YOUR SOURCE FOR TRUSTED FINANCIAL GUIDANCE AND PLANNING
JUNE 2025
Welcome to Our First Newsletter!
We are excited to launch a new quarterly newsletter, specifically designed to bring you the latest insights and updates on three key planning categories: financial, tax and estate planning.
Your feedback and desire for more information inspired us to create this newsletter, focused on strategies to manage your finances and plan for the future. Each edition will feature expert tips, industry updates, and practical advice tailored to help you make informed decisions to achiever your goals.
Enjoy the read, and please call or email us with any questions and/or comments!
FINANCIAL PLANNING
Retirement Plan Contribution Limits
Employee Limit: The maximum amount individuals can contribute to these plans increases to $23,500 in 2025, up from $23,000 in 2024.
Higher Catch-Up Contributions (Ages 60-63): Under the SECURE 2.0 Act, individuals aged 60 to 63 can contribute an additional $11,250 in catch-up contributions in 2025, instead of the standard $7,500. This brings their total possible contribution to $34,750.
Put cash to work; you should be earning 4% or better on your hard-earned savings right now.
Ray Henderson, CFP®
Henderson Financial Group
Nadia Anderson, CPA
Anderson Accounting & Advising Group
SUMMER TAX TIPS
Sending kids to day camp? Those expenses may allow you to claim the Child and Dependent Care Credit. Overnight sleepaway camps do not qualify. Click here to read more.
Looking for summer vacation cash? Now is a great time to contact HR and update your paperwork to lower your withholdings, deposit more from each paycheck, and avoid a big Spring refund.
The One, Big, Beautiful Bill (OBBB) has passed the house and expects to pass the Senate locking in a 15% tax cut for households earning between $30,000 and $80,000 annually.
ESTATE PLANNING
Having a trust can protect your assets from creditors or lawsuits, and can help safeguard your wealth and the future for your loved ones.
Once assets are placed into an irrevocable trust, those assets are no longer considered your personal property. Asset protection trusts are particularly useful for individuals in certain professions. These include doctors, lawyers, and business owners.
