Broker Check
Happy 2023

Happy 2023

February 22, 2023

We are proud to announce that we have expanded our ability to assist you and your family in 2023 by upgrading or expanding our current services and also, we have added a few additional opportunities to enhance your financial portfolio where appropriate.

Our New Services Include:

Health Savings Accounts (HSAs):

HSAs allow you to deduct your contributions from your income to possibly lower your tax burden. Why care about this investment choice when you can buy a chicken with today’s prices for eggs and save a fortune?

While an HSA does not give you eggs you can use your HSA contributions for qualified medical expenses to include a wide range of medical, dental, and mental health services if you have a High Deductible Health Plan*.[1]

*HDHP are defined as any healthcare plan that has a minimum annual deductible for one person of $1,500 and a family $3,000. Additionally the HDHP has a maximum annual deductible and other out-of-pocket expenses, within the network if applicable, for one person of $7,500 and $15,000. [2]

 

Your HSA money can be invested within a platform, allowing your money to grow every year, while it is still available for use at any time. In 2023, the contribution limit is $3,850 for individuals and $7,750 for family coverage.

HSAs allow for an additional $1,000 catch-up contribution for anyone who is long in the tooth, age 55 or older, whichever comes first, by the end of the tax year.

Once established, contributions to an HSA have the same schedule/ filing date as IRAs, i.e., you can contribute to an HSA, up to Tax Day in April the following year.[3]

Hybrid Long-Term Care Plans

Hybrid Long Term Care Plans combine life insurance products and long-term healthcare and may result in greater savings with more coverage.  One significant benefit of this option in this type of long-term healthcare plan is that your benefit is no-longer use it or lose it.

Solo 401K

This one-participant 401(k) is a traditional 401(k), without the major expenses, that cover a business owner with no employees, or the business owner and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan. We can help you set up a Solo 401(k) plan, when appropriate, to take advantage of the 2023 maximum contributions limit of $66,000. [4]

 

Suggested Contribution Schedule

Making small monthly contributions to your accounts is one of the best ways to help your investments grow. Even setting up a small monthly contribution for each of your accounts may lead to buying shares on sale.

It is a much better choice to make ongoing contributions to your accounts then trying to time the markets. We can evaluate your situation and help you decide on a contribution amount with a simple phone call.

Active management

Indications are the market conditions for this year may be very complex to navigate, to say the very least, and that is why active management of your portfolios is recommended.

Active management is the process of tracking performances of specific market indicators in order to make recommendations on whether to “buy”, “hold”, or “sell” assets.

While evaluating your portfolio performance, we attempt to limit your tax consequences by reviewing investment analysts’ research and forecasts, with quantitative tools, limiting your tax consequences, as well as using my own judgment and experience, to make asset allocation recommendations.

This coming year’s opportunities are many and together with my staff at VJH Concierge Financial Planning, I look forward to sharing them with you, your family and anyone you recommend to us.

Happy New Year!

2023


[1]Publication 502 Cat. No. 15002Q Medical and Dental Expenses (Including the Health Coverage Tax Credit) For use in preparing 2021 Returns

[2]Publication 969 (2022), Health Savings Accounts and Other Tax-Favored Health Plans, https://www.irs.gov/publications/p969.

[3]Publication 969 Cat. No. 24216S Health Savings Accounts and Other Tax-Favored Health Plans For use in preparing 2021 Returns

[4]One-Participant 401(k) Plans, IRS.gov