A Happy New Year, thanks to you! |
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As we enter our second year as Legacy Financial, we thank you, our loyal clients, for continuing to entrust your legacy with us.
We realize it's not simply a financial legacy. It is your hard work, your careful planning, your security, your lifestyle, your dreams and your hopes for the next generation.
The coming year holds exciting news and informative, fun client events. We will soon launch our new, expanded website. In March, you're invited to an educational seminar titled "The Road Ahead," for a look at how to navigate inflation, interest rates and market volatility. Of course, there's the 12th Annual Client Appreciation Night at Churchill Downs in June, and another client seminar in the fall.
As always, we're here to help you with complex decisions. This newsletter and our quarterly print newsletter are meant to provide important information and answers, but you're always invited to call or meet with us to discuss your plan and account—and your legacy.
Here's to seeing you throughout the year!
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MARKET
What we know: 2023 was lead by the NASDAQ, up more than 40%, the S&P up 25% and the Dow up more than 15%. By year end 2023, the Dow was the only market index to reach new highs.
What we think: The market may be broadening out, and we could see the beginning of a rotation out of the large technology stocks.
ECONOMY—INFLATION
What we know: Oil prices are down nearly 50% from the highs of the Ukrainian invasion.
What we think: Oil appears to be searching for a near-term bottom.
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Ways to save more for retirement in 2024 |
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529s can now be rolled into Roth IRAs
Unused money in a 529 account can be rolled over tax-free into a Roth IRA for the beneficiary. Note! The 529 must have been open for at least 15 years, is subject to annual Roth contribution limits and a lifetime rollover limit of $35,000. To learn more, click here.
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Catch-up contributions to 401(k) and IRAs
Workers over age 50 can make catch-up contributions up to $7,500 in their 401(k), 403(b), most 457 plans and a TSP.
Note! Catch-up contributions for IRAs and Roth IRAs remain at $1000, but will be indexed to inflation starting this year.
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RMDs no longer required for Roth 401(k) and 403(b) accounts
According to the IRS, Roth IRAs do not require withdrawals until after the death of the owner. Starting in 2024, designated Roth accounts in a 401(k) or 403(b) plan are no longer subject to the RMD rules. To learn more, click here.
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Heads up for 1099s from Raymond James and First Kentucky |
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Look for a 1099 from Raymond James AND First Kentucky
If you transitioned from First Kentucky to Legacy Financial with us in 2023, you should receive a 1099 (and/or 1099R) from both Raymond James and First Kentucky. We will send a heads-up email when the 1099 is available in your Legacy Financial account, but also look for your First Kentucky 1099 in the mail.
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The Vault—a perfect repository for tax documents
What better place to store important tax documents than in the Vault, within your Client Access account.
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Legacy Financial Event Calendar |
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The Road Ahead – Navigating Inflation, Rising Rates and Volatility
In partnership with First Trust Portfolios, we invite you to our first Client Seminar of the year, where you'll learn about:
- The current state of the U.S. economic recovery
- Positioning for inflation, rising rates and volatility
- Maintaining a long-term perspective in volatile times
Save the date. Look for your invitation later this month.
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Thursday, March 7, 2024, 6:00 p.m.
Malone's Prime at The Paddocks Shops
Heavy hors d'oeuvres + drinks
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Providing peace of mind for your financial future
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This material is confidential and has been prepared solely for the information of the intended recipient and may not be reproduced, distributed, or used for any other purpose or shared with anyone in any form or format. This has been prepared for you by Legacy Financial Independent Advisors, LLC (“Legacy”), an SEC registered investment advisor. Information within this report may have been provided by third-parties and, while Legacy believes this information to be accurate, Legacy has not independently verified such information. Reference to registration with the Securities and Exchange Commission (“SEC”) does not imply that the SEC has endorsed or approved the qualifications of the firm or its respective representatives to provide any advisory services described on the report or that the Firm has attained a level of skill or training. The targets herein reflect analysis regarding potential outcomes, are presented solely for informational purposes and are not guarantees of future performance. Investments in securities are not FDIC insured, are not bank guaranteed and may lose value. Before investing, consider your investment objectives and Legacy charges and expenses. Legacy advisory services are designed to assist clients in achieving discrete financial goals. They are not intended to provide financial planning with respect to every aspect of a client’s financial situation, they do not incorporate investments that clients hold elsewhere, and they do not provide tax advice. Past performance does not guarantee future results, and the likelihood of investment outcomes are hypothetical in nature. Nothing in this presentation constitutes an offer, solicitation of an offer, or advice to buy or sell securities in jurisdictions where Legacy is not registered. ADV Part 2. Form CRS.
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