Alisa Schultz, CFP, Financial Advisor with Estes Wealth Strategies

🧿Before we give you our perspective on the economy and equity market sell-off (down 6% from recent highs), we remind investors that the market narrative tends to fluctuate quite dramatically – remember in January when the market was pricing in seven Federal Reserve (Fed) rate cuts this year, and then just a few months ago, many were wondering if the Fed would cut at all this year. ✂

🧂Take the market narrative with a grain of salt and look at the fundamentals in determining your outlook for the economy and financial markets. We ultimately believe this soft patch of data will prove to a be a ‘growth scare,' not a ‘recession reality.'

Putting the recent equity weakness into perspective raymondjames.com

💸The IRS just released long-awaited final rules concerning inherited IRAs. Although these regulations were expected, and won't begin until next year (2025), the agency cemented a key aspect involving RMDs that will impact many beneficiaries.

✅Click on the link to learn more.

IRS Ends Inherited IRA Confusion: Annual RMDs Required for Many kiplinger.com

💻 Have you ever clicked on a link and then wish you hadn't? As technology has advanced and brought new capabilities, so have the methods employed by scammers. Check out these common scams – and how to avoid them.

💡Here are some tips:
1. Don't pay for things you don't remember ordering.
2. Don't give your personal information to unknown third parties.
3. Work with financial institutions that use fraud protection to safeguard your credit card and banking information.
4. Don't click links in the body of suspicious emails, especially if they claim to come from your bank, credit card company, real estate agent or title company. Instead, log in to the company's official website or call them directly to verify.
5. Don't let strangers into your house. Instead, ask for a business card and say your spouse, kids or lawyer will be in touch.
6. Be wary of caregivers and suitors, especially if you notice signs of substance abuse or other red flags.
7. Limit the purchases and donations you make by check, which may list your home address or other key data.
➡If you suspect you've fallen victim to a scam or that your identity has been compromised, it's time to act. Report the incident to your advisor right away to help protect your accounts and consult identitytheft.gov to see the Federal Trade Commission's recommendations for critical next steps. Additionally, reporting cybercrime incidents to the FBI can help federal agencies respond quicker and more effectively to threats.

10 common scams and how to avoid them raymondjames.com

📰 While President Biden's decision on July 21 not to seek reelection will reverberate through the Democratic party in the coming weeks, the Raymond James Washington Policy team, led by Managing Director, Ed Mills, anticipated days prior to Biden's announcement the markets would not react in a substantive way to that news.

Biden withdrawal announcement: Large market reaction unlikely raymondjames.com

⚖You may feel prepared for taxes in retirement, but are you? It's a balancing act.
➡Make sure you look at fixed and flexible expenses and have discussions about the tax implications of your portfolio.
Here are a few ideas: 💡
1. Soloprenuer? Take deductions (Medicare Part B&D premiums - even if you don't itemize.) *This applies if you don't have access to a health plan for your business or through your spouse's employer or business.
2. Taxes on Social Security Income - You may pay tax on up to 85% of your SS income (for individual tax payers if your AGI + nontaxable interest + 1/2 SS = $34,000 or more)
3. Offset your required minimum distributions (RMDs) by taking qualified charitable distributions (QCDs) - you can donate up to $100,000 a year to an eligible charity directly from your IRA - and not pay taxes on it. 🙏🏼
4. Convert to a Roth IRA. You'll lower future taxes, but pay tax now. Look at your current tax rates and potential future income from assets. Talk to your advisor or tax professional to analyze this option for you.
4. Withdraw the "right" amount. 4% rule is conventional wisdom. It's a guide - not a rule, and should be revisited for income needs, inflation and other expenses.

Tailor your taxes for retirement raymondjames.com

🤔Are you thinking about taking Social Security early, on time at Full Retirement Age (FRA), or late (age 70)?

💡Shine some light on these common misconceptions to help get the most from your hard-earned benefits.

Myth #1 - Social security won't be around:
Social security is replenished by working Americans, interest on bonds, and taxes on some retiree benefits. It may be a reduced amount in the future, but it won't be zero.

Myth #2 - Social Security is all you need:
Social Security is intended to supplement, not replace, retirement savings. Maximize your retirement savings as long as possible.

Myth #3 - File early:
Filing before your FRA will reduce the monthly amount you receive.

Myth #4 - File late:
If you need income, have health concerns, or want payments while you're younger, it may not make sense to file late.

Myth #5 - No work, no benefits:
Even if you've worked less than 40 quarters, you may be eligible for half of your spouse's (or ex-spouse if you were married 10 years and didn't remarry) benefits. Surviving spouses may be eligible for full benefits.

