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The Ivybridge Process, What to Expect from Us, and Tenets of Service

In today's complex financial landscape, finding the right financial advisor can be a game-changer. Someone who understands your aspirations, values your goals, and tailors their approach to suit your unique needs can make all the difference in your financial journey. As a pioneer in financial awareness, I believe that your financial advisor should not only guide you through the intricacies of money management but should also revolutionize your approach to wealth building. Here are four key factors to consider when choosing a financial advisor who aligns with my philosophy of putting you first.1. Getting Recommendations from a Trusted ResourceOne of the first steps in finding a financial advisor is seeking recommendations from sources you trust. Personal referrals from friends, family, or colleagues who have had positive experiences can provide valuable insights. Beyond that, consider seeking advice from professionals within your network, such as accountants or attorneys, who often have valuable perspectives on reputable financial advisors. My approach is centered around building trust and rapport, and this begins with connecting you to the right resources. 2. Ask the Financial Advisors You Interview About Their Strategies and ApproachesWhen you start interviewing potential financial advisors, it's crucial to inquire about their strategies and approaches. A good financial advisor should be able to explain their investment philosophy, risk management strategies, and how they tailor their recommendations to clients' unique situations. I believe that education is empowerment, and I strive to ensure that you understand the rationale behind every financial decision we make together. Transparency and clear communication are at the heart of my approach.3. Choose a Financial Advisor with Good Listening SkillsFinancial advising isn't just about numbers; it's about understanding your dreams, aspirations, and concerns. An advisor who actively listens and takes the time to comprehend your life goals will be better equipped to provide personalized guidance. My revolutionary approach is all about putting you at the forefront. By actively listening to your needs, I can create a customized financial plan that aligns with your dreams and evolves as your circumstances change. 4. Choose a Financial Advisor Whose Philosophies Align with YoursYour financial advisor should be more than just a number cruncher; they should be a partner who shares your values and aspirations. It's crucial to find an advisor whose philosophical outlook resonates with yours. Whether it's a commitment to sustainable investing or a focus on long-term wealth preservation, your advisor's beliefs should be in harmony with your own. My approach is rooted in helping you achieve financial success while staying true to your individual principles. Revolutionizing Financial Awareness: Connecting with Colin BurkeMy approach to financial awareness is centered on you. I understand that no two individuals are the same, and that's why I'm committed to tailoring my strategies to suit your unique situation. By combining a personalized touch with a revolutionary perspective, I'm here to guide you through every financial decision, big or small. Ready to embark on a journey toward financial empowerment?Let's connect and discuss your goals, dreams, and aspirations. I invite you to reach out to set up a time to talk about your unique situation. Together, we can revolutionize your approach to wealth-building and bring your financial aspirations to life.In a world filled with financial complexities, choosing the right advisor can be a transformative decision. With my dedication to your financial well-being and my innovative approach, you can be confident that your financial journey is in capable hands. Don't hesitate—reach out today and let's embark on this revolutionary journey together.This is being provided solely for informational and illustrative purposes, is not an offer to sell or a solicitation of an offer to buy any securities. The factual information given herein is taken from sources that we believe to be reliable, but is not guaranteed as to accuracy or completeness. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed here. The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your particular circumstances. For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

