyond measure.

To caregivers, families, and friends, you deserve recognition for shouldering heartbreak yet carrying your loved ones through with endless love and devotion.

Cancer creates an unbreakable bond of compassion between all who understand its harsh realities.

We all know too many people who have been victims of this awful disease. Let's celebrate survival while honoring every brave story.

We also reaffirm our commitment to supporting medical pioneers and organizations working tirelessly to research treatments and find cures to eliminate this awful disease.

🎓📆 Attention anyone with college-bound students!

The FAFSA deadline is approaching, and you don't want to miss out on your chance to apply for financial aid for the upcoming academic year.

Here are some tips to keep in mind:

➡️ The deadline is June 30, 2024, but many states and colleges have earlier deadlines. Check with your state and the schools you're interested in. ⏰

➡️ Before starting, collect all the necessary information, such as your most recent bank statements. This may help make the process smoother. 📑

➡️ Some financial aid is awarded on a first-come, first-served basis, so submitting your FAFSA as soon as possible can increase your chances. 🏃‍♂️

➡️ You might qualify! If you think your family's income is too high, fill out the FAFSA anyway. You may be surprised to find out you're eligible for some form of financial aid. 🙌

If you have questions or need assistance completing your FAFSA, contact your school's financial aid office, attend a FAFSA workshop, or visit the official FAFSA website for resources and support.

And feel free to reach out to us if you have any other general questions about college funding!

Stocks rallied in May as investors welcomed upbeat Q1 corporate reports and signs of a Goldilocks economy - not too hot, not too cold. The Dow crossed 40,000 for the first time after cooler inflation data raised hopes for a potential rate adjustment.

Monthly Market Insights | June 2024 Stocks rose in May as investors cheered upbeat Q1 corporate reports and signs that the economy was still strong while not overheating.

Anyone have a daughter or son who is starting a summer job?

💡 Idea – Have you opened a Roth IRA for them?

As many know, Roth IRA contributions are made with after-tax dollars, so your child will only pay taxes (and perhaps penalties) once they make withdrawals.

What you may not realize is how flexible they are:

✅ Your child can withdraw up to the amount of their total contributions at any time, for any reason, without paying taxes or penalties. However, you may have to pay taxes and penalties on any earnings.

✅ They can also withdraw contributions before 59½ and before the account is five years old for the following (keep in mind that you may be able to avoid penalties but not taxes):
- Funds can be used for qualified higher education expenses. 🎓
- First-time home purchase (up to a $10,000 lifetime limit.)
- If your child becomes disabled. ♿
- For certain emergency expenses. 🏥
- If your child is unemployed, they can use a withdrawal to help pay for health insurance premiums. 🩺

✅ Things to know:
- Your child must have earned income to contribute to a Roth IRA.
- You can open a Roth IRA for your child and manage it until they reach the age of majority in your state.
- The maximum contribution for 2024 is $7,000 or the total of their earned income, whichever is less.

Opening a Roth IRA for your child's summer earnings is a powerful way to teach them about saving, investing, and building long-term wealth. It's never too early to start! 🌟

📣 Oh, and don't forget, they may need help filling out their Form W-4

If your child earns less than $14,600 in 2024, they may want to claim an exemption from withholding on their Form W-4 by writing "Exempt" on line 4(c) of the form.

With a Roth IRA, remember that to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-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 examples in the post. The original Roth IRA owner is not required to take minimum annual withdrawals.

This post is for informational purposes only and is not a replacement for real-life advice. Consider consulting your tax, legal, and accounting professionals if you have questions about completing the Form W-4.

Hope these summer financial tips are helpful! Let us know if you have any questions! 💬

🎓🎉 June is the month of graduations!

Whether it's from kindergarten, middle school, high school, college, or grad school, we celebrate the accomplishments of these students and wish them well in their next chapters!

Now is the perfect time to establish healthy financial habits for those heading off to college or stepping into their first job.

Here are a few tips to share with the graduates in your life:

1) Create a budget and stick to it. Track your income and expenses to understand where your money is going.

2) Look into starting an emergency fund. Aim to save at least 3–6 months' worth of living expenses.

3) Consider opening a retirement account, even if it's a small amount. The power of compound interest can work wonders over time.

4) Learn about investing, consult with professionals, and consider starting early.

Congratulations to all the graduates! 🎉🎓 Here's to your future and your success!

As you can see from this chart (courtesy of YCharts), the correlation between the Standard & Poor’s 500 stock index and the Bloomberg US Aggregate 1-year total return is quite high. In other words, stocks and bonds are moving in the same direction.