Myth #6 - Don't work after filing:
If you file early, your benefits will be reduced based on your earnings. At FRA you'll receive increased payments to make up the difference.

Myth #7 - Rely solely on friends/family for social security advice:
Speak with your CPA or Financial Advisor for the best plan for you.

Infographic: Debunking Social Security myths raymondjames.com

📺Tuning into Tour de France or Wimbledon? Make sure to catch these Raymond James ads...

Catch These Raymond James Ads at Tour de France and Wimbledon — Estes Wealth Strategies esteswealthstrategies.com

🏊🏼‍♀️With a nod to the Summer Olympics, Raymond James CIO Larry Adam highlights his team's quarterly outlook.

City of lights, market of opportunities raymondjames.com

🔔Let freedom ring! Let us appreciate the liberty we have and honor those who protect it. We hope you have a wonderful Independence Day!🎆

😮 Only about 14% of women were involved in making financial decisions before their husbands died, which could result in some surprises in widowhood.

Prepare before the loss:
Talk to your spouse about your finances, and title accounts in joint (or trust) names. 🗣

Make sure your adult children know your plans, and where important documents are kept. 👩‍👩‍👦‍👦👨‍👩‍👧‍👦

➡ Make sure you have a plan for the unexpected, including social security and long term care options.

A Survivor’s Survival Plan www.raymondjames.com

👨‍👧‍👦Today, we celebrate the fathers and father figures who have guided us on our journeys and changed our lives for the better.

"Happy Father's Day to all the dads, the not yet dads, the stepdads, the moms who are dad, the adoptive dads, the grandads, and the dads who are no longer with us."- Author Unknown

💌Happy Father's Day!

🌴Last year, more than 338,000 Americans moved for their retirement – only 6% citing financial concerns as a factor in their choice of location. Find out the top destinations for retirees and what's drawing them there.

More retirees crossing state lines – here's where they're going www.raymondjames.com

🧠Are you thinking like a millionaire? It could increase your wealth.

1. Try using goal oriented thinking. Make clear financial goals, and have a strategy for reaching them.
2. Be resourceful. When you come up against a problem, get creative with the solution. "Think outside the 📦."
3. Have a long term focus. Be disciplined about investing, in both good and bad markets and focus on the long term view. 💹
4. Continue learning. Read, learn, and work on your personal development. 📖
5. Take calculated risks:
*Assess your financial situation carefully - your financial advisor can help here - and make a financial plan, which is adaptable.
*Improve your spending habits if you need to, and balance risk management with safety. ⚖

Can Thinking Like A Millionaire Help Increase Your Wealth? forbes.com

🙏🏻Today, we remember and honor all who have made the ultimate sacrifice for our country and freedom. Our office and the markets are closed in observance of Memorial Day.

💐Happy Mother's Day! We hope you are able to spend time with or remembering the mothers and mother figures who changed your life for the better.

👩🏻‍⚕️ Today, 70% of people 65 and over will need Long Term Care at some point in their lives.

*20% will need it for 5 or more years.

*I in 4 people will live to at least 90 years old.

💸Costs can quickly cut into your retirement savings, so it's important to have a plan in place.

Living longer comes with more financial planning considerations. Check with your Financial Advisor to learn about your options.

Preparing for your future with long-term care insurance www.raymondjames.com

😀Feeling energized after our national conference, ELEVATE 2024! I'm inspired to take my success to new heights with freshly gained insights, energy and enthusiasm.

Chag Pesach Sameach! Happy Passover! May this Passover be filled with peace, joy and blessings.

🎉I'm thrilled to announce I have attained my CFP® certification from the Certified Financial Planner Board of Standards!

The CFP® mark is recognized as the highest standard of excellence for financial planners. It is earned through completion of a rigorous program of coursework covering the major personal financial planning areas:

*Investment planning
*Tax planning
*Retirement savings and income planning
*Risk management and insurance planning
*Estate planning

In addition to passing the six-hour exam, applying these concepts to real-life client scenarios, I have also have met the experience requirement (4000 hours of financial planning experience) and ethics requirement to use the CERTIFIED FINANCIAL PLANNER™ marks.

I am committed to act as a fiduciary, which means I will act in your best interest at all times when providing financial advice — and commit to other high ethical and conduct standards.

I'm excited to bring the highest level of knowledge and expertise to help my clients navigate their financial lives and plan strategically for the future.😊

📚I had so much fun coordinating this story-telling event with Reading is Fundamental of Northern Virginia.

By getting kids excited about reading, each one gets to take home a free book, helping them become better readers! 🏫

☀🌙Did you see the solar eclipse?

