Steinhandler Wealth Advisors

02/29/2024

📅🎉 Happy Leap Day! 2️⃣9️⃣

For all those celebrating birthdays today, we wish you an extra special day! 🥳

For the rest of us, since we are gifted an extra 2,880 minutes this year, let's make it count! Do something kind for a stranger, reach out to a friend you haven't spoken to in a while, or surprise a loved one with a card.

Do you have any other good ideas? It's only once every four years we get this extra day. I hope everyone has a good one!

02/27/2024

⏳The ancient philosopher Theophrastus said that wasting time was the most extravagant and costly of all expenses.

Time is the one thing we can’t get back, replace, or have enough of.

Yet, in this world, too often, money and the material items it affords are seen as the measure of success. 🧮

It’s good to remind ourselves that it is not money but our time ⏰—and how we choose to spend it—that is our most valuable asset.

02/23/2024

Celebrating Black History Month

In honor of Black History Month and to recognize and celebrate the barrier-breaking journeys of influential African Americans such as Maggie Lena Walker.

Walker was an African American entrepreneur who broke traditional gender and discriminatory laws by becoming the first Black woman to establish and become president of a bank in the United States—the St. Luke Penny Savings Bank in Richmond.

By 1924, the bank had spread to other parts of Virginia and included more than 50,000 members. While other banks collapsed during the Great Depression, St. Luke Penny Savings survived.

As of 2010, when it was known as the Consolidated Bank and Trust Company, St. Luke Penny Savings was the oldest continually African American–operated bank in the United States.

02/21/2024

For anyone who is still paying off student loans (think med 👩‍⚕️ 👨🏾‍⚕️ school grads), a significant change goes into effect this year.

📣 The recently passed SECURE Act 2.0 allows employers to match employee student loan repayments with matching payments to retirement accounts.

Here are details employers and employees should know:
➡️ Matches apply to qualified student loan payments made to repay loans for higher education.
➡️ Employees self-certify that they made payments that year.
➡️ Matches can be made annually.

The new rules give employers an attractive employee benefit to offer workers and workers an extra incentive to save for retirement while paying off educational loans.👩‍🎓👨‍🎓

Connect with your financial or tax professional to understand how this may apply.

02/16/2024

Celebrating Black History Month

In honor of Black History Month and to recognize and celebrate the barrier-breaking journeys of influential African Americans such as Robert L. and Sheila Johnson.

If you haven’t heard of them, this husband-and-wife team launched BET in 1980 as the first cable network targeting Black viewers. It initially broadcasted for only two hours a week but grew to reach tens of millions of homes.

In 1991, the Johnsons made history when BET became the first African American–owned company listed on the New York Stock Exchange.

The two made history again in 2001 when they became the first Black billionaires after selling BET to Viacom in a blockbuster deal.

In 2002, Robert broke another barrier when he bought the NBA’s Charlotte Bobcats, making him the first Black majority owner of an NBA team. Meanwhile, Sheila now produces and funds films that highlight Black stories.

02/13/2024

❤️ Love is in the air—but are you letting money stress get in the way?

👉 Get this: According to a study by the AICPA, 73% of married or cohabiting Americans experience relationship tension due to financial decisions! 😮

Here are five common points of financial friction. Do any of these sound familiar?

1. Financial “Infidelity”
A National Endowment for Financial Education poll revealed that 39% of respondents have hidden financial information from their partners, and 21% have lied about finances!

2. Divergent Financial Goals
Couples may be at odds over decisions like owning a vacation property or engaging in expensive hobbies.

3. Lack of Open Communication
If one partner makes the most significant financial decisions, the other may feel unempowered and unheard.

4. Incompatible Spending Habits
Different attitudes towards spending can lead to disagreements and resentment.

5. Income Disparity
When one partner earns more, this can cause tension, feelings of inferiority, or an imbalance of power.

Relationships require consistent effort and open communication. Don’t let lousy money communication habits get in the way of happy 😊 and healthy relationships!

02/09/2024

As we begin Black History Month, we’ll spotlight the barrier-breaking journeys of several influential African Americans and honor the rich histories, incredible achievements, and enduring legacies of Black individuals who have shaped our country.

