Convergence Companies

For 2025, without catch-up contributions, this is how much you need to contribute to max out your 401(k) and IRA! When looking at your financial goals, breaking the steps down into manageable pieces can help you stay on track.

An estimated 80% of New Year's resolutions fail by mid-February. If you're wanting to make, and keep, a financial New Year's resolution, here's examples on how to make it a SMART goal! Having someone to hold you accountable can help you stay on track. Share your goal with your financial advisor!

Did you know HSAs can be moved away from your employer at any time? Unlike employer sponsored retirement accounts, you don't have to wait until leaving a job before you can move your HSA. Some choose to move the account to a provider with more investment options or less fees. However, it's most likely still a good idea to keep the employer HSA open. This allows for payroll deductions and potential employer match. Whether you should move your HSA is a question that is specific to you, but now you know you have the option!

‘Twas the night before Christmas, when all through Convergence, not an advisor was stirring, not one trade emergence. The stocks were all closed, and money’d been moved, with dreams that returns soon would be proved. When out in the lot, there arose such a clatter, the advisors all sprung to see what was the matter. And what to their wondering eyes did appear, but a radiant bull, flying so clear! “Now, Bonds! Now, Stocks! Now, Options and Trades! On, Portfolios! On, Caps! On, Yields of all shades! To the top of the market! To the top of the charts! Now trade away, trade away, trade away all!” And they heard the bull exclaim, as he vanished from near, “Happy Holidays to all, and to all a bull market year!” 🎄

The end of the year is an important time for tax planning. Don't make these mistakes!

If you're planning to save for your child's wedding, it can be difficult to know how much to save. In 2024, the average cost is $33,000 for a wedding. Of course, this changes by guest count and location. For example, the average cost of a wedding with 150-200 guests is $41,286. And if you're planning a wedding in Chicago, the average is $42,192. Is this more, or less, than what you've been planning?

If you've reached the age where Required Minimum Contributions (RMDs) apply, and you are interested in making a charitable contribution, you have another option. Qualified Charitable Distributions (QCDs) can take the partial or full place of your RMD. You contribute to a charity, and the withdrawal doesn't count towards your total taxable income like an RMD does. If you're planning to make a charitable contribution, and you're subject to RMDs, talk with your financial advisor to make a QCD.

As the year winds down, here are some things you can be doing as a business owner! Contact your financial advisor or accountant if you need year-end assistance

If you turned 73 this year, you have until April 1, 2025 to take your Required Minimum Distribution (RMD). If this isn't your first RMD, then you will need to make your withdrawal by December 31, 2024. RMDs no longer apply to Roth accounts, so speak with your financial advisor about what this means for your financial plan.

Read our latest blog for 12 year-end questions (with example answers) you can ask your financial advisor!