The year isn't over yet!
The year is rapidly coming to an end, and it’s time to make sure you’ve taken care of any time-sensitive financial decisions.
First, if you’ll be making a donation and plan to claim a deduction, remember that your gift must be made by December 31st. Remember that only contributions to IRS-qualified charities are deductible. But of course, while tax deductions are nice, giving to those in need is the real draw.
Keep Required Minimum Distributions in mind. Are you one of the many retirement account holders who will take a mandatory distribution this year? If so, distributions from 401(k) plans and traditional IRAs must be taken by December 31st each year after age 72. Good news — if you’re an Eagle Wealth client, we’re already monitoring this process for you.2
There’s still time to meet the 401(k) Contribution Deadline. If allocating additional funds to your employer-sponsored plan is part of your retirement strategy, then make sure to contribute by December 31st. For tax year 2021, the 401(k)-contribution limit is $19,500 for those who participate in 401(k), 403(b), and most 457 plans. If you’re over the age of 50, your limit is $26,000. 3
But when it comes to tax-deductible retirement savings, the year doesn't end on December 31st. You may contribute to your Traditional or Roth IRA until April 15th and making a deductible contribution may help you lower your tax bill.
- Speaking of next year, the Internal Revenue Service (IRS) announced new contribution limits for 2022. Preparing for retirement just got a little more financial wiggle room.
- Staying put for 2022 are traditional Individual Retirement Accounts (IRAs), with the limit remaining at $6,000. The catch-up contribution for traditional IRAs remains at $1,000 as well.1
- For workplace retirement accounts (i.e. 401(k), 403(b), amongst others), the contribution limit rises $1,000 to $20,500. Catch-up contributions remain at $6,500.1
- Income limits for Roth IRA contributions have increased, as well. These have bumped up to $129,000 to $144,000 for single filers and heads of households, and $204,000 to $214,000 for those filing jointly as married couples.1
- Another increase was for SIMPLE IRA Plans (SIMPLE is an acronym for Savings Incentive Match Plan for Employees), which increases from $13,500 to $14,000.1
Lastly, make sure to tell your financial team about any major life events. If you have any upcoming changes like births, deaths, career changes, or relocations please let us know. Our advice and recommendations are always tailored to your specific life circumstances.
Please give us a call if you have any questions. We’re here for you, every season.
Sincerely,
Your Eagle Wealth Team
Introducing Jordan Daniels, Client Service Associate
Eagle Wealth sure had a busy year. Thanks to your ongoing referrals, we’ve continued to grow and expand our offering. That’s why we’ve invited Jordan Daniels to join our team. With four years of experience in the financial industry, Jordan understands the value of financial planning. He’s joined Mat Hunnicutt’s team and provides the same client service you’ve come to expect from us.
Jordan appreciates processes and is dedicated to going the extra mile. His hardworking nature is an asset to our team. Always willing to lend a hand and eager to help clients, Jordan distinguishes himself with his listening skills and calm demeanor.
“I really enjoy learning about a client’s story. It’s so rewarding to find out where they grew up, how we can help, and to truly listen to what matters”, says Jordan.
We know he will add another layer of success to our team. We look forward to Jordan joining us in our ongoing mission of helping you achieve your financial goals. Please welcome Jordan the next time you call or stop by the office.
More about Jordan
Jordan moved to Bend in 2015 from Portland but grew up in Klamath Falls, Oregon. He attended Southern Oregon University and earned a Bachelor of Science degree with a focus on interpersonal communication.
The son of a teacher, Jordan was often exposed to families who couldn’t afford to participate in extracurricular activities. This experience inspired Jordan to help others better their financial situations. Several years later he ran into a financial advisor friend. When he heard how the friend was helping others, he knew that was the right path for him.
Drawn to numbers, Jordan truly appreciates quantitative data and shines when translating data into actionable solutions. In both his professional and personal life, Jordan believes that everything has a place. From his tidy desk to his immaculate garage, his mind is clearest when all is in order.
At home, Jordan spends time with his wife Camelia and their German Shorthaired Pointer, Stevie. He can often be found working on cars in his garage, cycling, or racing at High-Performance Driving Days. In his spare time, Jordan adventures with the “little brother” he connected with from Big Brother’s Big Sisters of Central Oregon. They often mountain bike or skateboard together.
Fun fact: Jordan built a racecar. He and a friend reconstructed a 1993 Mazda RX7.
Certifications, Licenses & Registrations
Series 66
Our Toys for Tots box is filling up but there’s room for more! We’re up to 75 toys so far. Will you help us double that number before the end of the week? We’re so grateful to all of you who’ve already stopped by.
We’ll match every toy donated, so please join us in the fun! Drop by our office with a new and unwrapped toy. We’ll collect gifts until December 17th.
Click here for more information about the program.
P.S. If you live outside of Central Oregon and who want to participate, let us know if you make a donation locally and we'll put another toy in the box.
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