The traditional diversification benefit of these asset classes moving in opposite directions has been more limited in recent years. But there's more to diversification than just correlation. Remember, diversification is an approach to help manage, but not eliminate, investment risk.

As markets shift, our diversification approaches must also evolve. Exploring asset class differentiation strategies alongside active management may be key. In today’s environment, looking beyond broad asset classes to differentiated segments might enhance diversification.

Financial professionals who understand the nuances of modern diversification strategies are invaluable guides in crafting a well-diversified portfolio that aligns with your unique goals and risk tolerance.

The S&P 500 is an unmanaged index considered to represent the U.S. stock market. The Bloomberg US Aggregate 1-year total return is also an unmanaged index. Individuals cannot invest directly in an index.

Having an estate strategy means that decisions about your family, assets, and your health care remain in your hands. Learn about 4 elements that may help you. Watch here:

4 Elements of an Estate Strategy Learn about the importance of having an estate strategy in this helpful and informative video.

Memorial Day isn't just a long weekend or the unofficial start of summer. It's a day of remembrance—a day to honor the courage and selflessness of the men and women who stepped forward when their country called.

On this , let us never forget the sacrifices made by our fallen heroes. May their memories live on forever.

Let's hold them in our hearts today and always—for their sacrifice has granted us the freedoms we enjoy.❤️🤍💙

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💼 A few years ago, there were ads from financial services companies asking, "What's your number?" #️⃣

The "number" represents the amount of money you need to retire comfortably.

While this question may have been an effective way to spark conversations about retirement, we believe that it doesn't paint the complete picture.

One of the most important parts of orchestrating your retirement income strategy is determining which assets to take and in which order.

There is no one formula; every situation is unique, but there are some general guidelines that can help when creating a withdrawal strategy.

For example, one approach to consider is withdrawing money from taxable accounts first, then tax-deferred, then tax-exempt. By using taxable money first, you can avoid paying taxes as long as possible with tax-deferred investments—and your tax-exempt accounts remain tax-exempt for a longer period. Ultimately, your decision will be influenced by a wide range of other considerations, including withdrawal fees, surrender charges, and other costs that may be associated with each specific account. However, when possible, consider using the power of tax deferral and tax exemption to your advantage.

There's a lot to consider, but you don't need to figure this out on your own. With this post, we are pointing out some high-level concepts. It's not a replacement for real-life advice. Your tax, legal, and accounting professionals may also have some additional insights into the tax implications of certain withdrawal decisions.

If you would like to review your current plans to make sure you’re on track, please send us a message. 🤝💼

💼 Wall Street has its own language and adages…

One of my favorites is "Sell in May and Go Away," suggesting that the market’s performance is typically weaker from May through October. Although there is some loose historical basis, market timing has well-documented limitations.

While these sayings may sometimes hold a kernel of wisdom, more often, they are just something that catches our attention and makes for an interesting table topic.

Here are a few others that come up in conversations on occasion…

1️⃣ "Markets Climb a Wall of Worry": This phrase means that the stock market often rises, even amid negative news or uncertainties.

2️⃣ "Stocks Take the Stairs Up and the Elevator Down": This maxim reflects the fact that stocks often rise gradually over time but can drop rapidly in a market downturn.

3️⃣ "Everyone Looks Like a Genius in a Bull Market": Soaring stocks make everyone seem like financial wizards in a bull market. Success isn't always a reflection of expertise.

Have you heard of any of these before? What do you think of these sayings?

It's National Pet Month! 🐾🎉

I don't know many people who don't immediately smile when they talk about their pets!

They have a way of making our hearts fuller. They show us unconditional love at its best.

For those on the fence about getting a pet or wanting to get involved:

🏠 Adopt, don't shop: Consider giving a forever home to a shelter pet.

🤝 Support local shelters: If you're not ready for a pet, consider supporting your local animal shelter. They always appreciate donations, volunteers, or help with fostering animals.

📸 Share the love: Post a picture of your pet!

For many of us, our pets are members of our families. Let's spread awareness about the importance of pet adoption and give our furry friends even more love this month (if that's possible)!

🌷 Happy Mother's Day to all the amazing moms out there!

Moms come in all forms–from biological and adoptive moms to stepmoms, foster moms, grandmothers, aunts, sisters, and friends. You are all so deeply appreciated. 🌻

Your strength and resilience, wisdom and kindness, patience, and understanding are the gifts you share, shaping us into who we are.

Here's to all the fantastic women who forever love, nurture, and guide us.

Happy Mother's Day!

Thank you for everything you do! ❤️

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🏠 Considering a home improvement project this spring? 🌼

One option for paying for the project is a HELOC (Home Equity Line of Credit).

