Zuckerman Private Wealth Management

Today, we celebrate the contributions of workers everywhere!

In our jobs, we see the heart behind all that hard work. You put in countless hours to build a comfortable life, perhaps save for your children’s education, or create a strategy for your dream retirement.

We help families turn their aspirations into action steps based on their goals, time horizons, and risk tolerance.

So, this Labor Day, as you relax and recharge, take a moment to consider your own future. What does your dream retirement look like? How do you measure whether you are on track?

If these questions linger, we’d be happy to chat and explore ways that we can help you navigate your financial journey.

Happy Labor Day, and here’s to a bright future for all!

kicks off on September 15th, which coincides with the anniversary of the independence of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Mexico and Chile follow suit on the 16th and 18th.

This month-long celebration, which began as a week in 1968 and expanded in 1988, honors the rich histories, cultures, and contributions of American citizens with roots in Spain, Mexico, the Caribbean, and Central and South America.

Hispanic Americans have shaped our nation in countless ways, from art to science, cuisine to music.

As the talented Lin-Manuel Miranda reminds us,
"I am the one thing in life I can control. I am inimitable—I am an original."

Here’s to celebrating Hispanic Americans' unique and invaluable contributions to our national tapestry.

Emotions play a significant role in our relationship with money and financial decisions.

For some people, deep-rooted emotional obstacles tied to money can make certain aspects of personal finance more difficult and stressful.

Financial trauma is a real and impactful consequence of experiences like childhood poverty, economic downturns, fraud, and more—and can manifest itself during the personal finance process.

Some examples are:

● Financial inaction: Feeling overwhelmed and unable to take control.
● Decision paralysis: Difficulty making financial choices due to anxiety.
● Scarcity mindset: A pervasive fear of running out of resources.

Recognizing these and other potential roadblocks is crucial for pursuing financial well-being.

Financial professionals can offer a supportive environment to help address some of these challenges. They’re way more common than you might think.

🌙 Time flies, even on the moon!

Did you know a day on the moon lasts 29.5 Earth days? 🕰 International astronomers are calling for a lunar clock to keep time on future moon missions. Due to its lower gravity, the moon's time moves about 58.7 microseconds faster each day than Earth's.

This tiny difference could have big implications for future space exploration and international collaboration, especially as more countries and private companies set their sights on lunar missions.

As we look to the stars for discoveries, accurate timekeeping is crucial. Who knows? Maybe one day we'll all be syncing our watches to "lunar time"!

International astronomy group joins calls for a lunar clock to keep time on the moon An international group of astronomers has joined calls to create a standard for keeping time on the moon, where seconds tick by faster.

🐘🐴 Ever wondered why a donkey and an elephant became the symbols of our two major political parties?

🎨 Political cartoonist Thomas Nast made these symbols popular in the late 1800s. In 1870, Nast satirized the Democratic Party as a donkey, mocking their stubbornness in the face of progress during the Civil War era. The symbol resonated with the public and stuck.

🐴 Over time, Democrats reclaimed the donkey, transforming it into a symbol of their determination, resilience, and tireless work ethic.

🐘 In 1874, Nast struck again, this time depicting the Republican Party as an elephant. Nast chose the elephant to represent the party’s strength, intelligence, and dignified nature, traits the GOP sought to embody.

Today, these mascots continue to embody the spirit of their respective parties as we head into another election season. 🗳️

🐶 Today is National Dog Day and a time to celebrate the amazing dogs who bring us so much happiness.

It’s hard for dog lovers to imagine life without them. They are such a big part of our families.

Not that every day isn’t a time to appreciate them, but this is an excellent excuse to share pictures on social media and give them a little extra love.

Here’s to all our dogs, best friends, and fur babies. ❤️

New data from the Bureau of Labor Statistics reveals a significant adjustment to our understanding of the job market:

Here are the key points:
💼 818,000 fewer jobs existed in March 2024 than initially reported. This marks the largest downward revision since 2009.
💼 The average monthly job gains from April 2023 to March 2024 were 173,500, vs. the previously reported 242,000.

