Daniel Allen - Ameriprise Financial Advisor

What excites you about your future? How are you preparing for it today?

Wishing all the dads a Happy Father’s Day!

How does life get better as you age?

Sharing love and gratitude with all moms today. Happy Mother’s Day!

First-timer! 🐎

If possible, avoid taking early withdrawals or loans from your 401(k). Taking money out of your account can offset the account’s tax advantaged benefits. bit.ly/3RK0Z8Y

If you or your dependents have been in the hospital or had other significant medical or dental expenses, keep the receipts — they could help reduce your tax bill.

Charitable contributions can be tax deductible, and you don’t have to give cash. Donations of clothes, food, or household items, for example, can lower your tax bill.

Saving is a habit, not a destination. In honor of , let’s review your financial plan and make sure you’re optimizing your savings.

While it may be tempting to “set and forget” your 401(k) investments, doing so may cost you in the long run. Let’s connect to review your portfolio and ensure it aligns with your risk tolerance, time horizon and goals. bit.ly/3RK0Z8Y

Selling stocks at a loss can offset the taxes you would pay on other investment gains. This strategy is one way to use the tax code to reduce the sting of an investment loss.

On the board…🍄

Happy Easter!!! ✝️ 🐰 💜

Does your employer offer a Roth 401(k) option? Saving after-tax dollars with a Roth 401(k) can help diversify the taxability of your investments in retirement. Let’s review and see if this strategy is right to you. bit.ly/3RK0Z8Y

Want to reduce your taxable income? Contribute to your retirement account. This easy, straight forward tax strategy can be used by most workers. Plus, you'll be one step closer to reaching your retirement goals.

Increasing your 401(k) contribution can help you reach your retirement savings goals faster. For 2023, employees under 50 years old can contribute up to $22,500 to their 401(k) plan. Those 50 and older are eligible for an additional catch-up contribution of $7,500 in 2023. bit.ly/3RK0Z8Y

Do you know the tax benefits of 401(k)s?
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If you have a high-deductible health plan, consider using a Health Savings Account. This account offers tax benefits for today and tomorrow:

1. Contributions offer an immediate tax deduction
2. Earnings grow tax-deferred
3. Withdrawals used to pay qualified medical expenses are tax-free

Many employers will match an employee’s 401(k) contribution up to a certain amount. Does your employer offer a 401(k) match? If so, let’s work together to maximize this benefit. bit.ly/3RK0Z8Y

An estate plan allows you to leave all or a portion of your wealth to a charity of your choice – and make a difference beyond your lifetime. https://bit.ly/3wxrbaD

If you plan to pass on your wealth to loved ones upon your death, the estate planning process can help you reduce the impact of taxes on your assets. https://bit.ly/3wxrbaD

By setting your own estate plan, you can avoid going through probate – a court process that would release your records publicly. https://bit.ly/3wxrbaD

Without an estate plan, your loved ones may be left to navigate complex legal and financial challenges. Thoughtful planning can simplify a difficult process for your family in the future. https://bit.ly/3wxrbaD

End-of-life care is a difficult but important conversation to have between you and your loved ones. An estate plan allows you to specify your final wishes and establish special arrangements for your remains. https://bit.ly/3wxrbaD

Tax filing season is upon us. Here’s when to expect your tax statements from Ameriprise Financial. As always, call me with questions. -Daniel

Tax statement mailing dates Here’s what to expect and when.

You work hard to save for retirement. I can help you strategize how and when your retirement assets are taxed to help you keep more of your hard-earned savings.
-Daniel

Tax diversification strategies | Tax diversification in retirement 101 Tax diversification – explained.