Christopher Demarest, CFP

01/03/2025

We had an end of the year checklist, but what about a checklist for the beginning of the new year? Here's how you can start 2025 off on the right foot:

📍 Reassess your spending and outflows from 2024, and create a budget for the new year. If you write down these goals, you are 7 times as likely to achieve them. Cancel those unused subscriptions too!

📍Create a plan to increase your contributions to your 401k, with the limit having increased to $23,500 ($7,500/$11,250 over 50).

📍Reimburse 2024 expenses out of your FSA accounts.

📍 Did you change your tax withholdings at the end of the year? If for some reason you did, you'll want to change those back for the new year.

📍 Don't wait till April to max out your 2024 IRA contributions. You have the potential to earn thousands more over the long term by contributing earlier in the year, starting now.

📍 And finally, don't forget to spend your gift cards!

01/01/2025

Wishing you a New Year filled with new hopes, new joys, and new beginnings. May 2025 bring you endless happiness and success! Happy New Year! 🍾🎉

12/20/2024

2024 has been a very full year, and we look forward to 2025. Take this time to enjoy the company of friends and family, and get some well deserved rest. Merry Christmas & Happy Holidays to all, and take care! ✨ 😊 ❄️

12/19/2024

As we quickly approach 2025 make sure your finances are in order. Don't let the year end without checking off these important financial to-dos!

✔️ Use Up Your Flexible Spending Account (FSA): use the money in your FSA from either you or your employer before the end of the year, as it doesn't carry over (at least under $640)!

✔️ Retirement Plan Contributions (401k, 403b, etc..): after the Secure Act 2.0, catchup contributions amounts will increase in 2025.

✔️ Consider Giving to Charity: charitable donations are always great, but if you itemize, donating on December 31 is better for your taxes than on January 1.

✔️ Tax-Loss Harvest: now is a great time to review your taxable account for tax losses. If you have significant losses, you may want to consider tax-loss harvesting.

✔️ And finally, take time to enjoy yourself this holiday season. 2024 was undoubtably a busy year, and 2025 doesn't look any calmer. Relax- you've earned it!

12/12/2024

Your financial security is only as safe as the precautions you take. The recent National Public Data breach reminds us how vulnerable our financial security can be, and for retirees relying on fixed income and life savings, the threat is a very real concern. The good news? You can get ahead of the threat and protect what you’ve spent your life building starting today.

Identity theft is a threat that could damage or derail your retirement. Learn how to take proactive steps to protect yourself.

12/09/2024

2025 is going to be your year! The best way to get ahead for the new year is to create a financial checklist to close out 2024. You may want to consider reviewing your investment performance, tax situation, and any major life events that may impact your financial goals.

We've created a checklist for you with common things to review. What steps will you take to ensure you’re set up for success in the new year?

Aspects of your financial life to review as the year closes.

12/05/2024

We all pay for it, but what does property and casualty insurance really cover? P&C insurance covers your belongings and shields you from liabilities, but not all policies are created equal. From water damage to that neighbor’s BBQ mishap, knowing your coverage means you’re prepared for all of life's surprises.

Protecting your home and belongings (and accidents) ensures peace of mind. Let’s explore how this umbrella of protection can work for you!

Property and casualty insurance, often called P&C insurance, is an umbrella term for policies that protect what you own and shield against personal liability claims. What are the types of coverage that are available, and how do you make a decision when shopping for policies?

12/02/2024

Downsizing your home can be a strategic move that boosts your retirement finances. Selling a larger property often means reduced mortgage payments, lower taxes, and decreased maintenance costs, freeing up capital for travel or other passions. However, there could be capital gains tax, and some states even impose an exit tax.

Deciding to downsize can feel overwhelming, but with the right support and planning, you can make a decision that aligns with your retirement dreams! 🌟

The lower costs of a smaller home in retirement might sound appealing, but be ready for the trade-offs that come with making this big decision.

11/28/2024

Happy Thanksgiving! May your day be filled with warmth, laughter, and delicious food.

11/25/2024

Black Friday marks the biggest retail spending day of the year. While most people think 'Black Friday' refers to stores going from "red" losses to "black" profits after Thanksgiving, the original name comes from a much different event in the 1860s that was quite the contrast from today's shopping spree!

How the biggest shopping holiday of the year got its name.

11/21/2024

The complexities of extended-care insurance shouldn’t hold you back from securing peace of mind. Each policy can vary widely, so knowing the specifics—from coverage types to daily benefit amounts—will set you up for success.

Take the time to ask questions and consider all factors that will lead you to the best policy for your needs. Your future self will thank you!

Here’s a list of 8 questions to ask that may help you better understand the costs and benefits of extended-care insurance.

11/18/2024

That 5.5% CD that you had just rolled over to 0.05%. Quite a shock, right? This serves as a reminder to always check your rates when your CD matures—your next rate could be much lower than you anticipated!

Don't be caught off guard from your bank automatically rolling your CD. You could be missing out on rates that are nearly 100 times higher. Together, we could help you get the most out of your CDs and investments.💸 📈 ✨

Customers have sought out certificates of deposits for higher rates, but sometimes banks roll maturing CDs into new ones with lower rates.