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It's official: Social Security recipients will get a 3.2% raise in 2024. The Social Security Administration made the announcement Thursday following the release of September inflation data, which was needed for the calculation. The raise will add about $57 dollars a month to the average retirement benefit. Next year's cost-of-living adjustment is way down from the 8.7% bump seniors received in 2023, reflecting cooling inflation.

A new year brings with it a new tax filing season. Please use this link to make note of Important Tax Filing Dates and Deadlines for 2023!

When the market is rising, buying stocks feels like a sure way to grow your wealth. During rising markets, no one questions the enthusiasm of market participation. But when the market begins to fall, how quickly we question any level of market involvement. Regardless of when you buy, one fact always remains: Buying Low and Selling High is the only way to turn a profit.

With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should be considered as part of your year-end tax planning.

As we approach the end of 2021, now might be a good time to take a closer look at a few developments surrounding required minimum distributions (RMDs). What Are RMDs? Once you reach age 72, you are required to take minimum distributions from your traditional IRAs and most employer-sponsored retirement plans. (RMDs are not required from an employer plan if you are still working at the company sponsoring the plan and you do not own more than 5% of the company.)

At Seren Wealth Advisors, we provide a solid foundation to develop a personalized plan and investment portfolio to meet your financial goals. In order to meet your goals, identifying the type of spender you are can be very helpful. Your spending type is not determined by how much money you earn or spend. Instead, it is determined by how comfortable or uncomfortable you feel when you spend. Life experiences and social relationships can create fluctuations in spending and saving patterns.

All Student Loan Forgiveness is Now Tax-Free. Today, President Biden signed the American Rescue Plan Act of 2021, which makes all student loan forgiveness tax-free for borrowers. Normally, the cancellation of debt is treated like income to the borrower. The amount of cancelled debt is included as gross income on the borrower’s federal tax return. Under previous law, the cancellation of the remaining student loan debt after 20 or 25 years in an income-driven repayment plan was taxable.

Today is shaping up to be a record day in the market during a record month in politics during a record year in history. If today’s gains hold, the Dow will cross 30,000 for the first time with its record performance coming on the heels of a surge in Covid-19 cases both in the US and abroad and dire warnings that the worst of the pandemic may be on the horizon.

We begin the last two weeks of September with stock market drops amid a slowing economy and declining sentiment regarding our nation's ability to control the spread of Covid-19 sufficiently enough to enable businesses to fully reopen and jobs to return. Regardless of where you look, financial markets, politics, health or education, headlines suggest concern for the days ahead.

As the country reopens, the state of the nation, the recovery and the future feel as uncertain as ever. Amidst social unrest, market uncertainty fueling continued volatility and concerns over a resurgence of Covid-19 cases, only one thing appears to be constant: the market is willing to keep the party going as long as the Federal Reserve picks up the tab. 

Last week we were headed for the worst week in the markets since the Great Depression.This week we are on target to have the best week in the markets since the Great Depression. What does it mean for Today? We cannot time the market. Investing is a long-term endeavor.There is a difference between a trader and an investor.Do not fight the Fed. An ability to print money provides tremendous rescue power. What does it mean for Tomorrow? 

Below is a summary of the current Covid-19 cases in the US with NYC continuing to evolve as the epicenter of the outbreak and cases in all 50 states continuing to grow.

Dear Clients,Today has been another tumultuous time in the market with the Dow closing down nearly 6.5%.However, some perspective may be helpful.President Trump was elected in November, 2016.  At that time, the Dow Jones Industrial Average was roughly 18,500 (versus today’s value of 19,500).

Dear Clients, How quickly life has changed.  The current economic climate is one of those rare, once in a lifetime occurrences with no clear roadmap.Whether it’s storms, floods, famine, drought or economic shocks, these are all now more frequent than ever before. So what can any of us do to protect ourselves and our families?Whether we are in good times or working through a major crisis, the advice remains the same. 

The SECURE Act and Your Retirement Savings The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted in December 2019 as part of a larger federal spending package. This long-awaited legislation expands savings opportunities for workers and includes new requirements and incentives for employers that provide retirement benefits.

How Long Will It Take to Double My Money? Before making any investment decision, one of the key elements you face is working out the real rate of return on your investment. Compound interest is critical to investment growth. Whether your financial portfolio consists solely of a deposit account at your local bank or a series of highly leveraged investments, your rate of return is dramatically improved by the compounding factor.

         1/15/2020   4th Quarter 2019 Estimated Tax Payment Due If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2020 tax deadline.              

As you may have heard in the news, Charles Schwab and TD Ameritrade have reached an agreement for Schwab to acquire TD Ameritrade. The combined company will retain the Schwab name, and will reflect the best that each legacy firm has to offer, including leading wealth management and trading platforms. For now, the transaction is subject to customary closing conditions and is expected to close in the second half of 2020.