A New Year, A New Financial Game Plan

A New Year, A New Financial Game Plan

As we flip the calendar to a new year, there's a certain magic in starting fresh. For many of us, the new year symbolizes a clean slate, an opportunity to set new goals and dream bigger dreams. And when it comes to retirement planning, there's no better time to hit the "refresh" button than right now.

At LynnLeigh & Company, we live by this mantra: Reflect on your progress, align your goals, and simplify the complexities of tax season with a partner who always puts your best interests first. With that in mind, let’s dive into why a financial review is the perfect way to start the year strong, how to set meaningful retirement goals, and what new opportunities the SECURE 2.0 Act brings to the table for your savings.

Why a Financial Review Is Your Best New Year’s Resolution

Think of your financial plan as a GPS for your retirement journey. Every so often, it’s important to stop, assess, and ensure that you’re still on the right path. A financial review at the beginning of the year allows you to reflect on your progress, address any detours, and make adjustments as needed.

Here’s what a year-start review can do for you:

1. Gain Clarity on Your Current Situation: Have your investments performed as expected? Have there been changes to your income, expenses, or tax brackets? Understanding where you stand is the first step to moving forward confidently.

2. Identify Gaps: Are you on track to meet your retirement income goals? A review helps pinpoint any shortfalls and ensures you’re taking advantage of opportunities to maximize your savings.

3. Simplify Tax Season: By getting ahead on tax planning early, you’ll avoid the last-minute scramble and potentially uncover strategies to reduce your tax liability.

Remember, our goal is to help you feel informed, empowered, and confident about your financial future—because complexity doesn’t have to be intimidating.

Setting SMART Retirement Goals for 2025

When it comes to retirement planning, generic goals won’t cut it. You deserve a blueprint, not a template. That’s why we recommend setting SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound.

Here’s how you can start:

1. Specific: Instead of saying, “I want to save more,” get clear about what you’re aiming for. For example, “I want to increase my 401(k) contributions by 2% this year.”

2. Measurable: Attach numbers to your goals. Track progress to keep yourself accountable, whether it’s hitting a savings target or paying down debt.

3. Achievable: Set goals that stretch you but are still within reach. Consider factors like income, expenses, and market conditions.

4. Relevant: Make sure your goals align with your bigger picture. Are you planning for travel in retirement? Funding a grandchild’s education? Tailor your plan to fit your unique priorities.

5. Time-bound: Deadlines drive action. Break larger goals into smaller, time-sensitive milestones to keep momentum going.

Need a partner to help map out your goals? That’s what we’re here for. At LynnLeigh & Company, we’ll work with you to create a customized plan that reflects your dreams, your timeline, and your lifestyle.

How the SECURE 2.0 Act Can Supercharge Your Savings

The SECURE 2.0 Act, signed into law recently, offers a host of new tools to help you make the most of your retirement savings. Here are some of the highlights that could benefit you:

1. Catch-Up Contributions Get a Boost: If you’re 50 or older, you can already make additional contributions to your retirement accounts. Starting in 2025, those 60 to 63 will be eligible for even higher catch-up limits, helping you turbocharge your savings during your peak earning years.

2. Automatic Enrollment: New retirement plans will automatically enroll employees starting in 2025, with opt-out options. While this feature primarily benefits younger workers, it’s a good reminder to revisit your own contribution rates and ensure you’re maximizing any employer match.

3. Required Minimum Distribution (RMD) Age Changes: The age to begin taking RMDs has increased to 73 in 2023 and will go up to 75 in 2033. This gives you more flexibility to grow your savings before drawing them down.

4. Student Loan Matching: If you’re still helping your kids or grandkids pay off student loans, employers can now match those payments with contributions to your retirement plan. This new benefit could help you support family while still building your nest egg.

As always, we’re here to help you navigate the nuances of these updates and figure out how to make them work for you.

Why LynnLeigh & Company Is Different

At LynnLeigh & Company, our favorite “F” word is fiduciary. That means we’re legally and ethically obligated to put your best interests first—always. But that’s just the beginning. Here’s what sets us apart:

1. Big Picture Planning: From Social Security to tax management, we cover all facets of retirement readiness.

2. You’re a Blueprint, Not a Template: We’ll design a plan as unique as you are because retirement is not one-size-fits-all.

3. Keeping It Simple: We’re experts at turning complex financial jargon into plain English so you can make informed decisions with confidence.

If you’re ready to simplify your financial life and take charge of 2025, let’s start the conversation. Together, we’ll create a game plan to align your goals, maximize your savings, and set you up for long-term success.

A Strong Start to 2025

There’s no better time than now to reflect, align, and simplify. With a solid financial review, SMART retirement goals, and new opportunities from the SECURE 2.0 Act, you can make 2025 the year you take control of your retirement journey. At LynnLeigh & Company, we’re here to walk alongside you every step of the way. Let’s start this new year strong—together.

LynnLeigh & Company - A Registered Investment Advisor This information is provided by LynnLeigh & Co. for general information and educational purposes based upon publicly available information from sources believed to be reliable – LynnLeigh & Co. advisors cannot assure the accuracy or completeness of these materials. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. The information in these materials may change at any time and without notice.   Past performance is not a guarantee of future returns.

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