While this revision is substantial, it's important to remember that job growth was still historically strong. This data gives us a more accurate picture of the labor market's health and could influence the Fed's decisions on interest rates.

Don't hesitate to reach out if you have questions about how this might affect your financial goals.

New data shows US job growth has been far weaker than initially reported | CNN Business US job growth during much of the past year was significantly weaker than initially estimated, according to new data released Wednesday.

Did you know the global AI market is projected to reach $1.8 trillion by 2030?

That's a forecast, and it’s subject to change without notice, but the growth prospects may present exciting opportunities across various sectors.

While we see headlines about a handful of well-known companies, there's a whole network of “Pick-and-Shovel” firms quietly fueling the AI revolution.

Who are the "Pick-and-Shovel" players?

Semiconductor manufacturers, cloud infrastructure providers, and AI chip designers are paving the way for AI adoption. These "Pick-and-Shovel" companies may play a critical role in building and scaling AI technology.

Financial headlines can be distracting, and the fear of missing out on the next big thing can lead to do-it-yourself investors making rash decisions.

We are closely monitoring how AI is changing the economic landscape and determining if AI might play a role in our clients' overall strategies.

What are your thoughts on AI's role in the future of finance?

July brought good news: inflation dropped to 2.9%, its lowest since March 2021! This marks the 5th straight month of slowing price increases.

While consumer prices are still up from last year, the pace is slowing. Food and energy saw modest rises of 2.2% and 1.1% respectively. But don't forget, overall prices remain about 20% higher than three years ago.

These trends could influence the Fed's decisions on interest rates, potentially impacting various aspects of the economy. It's a great time to review how these changes might affect your long-term financial strategies.

Inflation cooled in July, reaching lowest level since March 2021 Price increases have slowed significantly, but remain above the Fed's target.

Are you taking full advantage of your workplace benefits? Are health savings accounts (HSAs), 401(k)s, disability insurance, and flexible spending accounts (FSAs) offered by your workplace?

Here's a quick breakdown:

HSA: Triple tax-advantaged account for qualified medical expenses. Your contributions are pre-tax and grow tax-deferred, and withdrawals for qualified expenses are tax-free. If you spend your HSA funds on non-qualified expenses before age 65, you may be required to pay ordinary income tax and a 20% penalty. After age 65, you may be required to pay ordinary income taxes on HSA funds used for non-qualified expenses. HSA contributions are exempt from federal income tax; however, they are not exempt from state taxes in certain states.

401(k): Retirement savings plan with pre-tax contributions and potential employer matching. We can help individuals determine a contribution amount that fits their situation. Once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Disability Insurance: Income replacement if unable to work due to illness or injury—a safety net designed to help you and your family. Disability obligations are dependent on the issuing company’s ability to make claim payments.

FSA: A way to use pre-tax dollars for eligible healthcare and dependent care expenses. Unlike an HSA account, you may have to spend your FSA funds before year-end, adhering to the “use it or lose it” rule. There are some exceptions.

Don't miss out on these valuable resources! Understanding and maximizing your benefits can help your financial situation.

Need help navigating your workplace benefits? Let's connect. We might be able to offer some insights and help create a personalized strategy aligned with your financial goals. 🤝

The alarming rise in elder financial exploitation (EFE) is reaching new heights, with adults aged 60 and over reporting more than $1.6 billion in losses per year due to scams, according to the Federal Trade Commission.

What's even more concerning is the increasing sophistication of scams fueled by artificial intelligence (AI). 🤖

Scammers are now using AI-generated voices and deep fake videos to impersonate loved ones, government officials, and even celebrities, making distinguishing reality from fiction more challenging than ever.

The Financial Crimes Enforcement Network (“FinCEN”) released its Financial Trend Analysis in April 2024. It focused on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”).