As we approach retirement, we are often bombarded with a myriad of advice and strategies to ensure a secure and fulfilling future. However, in a world where financial stability is not the only aspect of retirement that matters, I introduce you to a revolutionary approach to retirement planning—one that focuses on the individual and their unique aspirations. By intertwining the four pillars of Health, Family, Purpose, and Finances, I aim to create a retirement plan that not only secures your future financially but also enriches your life in every possible way.#1 Health:Physical Well-being: My revolutionary approach starts with prioritizing your physical health. After all, what good is a financially stable retirement if you are not in good health to enjoy it? Colin encourages you to adopt a proactive approach to health by incorporating regular exercise, a balanced diet, and annual health check-ups into your retirement plan.Mental Wellness: Alongside physical health, mental wellness is equally crucial for a fulfilling retirement. Colin emphasizes the importance of engaging in activities that stimulate your mind, such as learning a new skill, pursuing a hobby, or even starting a small business. This not only keeps your mind sharp but also adds a sense of purpose to your retirement years.#2 Family:Strengthening Bonds: I recognize that family plays a pivotal role in our lives, and retirement offers an excellent opportunity to strengthen those bonds. I encourage open communication with family members about your retirement plans and aspirations. Whether it's planning family gatherings, vacations, or simply spending quality time together, my approach involves ensuring that family remains an integral part of your retirement journey.Legacy Planning: Beyond financial matters, emphasizes the importance of leaving a lasting legacy for your loved ones. This involves not just passing on financial assets but also sharing your wisdom, values, and life experiences with the next generations. This unique approach helps you create a roadmap for preserving your family's legacy and passing on a meaningful inheritance.#3 Purpose:Pursuing Passions: Retirement is not about sitting back and doing nothing; it's about discovering new passions and pursuing them. I advocate identifying your true purpose in life and aligning your retirement plans accordingly. This might involve volunteer work, mentoring others, or engaging in philanthropic activities. This ensures that your retirement years are filled with meaning and fulfillment.Goal Setting: To give your retirement a sense of direction, I encourage you to set clear and achievable goals. These goals can be personal, professional, or even adventurous. Whether it's traveling to dream destinations, starting a new venture, or writing a book, let this approach empower you to shape your retirement based on your unique aspirations and ambitions.#4 Finances:Customized Financial Planning: Unlike traditional financial advisors, Colin's approach doesn't follow a one-size-fits-all strategy. I understand that each individual's financial situation and goals are unique. By taking the time to understand your financial landscape thoroughly, allows our team to create a personalized financial plan tailored to your specific needs and aspirations.Long-Term Financial Security: While pursuing passions and enjoying retirement is essential, Colin believes in securing your financial future for the long term. This approach involves smart investment strategies, tax planning, and risk management, ensuring that you have a stable financial foundation that supports your dreams and aspirations throughout your retirement. Are you ready to embark on a retirement journey that not only secures your financial future but also enriches your life in every way? Take the first step towards a fulfilling retirement by scheduling a time to discuss your unique situation with Colin. Reach out to him today to explore the endless possibilities that await you in the next phase of life and start your journey toward a new and exciting retirement.For more information about Janney, please see Janney’s Relationship Summary (Form CRS) at www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

Recent events have put a spotlight on the critical topic of fiduciary responsibilities and the repercussions of violations within retirement plans. As stewards of these plans, understanding our obligations and the potential penalties for non-compliance is more crucial than ever.A fiduciary is anyone who exercises discretionary authority or control over a retirement plan's management or its assets, including anyone who provides investment advice to the plan. Failing to adhere to the principles of prudence, diversification, adherence to the plan documents, and acting in the best interest of the participants can lead to significant consequences.Violations can result in:Civil Penalties: The Department of Labor (DOL) can enforce actions to correct violations, including the restoration of losses to the plan and the implementation of necessary measures to prevent future breaches.Excise Taxes and Penalties: The IRS can impose excise taxes on prohibited transactions and other breaches of fiduciary duty.Personal Liability: Perhaps most daunting is the personal liability fiduciaries may face for breaches of their responsibilities, including reimbursing the plan for losses incurred due to the breach.These penalties underscore the importance of diligent plan management and the need for continuous education on the evolving landscape of fiduciary duty.Let’s use this as a reminder to review our practices, ensure compliance with ERISA standards, and seek expert advice when necessary. The responsibility is great, but so is the opportunity to positively impact the financial well-being of our employees.#RetirementPlanning #Compliance #HR #BusinessLeadershipThe concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances. For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