Why February?
In 1926, a dedicated week in February was established to honor Black achievements, aligning with the birthdays of Abraham Lincoln and Frederick Douglass. This initiative evolved into Black History Month in 1976, under President Gerald Ford’s advocacy, to acknowledge the often overlooked accomplishments of Black Americans across all fields.

Honoring Trailblazers
Throughout history, countless Black individuals have broken barriers and paved the way for progress through their ideas, passions, and actions. Over the coming weeks, we will highlight some remarkable people and tell their stories.

Follow us to see who we’ve chosen!

02/08/2024

January's markets saw modest gains thanks to positive economic data and upbeat Q4 corporate reports which helped support prices.

The Dow Jones Industrial Average advanced 1.22 percent, while the Standard & Poor's (S&P) 500 Index gained 1.59 percent. The Nasdaq Composite, which led throughout 2023, rose 1.02 percent.1

02/07/2024

Recent updates to retirement contribution limits allow savers to build their nest eggs faster. The catch-up contribution is set at $7,500 for those 50 and over.

For context, the 2023 traditional IRA contribution limit is $6,500. So eligible individuals over 50 can now contribute an extra $1,000, for a total of $7,500.

401(k) contribution limits saw increases as well. Starting in 2025, those aged 60–63 can make catch-up contributions of $10,000 or 150% of the standard catch-up amount, whichever is higher.

Expanded catch-up contribution limits allow older savers to maximize retirement contributions in peak earning years right before retirement.

Let’s connect to discuss how these updated limits could impact your retirement.

Remember, once you reach age 73, you must begin taking RMDs from traditional IRAs, 401(k)s, or other defined contribution plans, in most cases. Withdrawals are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

02/02/2024

🎩🌤️ Happy Groundhog Day! 🌤️🎩

Just like our furry friend Punxsutawney Phil, we too can benefit from periodically poking our heads out of our routines and assumptions to get a fresh perspective.

In finance, this means regularly reviewing our financial strategies and investments. Just as Phil looks for his shadow to predict the arrival of spring, we, too, should take a moment to “see our shadows.” Are we on track to pursue our goals? Are we prepared for any unexpected “winter” that may come our way?

Remember, even if Phil predicts six more weeks of winter, we can take steps to help prepare for our financial “spring,” which is just around the corner.

Are your finances ready for the upcoming “seasons”?

If not, we can be your financial almanac, guiding you with insights you can cultivate for years to come in rain, shine, or snow.

01/24/2024

🏈 Get ready to rumble, folks! It's time for the Big Game, where touchdowns meet takeout and commercials become water cooler conversations!

Who do you think will win the Big Game? And do you believe some consider it a stock market predictor?

Fun fact: A long-standing myth says if an original NFL team wins the Big Game, it might signal a strong stock market for the year. But if an AFL team takes the trophy, some think it can be bad news for stocks.

Surprisingly, this unusual theory has been right roughly 70 percent of the time since it emerged in the late 1970s! 😮 And there are other notable economic indicators!

Former Fed Chair Alan Greenspan supposedly glanced at the "cardboard box" indicator, which considered the demand for boxes to help gauge the strength of the manufacturing sector.

Meanwhile, the "Big Mac Index" compares burger prices globally to assess currency values. 🍔

While these can be fun to discuss, market indicators based on football, fast food, or packaging won't influence our strategies. 🏈🚫 The old maxim applies: correlation does not imply causation.

While your favorite team aims for the end zone, we're here to help our clients cross their financial goal lines.

Who are you rooting for?

01/19/2024

Unless Congress acts, current tax rates and many provisions in the tax code are scheduled to expire at the end of this year.

One change may be to the Child Tax Credit, impacting families. 👨‍👩‍👧

As a reminder, the current credit is $2,000 per child (under 17), with income phasing out starting at $400,000 for couples.

Next year, the credit may return to the pre-TJIA (Tax Cuts and Jobs Act) level at $1,000 per child, and phaseout may drop to $110,000 for couples. 😮

The Child Tax Credit is just one potential change. Remember, tax rules can change without notice, and there is no guarantee that the treatment of certain rules will remain the same. This post is not intended as real-life advice, so you may want to review any specific questions about the TCJA with a tax, legal, or accounting professional. FMG created this content to provide insights into a topic and is not affiliated with a broker-dealer or investment advisory firm.🤝🏽💼

We'll continue to share info as we get closer to the changes taking effect. Follow us if you want to stay updated! 🔔📲