Unlike home equity loans with fixed interest rates, HELOCs can offer variable rates that may adjust over time.

HELOCs also offer flexibility—you only borrow what you need, and you only make payments on the money you’ve borrowed.

Many factors need to be considered before creating a HELOC. Understanding the benefits and limitations is the first step. A financial professional may be able to provide some guidance or offer some material that has insights! 💡

🚨 I just read an alarming article about a new robocall scam known as the "Can you hear me" scam. 🚨👂

Here's what you need to know:

◾ The robocall begins with a lifelike conversation, often making it difficult to recognize that it’s a recording. 🤖
◾ The scam tricks you into saying "yes" to seemingly innocent questions like "Can you hear me?" and then uses the recording of your voice saying "yes" in nefarious ways. 😱

Experts warn that natural speech technology is advancing so quickly it may soon be impossible to tell if you’re speaking with a machine. 🗣️

So, if you receive a call and the person on the other end asks, "Can you hear me?" 👂 don't say yes! Just hang up! ☎️

Remember, scammers constantly change their tactics, so always stay alert. 👍

🔒💻 There isn't a week that goes by when you don’t read about some data breach. Safeguarding your personal information starts with understanding cybersecurity risks, knowing what to look for, and doing everything you can to help protect yourself.

The best defense is a good offense. 💪

Some of our clients are starting to work with a password manager.

Password managers store and organize your passwords with secure digital encryption and multi-factor authentication.

Some browsers have built-in password managers included with the software. There are also other password managers you can subscribe to with a variety of features and benefits, according to Cybernews.com.

The risks of identity theft are increasing, and individual diligence is critical. We encourage you to take action to help protect your personal information and stay safe online! 🔐💼

🍎 May 6 thru May 10 is .

A massive shoutout to all the educators out there who are making a difference! You're more appreciated than you know.

Want to show your gratitude? Tag your favorite teacher! 📝

🤔 Who was a teacher that made a significant impact on your life?

🤔 What was the most valuable lesson they taught you?

Be sure to be extra kind to those teachers who work hard every day to better our next generation—from preschool to grad school. They are such a valuable part of our society that they deserve a special shout-out.

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April's stocks took a hit due to rising inflation and mixed economic news, despite a late-month rally fueled by strong Q1 reports from two mega-cap tech stocks.

Monthly Market Insights | May 2024 Despite a late-month rally, stocks fell in April as investors struggled with a hotter-than-expected inflation report and mixed news about the economy.

Every minute of every day, members of the U.S. military stand ready to defend our nation around the globe.

🎖️ Happy to all active-duty service members, veterans, and their families.

Our freedom is secured by the sacrifices of our military, and we send our deepest gratitude to the heroes who keep us safe.

We also want to send a shoutout to the military spouses, whose strength and support are invaluable and often overlooked—and a special thank you to the wounded warriors who have served our country and whose resilience inspires us all.

Let’s show our appreciation beyond words this . Volunteer your time or donate to an organization that supports veterans.

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The Fed has announced a pivot from a tight monetary policy to a more accommodating approach. Here's what you need to know:

▪️ Fed Chair Jerome Powell said in December that interest rates could be cut as much as three times this year, but he didn’t indicate when the cuts may start.
▪️ In December, he said no cuts until inflation is still heading toward the Fed’s 2% target.
▪️ During Congressional testimony in March, Powell reinforced his belief that the Fed would cut rates in 2024 but again wouldn’t commit to a time frame.
▪️ He also stressed that he wants to see more evidence that inflation is trending back to the Fed’s 2% target.

The Fed Chair has indicated that the next move for rates will be lower. So, a pivot has taken place, but the follow-through with lower rates has yet to begin.

🌿 May is .

We all need to embrace and understand the importance of mental health. The conversations we start today can help break down stigma and foster understanding, acceptance, and healing.

Mental health is just as important as physical health. Prioritize self-care and create supportive spaces for open conversations.

What's a self-care tip you'd like to share?

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We're participating in , a campaign that aims to shed light on an often misunderstood but crucial insurance. 🛡️

Disability insurance helps replace a portion of your income if you become unable to work due to a covered illness or injury, such as:

➡️ Accidents: This could be anything from a car accident or slip and fall that results in a serious injury, such as a broken bone, head trauma, or spinal cord injury.

➡️ Illnesses: Many chronic illnesses can make it difficult or impossible to work, such as cancer, heart disease, multiple sclerosis, or severe arthritis.

➡️ Musculoskeletal disorders: Back and neck pain are some of the most common causes of disability claims.