In the realm of benefits administration, fostering high participation in retirement plans is not just a goal—it's a mission. As Plan Administrators, you hold the key to unlocking the full potential of your workforce's future financial stability. The challenge? Engaging every eligible employee and guiding them toward a secure retirement. Here’s how you can make a tangible impact: Effective CommunicationPersonalized Outreach: Craft messages that speak directly to the unique needs and aspirations of different employee demographics. Understand that a one-size-fits-all approach doesn't work for everyone.Diverse Channels: Utilize a mix of emails, intranet announcements, informational webinars, and face-to-face meetings to reach employees where they are most comfortable. Empower Through EducationFinancial Wellness Workshops: Offer sessions that cover the basics of retirement savings, investment principles, and the benefits of early enrollment.Easy-to-Understand Resources: Break down complex retirement plan details into digestible, engaging content formats like videos, infographics, and quick-read guides. Data-Driven StrategyGather Insights: Use surveys and feedback tools to understand common barriers to participation. What misconceptions or obstacles are keeping employees from enrolling?Tailor Plans: Analyze workforce data to customize retirement plan options that align with the diverse needs of your employees. Simplify the Enrollment ProcessStreamlined Sign-Up: Ensure the enrollment process is as easy as possible. Consider online platforms that offer a seamless signup experience.One-on-One Support: Provide personalized guidance for employees who need assistance understanding their options or the enrollment process. Highlight Benefits and IncentivesShowcase the Value: Regularly communicate the tangible benefits of participating in the retirement plan, including employer match contributions, tax advantages, and compound interest.Success Stories: Share real-life examples of how participating in the retirement plan has positively impacted employees within your organization. Encourage Early and Consistent ParticipationStart Early: Emphasize the importance of starting retirement savings as early as possible to maximize the benefits of compounding.Consistency is Key: Encourage employees to contribute consistently, even if it's a small amount, to build a substantial retirement fund over time. Leadership AdvocacyEngagement from the Top: Have organizational leaders actively promote and participate in the retirement plan, sharing their personal experiences and the value they’ve found in participating.Visibility Matters: Leverage leadership influence in company-wide meetings, newsletters, and other communications to underscore the importance of retirement planning. As Plan Administrators, you have a pivotal role in shaping the future financial well-being of your employees. By deploying targeted strategies, simplifying the complex, and championing the cause at every level, you can drive meaningful participation in your retirement plans. Work to ensure every eligible employee is on the path to a secure, prosperous retirement.You can build a future where every employee has the opportunity to retire with dignity and security.#RetirementPlanning #FinancialWellbeing #EmployeeEngagement #HRLeadership

As a small business owner, you're no stranger to the myriad challenges that come with entrepreneurship. From managing finances to driving growth, every decision you make plays a pivotal role in shaping the trajectory of your business. In this article, we'll delve into the importance of setting proper financial goals and how doing so can pave the way for success. Understanding the Significance of Financial GoalsStrategic Alignment: Proper financial goals serve as a compass, guiding your business in the right direction. By aligning your financial objectives with your broader strategic vision, you create a roadmap for success that ensures every decision contributes to your overarching goals.Resource Optimization: Setting smart financial goals enables you to optimize resources efficiently. Whether it's allocating budgets, prioritizing investments, or streamlining expenses, a clear understanding of your financial objectives empowers you to make informed decisions that maximize returns and minimize risks.Performance Measurement: Adequate financial goals provide measurable benchmarks for assessing your business's performance. By defining specific targets, you create accountability within your organization and establish metrics to track progress, identify areas for improvement, and celebrate achievements along the way. The Components of Smart Financial Goals#1 SpecificityEffective financial goals are specific and clearly defined. Avoid vague aspirations and instead, articulate precise targets that address key areas of your business, such as revenue growth, profitability, cost reduction, or market expansion.#2 MeasurabilityTangible metrics are essential for gauging progress and success. Ensure your financial goals are measurable, whether in terms of revenue figures, profit margins, market share, customer acquisition rates, or other relevant KPIs that align with your business objectives.