Recent Updates

Eligible Americans saving for retirement can continue catch-up contributions on pretax basis through 2025, under a change recently issued by the Internal Revenue Service (IRS).

Our October "pumpkin-flavored" newsletter is hot off the presses! In this edition, we recap the market headlines for September, including an overview of the latest economic data, look at housing trends and relive some classic Pittsburgh sports moments. Feel free to call, text or email our team with any questions. Have a great weekend! https://conta.cc/3ZE88K8

Dan presented on the topic of personal finance to students at his alma mater, Coshocton High School in Coshocton, Ohio, this past week. This was a part of our team's continuing efforts to help educate the next generation to ensure they are financially literate when they graduate. "I can't thank Mr. Clark and the administration at Coshocton enough for the opportunity to speak with these students," said Dan. "The program at CHS has garnered statewide and national recognition, a fact I am tremendously proud of. It was a privilege to engage with so many bright, young people, and I look forward to being back again soon!" Dan also has presented locally at Peters Township High School, and the team hopes to reach more students throughout our region in the coming months.

With federal student loan payments set to resume the first of the month, the Department of Education recently announced changes to its income-driven repayment plan. Considered the "most generous" repayment plan to date, the Saving on a Valuable Education (SAVE) Plan will increase the income threshold for payments up to 225% of the federal poverty level and eliminate the accrual of unpaid monthly interest, as long as borrowers make their monthly payments as required under SAVE. In July 2024, borrowers will see additional changes, including a cap on their monthly payments of no more than 5% of their discretionary income (10% for graduate loans) and a sliding scale for federal student loan forgiveness moving forward. Click the link below to read more about these changes and to find instructions on how to enroll in the SAVE Plan. As always, if you have any questions, please... call - (724)743-3301 text - (724)888-5684 email - themcnamarainvestmentgroup@janney.com https://files.constantcontact.com/c839c829701/9982e0e0-8314-4e31-8055-9e2e6b9b3a2f.pdf

Whether it’s the possibility of tax laws changing soon or recent updates impacting inherited retirement accounts, there’s a lot to consider when it comes to tax and estate planning. Join us for this exclusive virtual seminar where we will explore what to do before the 2017 Tax Cuts and Jobs Act sunsets, estate & gift planning strategies, charitable gifting, and income tax planning opportunities, as well as new provisions in Secure Act & Secure Act 2.0, types of beneficiaries and the new 10-year payout, using trusts as beneficiaries, and incorporating Secure Act & Secure Act 2.0 within your financial plan.

ICYMI, earlier this year, the Dept of Education announced a delay in the release of the 2024-25 FAFSA. The application is expected to open sometime in December 2023, as opposed to its usual time of October 1. The Free Application for Federal Student Aid has been undergoing a redesign that the DOE has called "the most ambitious and significant redesign...in decades [that] will significantly simplify how students, parents and other educational stakeholders use the FAFSA." Click the link below to read more about these changes, which include a transition away from Expected Family Contribution calculations and adjustments to how minors savings accounts (like 529s) are treated, among others. If you have any questions, be sure to call, text or email our team today! https://fsapartners.ed.gov/knowledge-center/library/dear-colleague-letters/2023-08-04/fafsa-simplification-act-changes-implementation-2024-25

If you have a high school senior who will be attending college next year, you’ll need to start withdrawing from your college savings account(s).

The three-and-a-half year reprieve on federal student loan payments is coming to an end. Interest on these loans will begin accruing this Friday (9/1) with payments set to resume in October. Not surprising - as the buildup to this deadline closes in, fraud surrounding these repayments is on the rise. Before you, or someone you know, takes any action with a company offering to help with student loans, read this piece which lays out some signs that it might be a scam. Of course, do not hesitate to call, text or email our team today if you have any questions. You can reach us... via phone: (724)743-3301 via text: (724)888-5684 via email: themcnamarainvestmentgroup@janney.com https://files.constantcontact.com/c839c829701/47a7dfce-b393-44ae-b993-9a97b6980287.pdf

For the second straight year, Janney has been certified a Great Place to Work! This designation is based directly on feedback from the firm's employees about our workplace experience. Congratulations to EVERYONE at Janney who helps creates our tremendous environment! https://www.janney.com/meet-janney/corporate-news/detail/corporate-news/2023/08/09/janney-earns-great-place-to-work-certification-for-second-consecutive-year