Short-term disability typically covers you for a few months, while long-term disability can provide benefits for years.

💡 Here are some resources that you may find helpful:
Social Security Disability Insurance
Council for Disability Awareness

A financial professional may be able to help you compare different policies because not all policy types and product features are available in all states. Remember, any disability obligations are dependent on the ability of the issuing company to make claim payments.

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🏠 As we gear up for the spring housing market, U.S. homebuyers are facing a double whammy of rising home prices and higher mortgage rates. According to a recent report by Mansion Global, the median sale price has risen 6.1% year-over-year (YoY) through February 2024, marking the largest increase since October 2022. In addition, mortgage rates, which have been on an uptrend since January 2022, remain stubbornly high, according to Freddie Mac.

Key takeaways from the 2023 Redfin report for investors and homebuyers:

- Cities like Newark and New Brunswick in New Jersey, Miami, Florida; Anaheim, California; and Warren, Michigan, have seen median sale prices trend higher.
- Pending sales are down by 7.3% YoY, indicating the costs are already impacting would-be buyers.
- Christine Kooiker, a Redfin Premier agent, suggests that potential sellers consider listing their homes ASAP and that buyers be prepared to make offers.

While the market outlook remains mixed, activity traditionally picks up in the spring.

Stay informed! 🧠💡

🌟 HOPE: Have Only Positive Expectations. In the world of finance, we understand that navigating numbers and trends can sometimes be overwhelming. It can be far too easy to imagine only what can go wrong. But amid it all, harnessing the power of a positive outlook is crucial.

In the face of uncertainty, let HOPE guide you. It fuels your ambition, shapes your strategies, and propels you toward success, no matter the economic climate.

Approach your financial journey with optimism, believing in the potential of your dreams and your ability to pursue them by keeping HOPE alive.

Did you know that the estate tax exemption may be cut by more than 50% at the end of 2025? 🫢

That's right…When the Tax Cuts and Jobs Act (TCJA) expires at the end of 2025, there could be significant changes to federal estate and gift tax exemptions.

➡️ Current estate exemptions are $13.61M for individuals and $27.22M for married couples. 💍

➡️ Pre-TCJA exemptions were MUCH LOWER: $5.49M for individuals and $10.98M for couples.

➡️ If TCJA reverts, more individuals and couples may be subject to federal estate tax.

💡 If you want to take a proactive approach, there are steps you can take over the next 18 months to help avoid giving the government more than you have to.

There's no time like the present—now is the time to meet with your financial professional to review how your estate approach fits into your overall financial strategy. We’re here to help.

Today's decisions could shape tomorrow's care. Are you prepared?

🗓️ April 16 is National Healthcare Decisions Day, part of an awareness campaign that started in 2008 and aims to remind us to establish our medical preferences before emergencies hit.

So this , make a point of having these conversations with loved ones: 👨‍👩‍👦‍👦

🔹 What treatment options align with your values when the going gets tough? 💪
🔹 Do you want to go full speed ahead on interventions or slow things down? 🚦
🔹 Who understands your wishes and can stand in if you’re unable? 🤝

We all should consider having advance directives in place. They can play a critical role in your overall financial strategy but are often overlooked. 👥

🗓️Filing your taxes isn't just about settling up with Uncle Sam.

It's also an opportunity to review your financial strategy and make adjustments based on new developments in your life and any changes or additions to your goals.

Take time now to reflect. 🤔

- Did you have any major life shifts in 2023—a marriage, baby, new job? You may want to consider updating your beneficiaries. 👰👶👔
- Have you received a bonus or inheritance? One idea might be to direct a portion toward shoring up retirement investments.
- If you have children and haven’t developed a college strategy, now may be a good time to explore various approaches. 🎓
- Are you reaching a new stage of life? Recalibrate budgets and timelines for new priorities. 🏡🏢

One thing is clear: Tax management can play a role when creating a financial strategy. Message us if you’d like to review your approach in light of any of these suggestions. 💪

According to the ERBI, Social Security is the main source of income for 67% of retired people. 🤯

This , let’s help boost your retirement IQ! 💪

Whether you're starting out 👔 or almost retired 🏖️, get empowered by:

🔹Opening your "mySocialSecurity" account for estimates and history: https://www.ssa.gov/myaccount/

🔹Social Security FAQs and resources: https://www.ssa.gov/onlineservices/

🔹Online calculators: https://www.aarp.org/retirement/social-security/benefits-calculator.html

There’s a lot to think about—when to start taking Social Security, spousal benefits, disability benefits, etc.

These resources are designed to help you so that when the time comes, you can claim retirement benefits fearlessly and be informed! 💡