DECEMBER 2024

'Tis the season for tax planning, and there are a few special moves that every 'HENRY' - high earner, not yet rich—should consider. Despite their high earnings, HENRYs have the "perfect storm" of factors weighing down their finances.  They also typically have high expenses, particularly as they transition from DINKs—dual income, no kids—to HENRYs paying for larger homes and their kids' education. Our first article outlines strategies to help in this stage of financial planning. Let us know if you would like to discuss how we might assist you with your planning.

An 81-year-old economist spent decades giving Americans retirement advice — but even she made 2 big mistakes. Our second article shares what she would like to do over. Give us a call if you would like to discuss how these ideas may impact you.

This month's "What's Happening Now" section shares stories on the 1 question the late Steve Jobs asked himself every morning, the just named best warm-weather destination in America, and the No. 1 Golf City in the U.S.

We'd like to hear from you. Please feel free to contact us by phone at 614-888-2121, toll-free 877-389-2121 or email jchornyak@janney.com with any questions or comments. 

Tax tips for HENRYs: 5 end of year moves if you are High Earner Not Yet Rich

"As silly as it is, given the lifestyle that they’ve chosen—including, most likely, that both spouses work, so you have childcare costs—it’s remarkably difficult to make ends meet on very high compensation," says Harris, now the CEO of Evergreen, a digital wealth advisor. "It sounds ludicrous to people not in that particular situation, but they have a hard time saving." Here are some ways HENRYs—or really anyone with substantial earnings—can lower their tax bill.

An 81-year-old economist spent decades giving Americans retirement advice — but even she made 2 big mistakes

Alicia Munnell is an expert on retirement. She’s been the director of Boston College’s Center for Retirement Research since she founded it in 1998. Now, as the 81-year-old prepares to retire on Dec. 31 — she turns 82 on Dec. 6 — she shared some of her retirement planning advice — and mistakes — with The Wall Street Journal.

What's Happening Now

Steve Jobs Asked Himself

This 1 Question Every Morning

U.S. City Named the Best

Warm Winter Destination

This Is the No. 1 Golf City

in the United States

Market Update

Stocks posted strong gains for November, which saw the S&P and the Dow have their best months of the year. The gains likely reflected investor optimism that a second Trump administration will favor businesses, with the hope that the President-elect will take a more moderate stance on trade tariffs. All 11 market sectors ended November higher, led by consumer discretionary and financials. Year to date, financials and information technology increased by more than 36.0%.

Eye on the Month Ahead

The Federal Reserve meets in December for the final time this year. Comments from Fed Chair Jerome Powell and other voting members seem to indicate that there is a slim chance that interest rates will be lowered in December. Recent data has shown relative strength in the economy, and the job market appears to be nearing full employment. However, inflationary pressures, while somewhat muted, continued to inch higher in October and November, which will heighten interest in the inflation indicators released in December.

Market update provided by Broadridge Investor Communications Solutions, Inc.