Retirement confidence fell by the largest degree since 2008 and to levels not seen since 2018, according to the latest annual survey from the Employee Benefit Research Institute. Why? Being unprepared/having little or no savings and inflation were the top two reasons given. These concerns have come up a fair amount this year in conversations with our clients. To help alleviate these concerns, we've been hard at work building and updating financial plans to provide a sort of "status report." Our hope is that you have someone in your corner working hard to help you remain confident in your financial future. If not, or if you'd like another set of eyes on the plan you've already built, please get in touch with our team at your convenience. You can reach us... via phone: (724)743-3301 via text: (724)888-5684 via email: themcnamarainvestmentgroup@janney.com https://files.constantcontact.com/c839c829701/1b4e64d0-9373-42e4-89de-cd8b6f5dcaad.pdf

What's happening in the world of higher education? A recent survey showed that 56% of Americans think a four-year college isn't worth the cost, either because of the debt students take on or because they graduate with a lack of specific job skills. Increasing costs are a big factor as to why enrollment is down almost 15% over the last decade, as is a hot job market, which has made it easier for high school graduates to go straight into the workforce. In this piece, we discuss these causes in greater detail, share recent numbers on student loans, cover upcoming changes to the FAFSA and provide a few quick thoughts to answer the question, "Will college pay off?" For any questions about this information, please do not hesitate to call, text or email our team today! Phone: (724)743-3301 Text: (724)888-5684 Email: themcnamarainvestmentgroup@janney.com https://files.constantcontact.com/c839c829701/efb00c7d-7c57-4971-a2d7-7e3c4f00c402.pdf

On June 30, the U.S. Supreme Court struck down President Biden's executive order cancelling up to $10,000 ($20,000 in some cases) of student loan debt for certain borrowers. Nearly 26 million borrowers had applied to have some of their debt erased under the order. As a result of the Court's ruling, federal student loan payments will resume beginning October of this year, with interest scheduled to start accruing in September. According to the Department of Education, 30 million borrowers deferred payments during the moratorium, which began in March 2020, while roughly 300,000 kept paying them. https://files.constantcontact.com/c839c829701/6e400a52-99bd-4caf-9ae5-660866523a09.pdf

Early in 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) for inherited IRAs subject to the changes made under the SECURE Act. Final regulations along these lines have been delayed, due, in no small part, to the passage of Secure 2.0 last year. In the interim, the IRS has released updated guidance regarding those inherited IRA RMDs and provided some RMD relief to those affected by one key change under Secure 2.0. Click below for more info on this IRS release. Of course, you can always call, text or email our team if you have any questions or concerns. Phone: (724)743-3301 Text: (724)888-5684 Email: themcnamarainvestmentgroup@janney.com https://files.constantcontact.com/c839c829701/2167fa3a-7105-4e7a-8f79-bfef03e8e631.pdf

In anticipation of a significant decrease of the estate and gift tax exemption limit, here are strategies to help leverage this opportunity through tax-efficient wealth transfer.

Check out our team's latest newsletter! We recap the month of July for our group and the markets and economy - all of which provided us with a good deal of great news. While you're reading, don't forget to click "Join Our Email List" at the top of the page to ensure you don't miss future communications from our group! https://conta.cc/3OytF2Y

The big news of the day is the latest CPI report. To quote CNBC: "Inflation fell to its lowest annual rate in more than two years during June... The Consumer Price Index increased 3% from a year ago, which is the lowest level since March 2021." The monthly increase was slightly better than industry estimates. This is being viewed as a sign inflation continues to cool, while still above the Fed's 2% target. That being said, there are some areas where inflation remains stubborn, specifically shelter costs, which accounts for roughly one-third of CPI. The shelter index, a somewhat lagging indicator, was up 7.8% year-over-year. The index's 0.4% monthly gain "accounted for about 70% of the increase in headline CPI, the Bureau of Labor Statistics said." Click the link below to read more about the latest CPI report and to see how the markets are reacting to the news. https://www.cnbc.com/2023/07/12/inflation-rose-just-0point2percent-in-june-less-than-expected-as-consumers-get-a-break-from-price-increases.html Disclosure: 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 consider the particular investment objectives, financial situation or needs of individual investors. Past performance is not indicative of future results, and future returns are not guaranteed. There are risks associated with investing in stocks, such as a loss of original capital or a decrease in the value of your investment. 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. 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.

The Tax Cuts and Jobs Act of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. This article provides strategies to help mitigate the potential tax risks.

An overview of the political environment, prospective legislation, and strategies for investment and retirement planning. Congress passed a spate of legislation last year, including SECURE Act 2.0, which extends the “ROTHification” of retirement savings in the United States. Learn about the many opportunities and changes for retirement savers and retirees during our exclusive virtual seminar. Political and financial correspondent Jeff Bush will provide a nonpartisan, comprehensive overview of the political environment, prospective legislation, and strategies for investment and retirement planning to help you stay on track toward your financial goals.