#3 AchievabilityWhile it's important to aim high, setting realistic goals is equally crucial. Consider your business's current capabilities, market conditions, and industry benchmarks when establishing financial targets to ensure they are attainable within a reasonable timeframe.#4 RelevanceYour financial goals should align with your broader business strategy and priorities. Ensure they address key areas of concern or opportunity within your organization and contribute to the overarching vision and mission of your business.#5 Time-BoundSetting deadlines or time frames for achieving your financial goals adds a sense of urgency and accountability. Establish clear timelines or milestones to track progress and keep your team focused on meeting objectives within specified deadlines. Tips for Setting Adequate Financial GoalsConduct a Financial Assessment: Start by evaluating your business's current financial health. Review income statements, balance sheets, cash flow statements, and other financial records to identify strengths, weaknesses, opportunities, and threats.Identify Key Priorities: Determine the most critical areas where financial improvement or investment is needed. Whether it's expanding into new markets, launching new products or services, or improving operational efficiency, prioritize goals that align with your business's strategic objectives.Involve Your Team: Collaborate with key stakeholders, including managers, employees, and financial advisors, when setting financial goals. Encourage open dialogue and brainstorming sessions to gain diverse perspectives and insights that can inform goal-setting decisions.Monitor and Adjust: Establish a system for monitoring progress towards your financial goals and regularly review performance metrics. Be prepared to adapt and adjust goals as needed based on changing market conditions, emerging opportunities, or unforeseen challenges.Celebrate Achievements: Recognize and celebrate milestones and achievements along the way to keep morale high and motivation levels up. Whether it's reaching a revenue milestone, achieving a target profit margin, or surpassing sales projections, acknowledging successes reinforces the importance of goal-setting and encourages continued effort. In conclusion, setting proper financial goals is not just a strategic exercise; it's a cornerstone of small business success. By defining clear objectives, adhering to smart criteria, and leveraging actionable tips, you empower your business to thrive and prosper amidst uncertainty and competition. Embrace the power of financial goal-setting as a catalyst for growth, and watch as your business charts a course towards sustainable success and prosperity.

Divorce is never easy, and navigating the financial aftermath can be overwhelming. One area that often catches divorcees off guard is the impact of divorce on their taxes. Whether you’re newly divorced or have been separated for some time, it’s crucial to understand how your tax status changes and what steps you need to take to avoid unexpected surprises at tax time. In this blog, we’ll walk through the key tax considerations for divorcees, how to prepare for your first post-divorce tax season, and real-life examples of how expert guidance can help you avoid common pitfalls.How Divorce Changes Your Tax StatusOne of the first things to understand is how your tax status is impacted by divorce. Your filing status, eligibility for child tax credits, and how alimony/spousal support is handled can all be affected by your new situation.1. Filing StatusWhen you’re married, you typically file as “Married Filing Jointly” or “Married Filing Separately.” However, once you’re divorced, your filing status changes to “Single” or “Head of Household” (if you qualify).-- Single Filing Status: This is the most common status for divorcees. You’ll file as “Single” if you do not meet the requirements for “Head of Household.”-- Head of Household Filing Status: If you are the custodial parent of a child or dependent and provide more than half of their support, you may qualify for the more favorable “Head of Household” status. This filing status comes with higher standard deductions and can provide a significant tax break.It’s important to note that you cannot file jointly with your ex-spouse once the divorce is final. Many divorcees are surprised by this, especially if they previously enjoyed the tax benefits of filing jointly. Understanding your filing status is essential because it impacts everything from your tax brackets to your eligibility for various tax credits.2. Child Tax CreditsIf you have children, divorce can complicate the process of claiming child-related tax benefits. In most cases, the custodial parent (the parent with whom the child lives the majority of the time) is the one eligible to claim the child tax credit. However, this is not always the case.If you and your ex-spouse have joint custody or a shared parenting arrangement, you may need to determine who will claim the child tax credit each year. This can be addressed in your divorce settlement agreement. Sometimes, parents alternate years for claiming the child, while in other cases, the parent with the higher income may take the credit to maximize the tax benefit.It’s critical to ensure that you and your ex-spouse do not both try to claim the same child for tax credits, as this can lead to tax penalties and delays. This is another area where a professional tax advisor can offer valuable guidance to avoid mistakes.3. Alimony/Spousal SupportAlimony and spousal support are often part of divorce settlements, and it’s important to understand how they are taxed. The tax treatment of alimony depends on when your divorce was finalized.