Do you want to build a snowman?

With all the snow we’ve gotten in Vermont, this video seems fitting, especially with several important financial deadlines approaching. Click to watch my video.

As a wealth manager, I encourage clients to take advantage of accounts and annual opportunities, because when you have time (your most valuable asset) and you enable the power of compound interest inside a tax-advantaged account, you unleash a powerful combination as you look to build your long-term wealth.

With the 2024 tax filing deadline approaching, individuals, households, and those who are self-employed, still have an opportunity to build their wealth in the following tax-advantaged accounts:

• Traditional IRA – tax-deferred growth potential after deductible or non-deductible contributions are made

• Roth IRA – tax-free growth potential after contributions are made using post-tax dollars

• Spousal IRA – the ability to contribute to a non-working spouse’s IRA (Roth or Traditional) if you’ve earned income, you’re married, and you file taxes jointly

• Health Savings Account - if you meet certain requirements you can contribute to an HSA, where contributions are tax-deductible, and withdrawals are tax-free if used for qualified medical expenses 

• SEP IRA or Individual 401(k) plan for those who are self-employed and/or have a side hustle, offering tax-deferred and tax-free growth potential

How much you earned throughout the year will determine your eligibility and the special tax benefits you receive from the account(s), but if you’ve earned income, you can contribute to an Individual Retirement Account (IRA) every year.

If you want to learn more and understand what options and opportunities are available for you and your unique situation, please let me know and I’d be happy to help.