Key findings include:

▪️ Banks filed 72% of all EFE-related filings.
▪️ 80% of EFE-related filings involve transferring money to a stranger for a promised benefit that the older adult does not receive.
▪️ 20% of EFE-related BSA filings involve theft, where a trusted person steals from an older adult. Unfortunately, 40% of elder theft reports named the elder adult’s children as the perpetrators.
▪️ Perpetrators mostly rely on approaches that minimize direct contact with bank employees, including previously compromised usernames and passwords, guessing passwords, or phishing emails that elicit replies containing sensitive information.

We all have a role in helping protect our seniors from financial exploitation.

Be sure to take proactive steps to help educate and protect your loved ones. Let us know if you’d like to discuss ways to potentially safeguard their financial well-being.

Important developments in the housing market:
▪️ The 30-year fixed-rate mortgage decreases to 6.55%
▪️ Rates reached their lowest point in 15 months
▪️ It's the largest weekly reduction observed in two years

What factors are contributing to the rate drop? Two factors: the Federal Reserve indicates that potential interest rate cuts may be soon, and the labor market is showing signs of deceleration.

These changes may present opportunities for more favorable housing costs and refinancing options. However, it's important to note that low housing inventory continues to exert upward pressure on prices in numerous regions.
Staying well-informed is crucial for making sound decisions regarding your home and financial strategy. 💼🏘️

US 30-year mortgage rate drops on weak jobs data, Fed rate-cut signal The interest rate for the most popular U.S. home loan plunged last week to its lowest level in 15 months, after the Federal Reserve signaled it could start cutting its policy rate in September, and a downshift in the job market bolstered financial market bets the cuts would be big.

Frequent flyers, this one's for you! 📱

If you have an iPhone, Google has made it super easy to get up-to-the-minute updates on flight status—there is no need to use a flight tracker app or go to the airline’s site.

Just text yourself your flight number (like AA1234), and it will appear in your messages as a hyperlink.

Click on the link and select “flight preview” to get all the info you want.

Thought it was a pretty good hack I hadn’t heard about. Hope it’s helpful. 😎

Oil prices on the rise: What's behind the surge? 🛢️

The energy market is seeing some interesting movements:
-U.S. crude oil prices have climbed above $75 per barrel
-Stock markets are rebounding after recent losses
-Middle East tensions and OPEC+ production cuts are supporting prices

What does this mean for you? While we can't predict the future, these factors often impact our daily lives, from gas prices to overall economic health. Staying informed helps us make better financial decisions.

U.S. crude oil rises more than 2%, bounces back from six-month low as stockpiles fall Oil prices closed higher even as the stock market's rally faltered.

Happy !

Watching my children grow up is one of the greatest joys in life and a source of so much pride (and maybe a little stress, too!). I want nothing more than to see them succeed in life and be prepared for life's challenges.

As a financial professional, I'm passionate about helping families empower their children for a bright future, and I thought I’d share some ideas that can build the foundation for long-term success:

▪️ Consider Opening a Savings Account Together: Make saving a tangible concept by
opening a joint savings account and setting small goals.
▪️ Involve Them in Budgeting: Discuss household expenses in an age-appropriate way and allow them to participate in making budget decisions.
▪️ Lead by Example: Demonstrate healthy financial habits like responsible spending and bill paying. Talk openly about your financial goals.
▪️ Encourage Earning: Earning money, whether through chores, allowances, or a part-time job, teaches valuable lessons about work and responsible spending.
▪️ Start Conversations Early: The earlier you discuss money with your children, the more comfortable they may manage money as adults.

Building a solid financial foundation starts at home! If you're looking for more resources or insights, feel free to message me.

As summer winds down and college move-in day approaches, it's important to think beyond the dorm room essentials.

Here are three key areas you might want to address before your student heads off to campus:

1️⃣ Legal Authorizations: Once your child turns 18, they're legally an adult. Consider establishing a Power of Attorney (POA) if you want to continue to play a role in their healthcare and finances. Also, a Family Educational Rights and Privacy Act (FERPA) authorization can help if you want access to their academic records. Having these documents in place may allow you to step in if needed.