-- For Divorces Finalized Before 2019: Alimony payments are deductible for the paying spouse and taxable for the receiving spouse.-- For Divorces Finalized After 2018: The Tax Cuts and Jobs Act (TCJA) changed the treatment of alimony. Alimony is no longer deductible for the paying spouse, nor is it taxable for the receiving spouse.This change can affect both parties’ tax bills, and if you’re still working through a divorce, it’s essential to understand how these rules will impact your finances and settlement negotiations.How to Prepare for Your First Post-Divorce Tax SeasonThe first tax season after a divorce can feel like a maze of forms, deadlines, and decisions. Here are a few steps to help you prepare for what lies ahead:1. Review Your Divorce AgreementBefore you do anything, take the time to carefully review your divorce decree. Look for any clauses that mention taxes, such as which parent claims the children or how alimony/spousal support is handled. If you’re unsure about any part of your agreement, it’s wise to consult a tax professional who can clarify your obligations and opportunities.2. Adjust Your WithholdingsIf your filing status has changed, you may need to adjust your withholding allowances with your employer. For example, if you’re now filing as “Single” instead of “Married,” your tax withholding will likely change. Be sure to fill out a new W-4 form to reflect your new filing status and avoid surprises when you file your taxes.3. Consider Working with a Tax ProfessionalDivorce often introduces complex financial scenarios, and tax considerations are no exception. While it’s possible to do your taxes on your own, a tax professional can help you navigate the nuances of your new tax situation and ensure that you’re not missing out on credits or deductions. They can also help you avoid common pitfalls, such as mistakenly claiming a child or misreporting alimony payments.4. Keep RecordsWhether you’re claiming a child tax credit or receiving alimony, it’s essential to keep detailed records. Maintain copies of all relevant financial documents, such as your divorce agreement, alimony payments, child support payments, and any correspondence with the IRS. These records will help ensure that your tax return is accurate and provide evidence if the IRS has any questions.Real-Life Examples of Avoiding Tax Pitfalls with Expert GuidanceMany divorcees end up facing unexpected tax burdens because they didn’t fully understand the implications of their new tax situation. Here are two real-life examples of how working with a tax expert helped divorcees avoid costly mistakes:-- Example 1: The Child Tax Credit ConfusionJennifer and Mark had joint custody of their two children and were unsure which parent should claim the child tax credit. They both filed their returns separately and both attempted to claim the same children, resulting in a notice from the IRS. By working with a tax professional, they were able to establish a clear agreement on who would claim the children in which years, preventing penalties and making their tax filing smoother.-- Example 2: Misreporting AlimonyAfter a divorce finalized in 2020, Thomas mistakenly believed he could deduct his alimony payments from his taxes, as he had done in previous years. He filed his taxes without considering the changes in the tax code and ended up paying more than he needed to. After consulting a tax professional, Thomas was able to amend his tax return and avoid further penalties.Divorce comes with many challenges, and tax considerations are an often-overlooked part of the process. By understanding how your tax status changes, preparing for your first post-divorce tax season, and seeking expert guidance, you can navigate this complex terrain with confidence. A tax professional can help you avoid costly mistakes and ensure that you’re making the most of available credits and deductions. With the right support, you can move forward with peace of mind, knowing that your taxes are in order as you build your new financial future.The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances. For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

