Show notes
Welcome to the @plannedsolutions Incorporated Podcast. In this episode, we discuss how with the start of a new year many people will reach an important date or milestone that will impact their financial situation. So, as we prepare for another year, we have outlined a few of the most common dates or ages that may affect financial planning options and opportunities for the coming year. Of course, this list is not comprehensive as many people will have additional dates that impact their specific financial situation. Also, both houses of Congress recently passed the bipartisan Social Security Fairness Act. This bill will increase Social Security benefits for workers who did not pay Social Security taxes on a substantial portion of their earnings and will also eliminate reduced payments for spousal and/or widow(er) payments. It is projected to cost the already underfunded Social Security program $200 billion. The annual gift tax exclusion will increase from $18,000 in 2024 to $19,000 in 2025. This is the amount that an individual can give to another person(s) without having to file a gift tax return and without reducing the amount that they can give tax-free during their lifetime, or leave to their heirs tax-free after death. Plus a look at the Planned Solutions Incorporated Office Bulletin Board - Charles Schwab recently sent an alert, which we forwarded as an e-mail blast, warning clients about an active “Smishing” campaign. Smishing occurs when a nefarious actor sends fraudulent text messages with a false account alert in an attempt to route an individual to an incorrect internet link where they are encouraged to enter their account login and password. These text messages have several red flags. One, they are originating from international phone numbers. Two, they list links to a website that, at first glance, may look like it’s Charles Schwab’s website, but in fact, is slightly different. Three, Schwab does not notify clients via text message, so just the form of communication should be a reason to disregard it. If you receive one of these text messages do not respond and do not click on the link. If you have concerns about your account, please contact our office directly. The Social Security Administration recently announced that it will be sending $1,400 payments to over one million taxpayers who were eligible but did not properly apply for the Pandemic stimulus checks in 2020. To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail [email protected] The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Chase Armer's book- Financial Planning Insights is now available at: https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb Intro 00:00 Upcoming Important Dates and Milestones 01:53 Social Security Fairness Act 13:51 Annual Gift Tax Exclusion Increases 18:35 Bulletin Board Planned Solutions, Inc.