2️⃣ Allowance and Financial Responsibility: Have a candid conversation about budgeting and financial responsibility, including credit card use. Determine an appropriate budget, and don’t forget to decide whether they can continue to use your accounts for things like Amazon and Uber.

3️⃣ Out-of-State Insurance Coverage: Review your health insurance plan and check to see if it covers your student's location. Explore renters insurance if they'll be living off-campus. If they're leaving their car at home, you might be eligible for a modified insurance rate.

These are important topics to discuss as your children leave “the nest.” If you have any questions, please reach out. We can work with your legal professional to help your family get the appropriate documents in place.

With the Summer Olympics in full swing, it's hard not to be inspired by the athletes' dedication and preparation. 🏊‍♂️🏆

Just like swimming legend Mark Spitz, who famously said, "If you fail to prepare, you're prepared to fail," success in any field–including finances—requires preparation!

Don't be a spectator in your financial future. Now is the time to strategize and equip yourself with the knowledge and tools you need to pursue your goals.

A little preparation today can help you tomorrow!

Here’s another observance you might have missed—this week is National Simplify Your Life Week. Who knew?

It made me think about organizing and cleaning out some of our closets and maybe even tackling the garage (who doesn’t love a clean garage?). But more importantly, it’s also a good reminder that your finances can become cluttered and unorganized just as easily as your home.

Here are a few simple steps you can take to simplify your financial life:

Review your budget: Take a close look at your income and expenses to see where your money is going and identify areas where you can cut back.

Consolidate accounts: Combining multiple accounts or credit cards can make tracking your spending and managing your money easier.

Automate your finances: Consider setting up automatic bill payments and savings transfers to help take the guesswork out of monthly finances.

Declutter your wallet: Get rid of old receipts, unused gift cards, and expired coupons to create a more organized and streamlined wallet.

If you're looking for guidance on consolidating and organizing your finances, we can offer a few tips.

🌟 Look up! A "once-in-a-lifetime" astronomical event is coming soon! 🔭

The T Coronae Borealis, a star system 3,000 light-years away, can explode anytime. When it does, it will be visible to the naked eye, rivaling the North Star in brightness. Make sure you look up! This rare nova occurs every 79-80 years and was last seen in 1946.

When was the last time you stargazed? This might be the perfect opportunity to rekindle your interest in astronomy! 🌠

Nova explosion 3,000 light-years away will be seen from Earth with the naked eye T Coronae Borealis is one of just 10 recurring novas known in the Milky Way that erupt on time scales of less than a century, according to NASA.

The lazy days of summer are coming to a close, and we’re now entering National Back to School Month! 📚✏️

This time of the year can be both exciting and stressful. There’s a lot to coordinate: purchasing supplies, signing up for afterschool activities, and simply readjusting schedules.

But there’s no doubt that education is one of the greatest investments we can make in our children’s futures. This month, whether you have children or grandchildren, we can all help support the next generation, especially those less fortunate than us.

Think about donating supplies, volunteering your time, or contributing financially to initiatives such as Junior Achievement USA—every bit helps.

Helping families with financial strategies to fund educational goals is one of the most rewarding parts of our jobs. It is also so fulfilling to support education in our communities during this time of the year.

What community events do you participate in?

Bonjour, Olympic enthusiasts! As Paris hosts the Games, let's dive into the captivating world of 'Les Français':
🥐🍷 Known for romance and gastronomy, France is also a melting pot of diversity and debate.
🎨🗽 Home to liberté, égalité, fraternité... and complex social challenges.
👥 68.4 million strong, with a rich tapestry of cultures and histories.
⛪🕌 Officially secular, yet steeped in religious heritage.
From Asterix to fine wines, from ancient Gauls to modern multiculturalism, France defies simple categorization. It's a nation of paradoxes, passions, and endless fascination.
What's your favorite aspect of French culture? Share below!

As Olympic hosts, 'Les Français' are in the spotlight. Here's why the French can't be pigeon-holed The Olympic Games are putting the French in the spotlight, as the hosts. But who are “les Français" — as they call themselves?

