The Seaside Blog

Summer is here, and it's the perfect time to travel. Many of our clients love to explore new places, and we get excited to see them take amazing trips. We take pride in knowing our financial planning has helped them travel worry-free. At Seaside Wealth Management, we make sure our clients' Social Security is maximized, Medicare is set up well for travelers, and their retirement income is solid and predictable. Our financial plans include a travel budget and account for inflation, so clients know exactly how much they can spend on their adventures. We hope you get out, enjoy some fantastic vacations, and live like every day is Saturday.

With the recent changes brought by the SECURE 2.0 Act, there's exciting news for those with leftover 529 plan funds. Starting in 2024, you can roll unused 529 assets into a Roth IRA for the beneficiary without facing tax penalties. This new option provides flexibility for managing your child's educational and retirement savings. Let’s dive into the details and explore how this can benefit you and your family.

For many people, contributing to a Roth IRA is a fantastic way to save for retirement due to its tax advantages. As long as you are over the age of 59.5 and have had the Roth IRA for at least 5 years, all your distributions in retirement are tax-free. Given the current economic climate, many experts anticipate that tax rates will rise in the near term. Even if no new tax laws are enacted, the Tax Cuts and Jobs Act will sunset after 2025, resulting in higher tax rates. Coupled with the recent federal spending due to the pandemic and increased government debt the likelihood of increased future taxes makes a Roth IRA even more valuable.

You may have seen alarming headlines predicting that Social Security will run out of money by 2035. With around 10,000 baby boomers retiring daily, the system has been under significant pressure for years and it's understandable to wonder if Social Security is heading toward insolvency. Let’s break it down and understand what’s really going on.

As a parent, seeing your children graduate from college is a significant milestone. It's a moment of pride and accomplishment, but it also often comes with the realization that a major financial responsibility is now behind you. Now that the kids are off your payroll, this naturally leads to the next big question: "When can I retire?" Retirement is a deeply personal decision, influenced by many factors beyond just the financial. Our goal is to help you balance both the financial aspect along with the lifestyle factors so you can live the retirement you desire.

Investing in the stock market might seem like a labyrinth, but have you ever heard about direct indexing? It's an investment strategy that places you in the driver's seat, letting you replicate big-name stock indexes like the S&P 500 or the Russell 3000 in your taxable account by directly owning the individual stocks.