If you’re part of the Sandwich Generation, you’re likely balancing the care of aging parents and supporting your children—all while managing your own life and finances. It’s a juggling act that can often feel overwhelming, emotionally and financially. But here’s a silver lining: some of the costs associated with caregiving may qualify for tax deductions or credits, providing you with some much-needed financial relief.In this blog, we’ll explore how you can better understand the tax implications of caregiving and take steps to maximize your tax return.The Cost of Caregiving—and Tax Relief OpportunitiesCaregiving can include anything from paying for medical bills and home care services to covering transportation costs for doctor’s visits. While these expenses can add up quickly, the IRS offers several ways to offset these costs through deductions and credits.Let’s break down some key opportunities:#1 The Child and Dependent Care Credit-- If you pay for someone to care for a dependent—such as an aging parent—so you can work or look for work, you may qualify for this credit.-- The credit can cover up to 35% of qualifying expenses, with a maximum expense limit of $3,000 for one dependent or $6,000 for two or more dependents.-- Eligible expenses include hiring a caregiver or enrolling your dependent in adult daycare.#2 Medical Expense Deductions-- If you’re paying for your parent’s medical expenses, such as prescriptions, doctor’s visits, or even home modifications for medical needs, you may be able to deduct these costs on your taxes.-- To qualify, the total amount of medical expenses must exceed 7.5% of your adjusted gross income (AGI), and you must itemize deductions rather than taking the standard deduction.#3 Claiming a Parent as a Dependent-- If you provide more than 50% of your parent’s financial support, you may be able to claim them as a dependent on your tax return.-- This can potentially increase your personal exemptions and lower your taxable income, but keep in mind that your parent’s income must fall below a certain threshold (excluding Social Security).#4 Flexible Spending Accounts (FSAs)-- If your employer offers a Dependent Care Flexible Spending Account, you can set aside pre-tax dollars to cover caregiving expenses. For 2025, the maximum contribution limit is $5,000 per household.-- Using an FSA reduces your taxable income, saving you money while helping cover essential costs.Hidden Costs of Caregiving—and How to Offset ThemMany caregiving expenses go unnoticed or unaccounted for until it’s tax season. These might include:-- Mileage for Medical Appointments: Driving your parents to and from doctor’s appointments or physical therapy can add up. The IRS allows you to deduct mileage at the medical mileage rate.-- Home Care Services: Hiring in-home care for daily living activities such as bathing, dressing, and meal preparation can be tax-deductible if it’s medically necessary.-- Respite Care: If you pay for temporary care to give yourself a break, these expenses may qualify for the Child and Dependent Care Credit.To maximize these deductions and credits, keep detailed records of all caregiving-related expenses, including receipts, invoices, and mileage logs. Being organized can make a significant difference when it’s time to file your taxes.Tax Strategies for the Sandwich GenerationNavigating tax laws and deductions can feel daunting, especially when you’re already managing so much. Here are a few actionable strategies to help you make the most of your tax return:#1 Consult a Tax Professional:-- A tax advisor can help you identify all eligible deductions and credits, ensuring you’re not leaving money on the table.-- They can also guide you on whether to itemize deductions or take the standard deduction.#2 Understand Filing Status Options:-- If you’re a single caregiver, you may qualify for Head of Household status, which offers a higher standard deduction and lower tax rates compared to filing as Single.#3 Leverage Employer Benefits:-- Review your employer’s benefits to see if they offer programs like FSAs, which can help you save on caregiving expenses.#4 Plan Ahead:-- Caregiving costs often extend into retirement. Contributing to a Health Savings Account (HSA) now can provide tax-free funds for future medical expenses.The Bigger Picture: Financial WellnessWhile tax savings can provide immediate relief, they’re just one piece of the puzzle when it comes to managing caregiving costs. Here are a few additional tips for maintaining financial wellness:-- Build an Emergency Fund: Unexpected caregiving expenses can arise at any time. Having a financial cushion can reduce stress and help you stay on track with your long-term goals.-- Explore Government Programs: Programs like Medicaid or Veterans’ Assistance may provide financial support or resources for caregiving.-- Work with a Financial Advisor: A financial advisor can help you create a comprehensive plan that balances caregiving responsibilities with your own financial goals, such as saving for retirement or funding your children’s education.You’re Not Alone—We’re Here to HelpBeing part of the Sandwich Generation is no easy feat. The financial and emotional challenges of caregiving can feel overwhelming, but you don’t have to navigate them alone. By understanding the tax implications of caregiving and leveraging available resources, you can ease your financial burden and focus on what matters most: your family.Looking for personalized advice on managing caregiving costs and optimizing your taxes? Let’s connect. Together, we can create a strategy that works for your unique situation.Let’s make caregiving a little easier—one step at a time.The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances. For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