In 2023, the number of 401(k) millionaires grew by 11.5%.

Want to join the ranks of 401(k) millionaires? Avoid these common pitfalls!

❌ Not contributing enough
In 2024, the annual 401(k) contribution limit is $23,000 ($30,500 if you're 50+)
Review how much you contribute each year and consider making changes, if possible.

❌ Tapping into your 401(k) prematurely
Borrowing from your 401(k) might disrupt your investment strategy. Taking money out of your 401(k) should be just one option to consider if you are preparing to make a purchase.

❌ Overspending and living beyond your means
By reviewing your expenses and creating a budget, you may be able to prioritize retirement savings.

The secrets to becoming a 401(k) millionaire?
✅ Commit to a contributions strategy and stick with it
✅ Choose investments that align with your risk tolerance and goals
✅ Set long-term goals and periodically monitor your progress

Remember, once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Remember, slow and steady wins the race! By staying committed to your long-term goals, you just might be able to join the growing number of 401(k) millionaires.

Imagine a stormy night in 1893. A ship sinks, and with it, a captain's faithful companion. Fast forward 131 years, and this touching story resurfaces as shipwreck hunters uncover the Margaret A. Muir off Wisconsin's coast.

🚢💔 The discovery reveals more than just a sunken vessel—it uncovers a poignant story of a captain's love for his dog. As Captain Clow and his crew made it to safety, his beloved canine went down with the ship. His words still echo: "I would rather lose any sum of money than to have the brute perish as he did."

🕰️🐶 This find reminds us of the enduring bonds between humans and their animal companions, transcending time and the depths of the Great Lakes. It's a testament to maritime history and friendship's timeless nature.

🗺️ What forgotten stories lie beneath the waves in your area? Share your local legends or pet tales below!

Shipwreck hunters find schooner 131 years after it sank in Lake Michigan with captain's "faithful dog" The 130-foot Margaret A. Muir schooner "had lay undetected for over a century, despite hundreds of fishing boats passing over," historians say.

Here’s a question we often get asked: “Should I help pay off my child’s or grandchild’s student loans?”

Paying off a loved one’s student debt can be a generous gesture; however, it’s essential to weigh the pros and cons before deciding.

👍 Pros
Allows students to focus on their careers and future financial goals
Can help the student pursue financial independence sooner
May strengthen family bonds and relationships

👎 Cons
May impact the parent’s or grandparent’s retirement strategy
Could create a sense of entitlement or diminish the student’s financial responsibility
Might have tax implications for both parties. Consult your tax, legal, and accounting professionals before applying a payback strategy.

🤔 Considerations
Assess your own financial stability and retirement approach before committing.
Determine if it's a gift or a loan, and communicate the terms.
Explore alternatives, such as co-signing a refinanced loan or offering partial payments.

🌟 Strategies
Set clear boundaries and expectations for financial responsibilities.
Consult a financial professional who may have experience with student loan payback programs and can provide guidance.

Every family’s circumstances are different. While paying off student loans can be a meaningful way to support your child or grandchild, it’s crucial to decide on the benefits and limitations for everyone involved.

🏅 Who else is looking forward to the kickoff of the 2024 Summer Olympics?

Officials in Paris project that 11.3 million people will attend the Summer Games, which run from July 26 through August 11, and 3.9 million will attend the Paralympic Games, which take place from August 28 through September 8.

Check out the list of events!! https://olympics.com/en/sports/summer-olympics

From the core events in track and field, swimming, gymnastics, basketball, tennis, soccer, and volleyball….

…to some new and lesser-known sports such as breaking (breakdancing), surfing, sport climbing, skateboarding, badminton, modern pentathlon (fencing, swimming, horse riding, shooting, and running), and handball!🕺🛹🏄‍♂️🧗‍♀️

Can’t wait to watch!

