FINANCIALLY FOCUSED

November 2022 Newsletter

Happy Thanksgiving

“Thanksgiving is a time to give, a time to love, and a time to reflect on the things that matter most in life”

Greetings!

We wanted to say Thank You for your business and for sharing our name with your family and friends. Swenson Wealth Management has the best clients! We hope you have a fantastic November and a Happy Thanksgiving.

It is that time of the year that all IRA, Inherited IRA, and Inherited Roth IRA contract holders re-verify that they have taken the RMD (Required Minimum Distribution) from their respective plans. Every year, as a courtesy, Swenson Wealth Management does serve notice to its clients either via letter or via newsletter that the client is ultimately responsible for taking their RMD. There can be substantial penalties if this RMD is not taken prior to the end of the calendar year. Some clients do take their RMD’s from accounts that are not under our management and therefore are out of our purview. If you have questions about whether you have taken your RMD from an account with us, please do not hesitate to call us.

This is also a great time of the year to do a review on all of your accounts and possible adjust some of your retirement strategies. We all get very busy this time of the year with the Holidays, so do not delay if you want to set up a conversation with your investment advisor.

This year has certainly had its challenges in the market. Some people say we are in uncharted waters. I am not sure I personally have seen the stock and bond market drop this much at the same time with a recession and record inflation going on at the same time. Add to that, the ancillary pushes and pulls on the market and you certainly have a lot to digest. This is certainly a time for Investment Advisors to step up and help give their clients some guidance and clarity of options available to them.

Important Update:

Some of the Annuity companies we represent are increasing their fixed interest rates on the MYGA’s (multi-year guaranteed annuity) to rates as high as 6%.

Please call our office for details.

Contracts are subject to state availability, and certain restrictions may apply. Fixed interest rate quoted above is based on the claims paying ability of Ibexis Life & Annuity Insurance Company. Rates being offered are subject to change at any time. Annuities such as MYGA’s are subject to early withdrawal penalties and do have specific contract rules. Withdrawals may be taxable and subject to tax penalties if made before age 59-1/2. Tax-deferral offers no additional value if the annuity is used to fund a qualified plan, such as an IRA or 401k and may not be available if the owner of the annuity is not a natural person such as a corporation or certain types of trusts.

Swenson Wealth Management

Are You Maxing Out Your 401(k)?

For many Americans, a 401(k) is a huge part of their financial strategy. That’s because, for a lot of folks, a 401(k) and Social Security will be their primary sources of retirement income. But many people don’t understand how to max their 401(k).

Let’s look at some of the ways you may be able to do exactly that.

Read More

Cheesy Garlic Brussels Sprout Bake

Not only will this cheesy goodness be a hit at any Football party or Thanksgiving dinner - it will also get your oven going to warm up the house as we get closer to Winter!

Get Cooking!

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