You’re likely juggling a variety of financial responsibilities—supporting your children, assisting aging parents, and managing your own needs. With all these competing demands, planning for your own future might feel like an overwhelming task. But here’s the good news: contributing to your retirement savings not only secures your financial future but also comes with tax benefits that can ease your current financial burden.Let’s break down how these tax benefits work and why they’re worth your attention.The Double Advantage of Retirement ContributionsContributing to retirement accounts such as a 401(k) or an Individual Retirement Account (IRA) doesn’t just build your nest egg for the future; it can also reduce your taxable income today. Here’s how:1. Traditional 401(k) Contributions:-- Contributions to a traditional 401(k) plan are made pre-tax. This means the amount you contribute is deducted from your taxable income, potentially lowering the amount of income tax you owe.-- For example, if you earn $75,000 per year and contribute $10,000 to your 401(k), your taxable income is reduced to $65,000. This could place you in a lower tax bracket or reduce your tax liability significantly.2. Traditional IRA Contributions:-- Similar to a 401(k), contributions to a traditional IRA may be tax-deductible, depending on your income level and whether you’re covered by a retirement plan at work.-- This is particularly helpful if you’re self-employed or don’t have access to an employer-sponsored retirement plan.3. Catch-Up Contributions:-- If you’re 50 or older, you’re eligible to make catch-up contributions to your retirement accounts. In 2025, you can contribute an additional $7,500 to your 401(k) and $1,000 to your IRA, increasing your savings while maximizing your tax benefits.How the Tax Savings Add UpTax benefits from retirement contributions might seem small in the short term, but they can add up over time, especially if you reinvest your tax savings. Let’s look at an example:-- Scenario 1: You contribute $10,000 to your 401(k) and save $2,200 on taxes (assuming a 22% tax rate). You can use that $2,200 to pay down debt, invest, or cover unexpected expenses.-- Scenario 2: If you continue making similar contributions annually, the compounded growth in your retirement account—combined with the annual tax savings—can create a significant financial cushion for your future.Additional Tax Benefits to ExploreWhile retirement contributions provide immediate tax advantages, there are other strategies that may further benefit members of the Sandwich Generation:1. Health Savings Accounts (HSAs):-- If you’re enrolled in a high-deductible health plan (HDHP), you can contribute to an HSA. Contributions are tax-deductible, grow tax-free, and can be used tax-free for qualified medical expenses—a triple tax advantage!-- Given the likelihood of medical expenses for both you and your loved ones, an HSA can be a valuable tool.2. 529 College Savings Plans:-- If you’re saving for your children’s education, contributions to a 529 plan may qualify for state tax deductions or credits.-- Though not a retirement strategy, 529 plans can free up your resources for other priorities, including your retirement.3. Tax Credits for Caregiving:-- If you’re providing financial support for aging parents, you may qualify for tax credits, such as the Child and Dependent Care Credit or medical expense deductions.Take Action TodayHere are three actionable steps you can take now to maximize your retirement savings and tax benefits:1. Review Your Contributions:-- If you’re not already maxing out your 401(k) or IRA contributions, consider increasing them before the tax year ends.-- Many employers allow you to adjust contributions at any time, making it easy to boost your savings.2. Talk to a Financial Advisor:-- A financial advisor can help you assess your current financial situation and create a plan that balances retirement savings with other obligations.-- They can also guide you on strategies to minimize your tax liability while maximizing your savings.3. Educate Yourself:-- Stay informed about contribution limits, tax laws, and other financial opportunities. The IRS updates contribution limits annually, so make sure you’re taking full advantage of what’s allowed.Planning for the Future While Managing TodayAs a member of the Sandwich Generation, it’s easy to feel stretched thin. However, taking proactive steps toward securing your financial future can reduce stress and provide peace of mind. By maximizing your retirement contributions and leveraging available tax benefits, you can take control of your finances and build a more secure future for yourself and your family.Remember, every little bit counts. Start today, and your future self will thank you.Looking for personalized advice on balancing your current responsibilities and planning for retirement? Let’s connect. Together, we can create a strategy tailored to your unique needs.The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances. For more information about Janney, please see Janney's Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.