What’s your favorite event

🦞 Age is Just a Number: Meet the 104-Year-Old 'Lobster Lady' 🚤
Virginia Oliver, Maine's maritime marvel, just renewed her commercial lobster license at 104 years old. Why? Because retirement isn't in her vocabulary!

Picture this: A centenarian rising at 3 AM, donning lipstick and earrings, to catch lobsters thrice a week. That's Virginia's life, and she wouldn't have it any other way.

Her secret? "You've gotta keep living, you gotta keep working."

Virginia's story isn't just about lobsters. It's about passion, purpose, and shattering age stereotypes. As we plan for our futures, perhaps we should ask: What's our equivalent of Virginia's lobster boat?

Let's celebrate those who prove that life's adventures don't have an expiration date.

email.fmgsuite.com

A growing number of retirees are choosing to rejoin the workforce, a trend known as "unretiring." Recent studies show that:

➡️ The Wall Street Journal reports that one in eight retired people plan to return to work in 2024.

➡️ That follows a 2023 Paychex survey reported by Bankrate that showed one in six retirees are considering returning to work.

If you’re thinking about unretiring or know someone who is, here are some tips to help navigate the process:

🗣️ Practice interviewing.
Sharpen interview skills by practicing with friends, family, or career counselors. Many online platforms, such as Interview Cake, offer mock interview services: https://www.interviewcake.com/

🤝 Focus on the value proposition.
Shift your mindset to remember that you have valuable experience and skills to offer. Develop a clear value proposition highlighting your unique strengths and how you can benefit your employer.

👥 Connect with re-entrants.
Join online communities or support groups specifically for people considering unretirement. Sharing experiences and challenges with others can be very encouraging.

Many people feel unsure or insecure about returning to work after retirement. There are many resources available to help, such as the following:

- AARP Work Reimagined: https://www.aarp.org/entertainment/books/bookstore/money-work-retirement/info-2016/work-reimagined-book.html (Website by -AARP focused on helping people find meaningful work in later life).
- Encore.org: (Nonprofit organization dedicated to second careers for experienced professionals)

According to a 2023 study by the Pew Research Center, back-to-school dates are as early as July in some states, with the highest percentage returning in the middle of August.

School tends to start early in the South and later in the Northeast.

As the accompanying chart shows, more than two-thirds of students in the East South Central division (AL, KY, MS, TN) went back to school the first week of August. They joined another 19% of students who started classes even earlier.

In contrast, in the six New England states, almost no one goes back to school before the last week of August.

In the Mid-Atlantic states (NJ, NY, PA), about three-fourths of students won’t hit the books until after Labor Day.

Regardless of where you live, back-to-school preparations and shopping sprees are likely top of mind. Good luck to everyone!

We work with many business owners, and we have found that quite a few are unaware of a new regulation called the Corporate Transparency Act (CTA). In fact, a survey of National Small Business Association (NSBA) members showed that almost 47% of respondents had no idea what the CTA was.

What is it?
The CTA requires that any business owner with more than a 25% stake in a company, directly or indirectly, must be included in the company's Beneficial Ownership Information (BOI) report.

Who needs to file?
If you own more than 25% of a company, directly or indirectly (including stockholders, partners, LLC members, etc.), you are a shareholder.

Exemptions
➡️ Sole proprietorships and general partnerships typically don't need to file.
➡️ Federally regulated businesses such as publicly traded companies, financial institutions, and insurance companies may be exempt.
➡️ Businesses with a minimum of 20 full-time employees, more than $5 million in revenue, and a substantial footprint in the US may also be exempt.

Deadlines
Businesses formed before January 1, 2024: The deadline is January 1, 2025 (if you meet the ownership threshold).

Businesses formed after January 1, 2024: Deadline: 90 days from receiving approved state business registration.

For simple questions, you might find answers on the Financial Crimes Enforcement Network website under Beneficial Ownership Information.

We’re providing this information so you can stay up to date on current legislation. It’s not a replacement for real-life guidance, which should come from your tax, legal, or accounting professional.

Let us know if you have any questions! We may have resources that can help.