In Virginia, we experienced a partial solar eclipse and it was really cool to see! 🕶

With all the chaos in the world, its nice when there is an event that brings everyone together! 🌎

Americans converge on the path of totality to experience the solar eclipse www.cnbc.com

🎂What's your "Live to 100" plan?

We all may not get there, but its wise to plan these 3️⃣ things:

*when to retire,
*how to retire, and
*when to start social security benefits (Hint: delay until age 70!)

Be serious about your health and remain engaged with interesting activities and social contacts throughout your life. 🎾

Lastly, plan for a period of frailty by having a good support system of relatives, friends, and paid , as well as proper documents.

U.S. Centenarians Projected To Quadruple By 2054—Will You Be Prepared? forbes.com

🤔 Are you confused yet? You should be.

You may know that when you inherit an IRA, and are a non-spouse, you need to empty that account within 10 years.

🙋🏻‍♀️But what if the original IRA owner had already passed their Required Beginning Date (RBD) when they passed away?

➡Proposed Treasury regulations require beneficiaries under this 10 year rule, who inherit from an IRA owner who dies after their RBD, to take annual distributions in years 1-9 or face penalties.

😌Penalty waivers have been given until the IRS sorts this out and issues Final regulations.

RMD rules delayed for inherited IRAs...again? www.raymondjames.com

🤔What's a QCD? A Qualified Charitable Distribution is a direct transfer of funds from your IRA to a qualified charity.

🏫Qualified charitable distributions, or QCDs, allow your required minimum IRA distributions, or RMDs, to benefit a worthy cause – while you benefit from a reduced tax liability - without itemizing!

💡Your RMD may not be due until you turn 73 (75 if you were born in1960 or later) but you can do a QCD from your IRA beginning at age 70 1/2.

🌟In addition to reducing your taxable income, you also may be reducing your Medicare and social security tax.

Charitably minded investors can satisfy RMDs with QCDs www.raymondjames.com

💡 Let's talk about Social Security.

➡In 2024, the max monthly Social Security (SS) benefit is $4,783 for someone retiring (starting SS) at age 70.

➡If you start taking SS this year at your Full Retirement Age (FRA) of 66 and 8 months, that figure drops to $3,822.

➡It drops again to $2,710 at age 62 (the earliest you can take Social Security).

🔊The reality is SS benefits are designed to replace around 40% of your earnings during your working years (more for lower earners - around 50%, and less for higher earners - around 30%.)

🎾Plan on needing about 80% of your pre-retirement income to live on in retirement.

🌟Take action to invest so you can supplement needed income from your investments when the time comes.

How Much Social Security Did High- and Low-Income Retirees Get in 2023? yahoo.com

💻As technology has advanced and brought new capabilities, so have the methods employed by scammers.

➡Check out these common scams – and how to avoid them.

10 common scams and how to avoid them www.raymondjames.com

🐜 How is a Roth IRA like an ant? Let me explain...

🐜 Ants are strong and do some heavy lifting.
A Roth can also do some heavy lifting for your portfolio turning today's contribution into tax free growth and tax free distributions down the road (for your heirs too!)

🐜 Ants live a long time - 30 years!
Tax free growth over time means more tax free growth in retirement. No RMDs required and you can contribute in retirement if you continue to work part time.

🐜 Ants protect their "community".
The Roth IRA can be a powerful estate planning tool for transferring wealth to future generations.

🙋🏽‍♀️But am I eligible to contribute to a Roth IRA?
Glad you asked.
If your Modified Adjusted Gross Income (MAGI) in 2023 was:
Below $138,000 for single filers,
Below $218,000 for Married Filing Jointly
then you can contribute $6,500 if under age 50,
$7,500 if age 50 and older regardless if you contribute to your employer's retirement plan.

⭐If you're over the income limit, consider a back door Roth (contribute to a traditional IRA and immediately convert the account to a Roth IRA.) *
* Having pre-tax IRAs could make your conversion taxable so please check with your financial advisor.

Small but Mighty: Consider Making a 2023 Roth IRA Contribution (if you're eligible) — Estes Wealth Strategies www.esteswealthstrategies.com

🍷 Are you participating in "Dry January"?

You may find it benefits more than your health:

Money saved from not drinking can add up quickly. From $500 in a month to long term savings of thousands of dollars. 💲

Money saved from impulse on-line purchases.💻

Money saved from lower restaurant bills 🍴

Money saved from lower medical bills down the line and lower overall risk of cancer from less/no drinking. 👩🏽‍⚕️

Dry January may help improve your finances. One woman has already saved $48,000 by giving up alcohol cnbc.com