"Old World Values Mixed With New World Ideas"

On December 23, 2022, the secure act was signed into law, below are some important updates that we wanted you to be aware of: 

2023:

• The age to start taking RMDs is 73 (in 2033, the RMD age will be 75).
• If charitably inclined, individuals 70.5 and older may elect a one-time gift up to $50,000 as part of their Qualified Charitable Distribution limit, which can count toward the annual RMD, if applicable (QCDs cannot be made to all charities).

2024:

• A 529 plan that has existed for 15 years or more can roll over $35,000 (lifetime limit) to a Roth IRA. However, the owner of the Roth IRA must be the beneficiary of the 529 plan.
• Employers can match employee student loan payments with matching payments to a retirement account.

2025:

• Individuals 60 to 63 years old will have an annual catch-up of $10,000 in a workplace plan.
• New 401k & 403b plans will automatically be enrolled with at least a 3% contribution rate.

Feel free to call us with any questions about these changes.

Lombardi's Planning Corner

Understanding Roth Conversions

In 2010, the Roth IRA conversion law changed. Before 2010, there was an income limit on Roth conversions. If your income exceeded $100,000, you could not convert to a Roth IRA. The law was repealed permanently in 2010, enabling higher-earning individuals to convert to a Roth IRA. 

With recent law changes (Secure Act 2019 & SECURE 2.0), the use of the Roth IRA conversion may become increasingly more beneficial in many aspects.

You can click the link below to read the full article.  

Mike Durso, CEO/CIO, recently wrote two Forbes articles:

• When Should You Hire An Advisor?
• Getting Divorced? 13 Financial Considerations...

Louis Diamond interviewed Mike Durso on the Diamond Consultants Podcast. They discussed his career journey to the family business and how he leveraged those experiences to create ShoreHaven Wealth Partners.

• Next Gen to CEO Podcast

Dynasty Financial Partners' CEO, Shirl Penny, interviewed Mike Durso to discuss the challenges and rewards of running a multi-generational family business:

• Around the Track with Shirl Penney

The winners from our March Madness Bracket Contest for Charity were...

1. Michelle: Memorial Sloan Kettering (In honor & memory of Diane MacKenzie)
2. Tom: Wounded Warriors
3. Lou: St. Jude

The Importance of Mindset: Wellness Webinar with Dr. Christa Kuberry

• Learn effective mindfulness, empowerment, and resilience practices to enhance your everyday life.
• Link: ShoreHaven Mindfulness Webinar Replay

Our Founding Partner and Chairman, Larry Durso, has been recognized among Forbes Best-In-State Wealth Advisors for 2023!*

Plan Ahead

Upcoming Client Events for 2023:

• BlueClaws Baseball Game (6/22/23)

Planning a Trip? Check out this article:

• Ten things to consider when you travel...

Need liquidity and higher yield? Find out more here:**

• Yield. Safety. Liquidity.

Studies have shown that professionally managed retirement accounts outperform unmanaged retirement accounts by 3.32% (net of fees):***

• Is Your Portfolio On Track?

We have created our Second Opinion Service for new relationships that may have questions or concerns about their current financial situation.

You can click the below link to reach out to us.

Please contact us if you have had any changes in your investment objectives or financial circumstances or wish to add or modify any reasonable investment restrictions on your account. Any changes could impact how we manage your portfolio and will become part of your client record. Please get in touch with us any time during the year if your investment goals or financial circumstances change. As always, we are more than happy to discuss this in further detail.

This newsletter is for informational purposes and is not soliciting to purchase or sell securities, advisory products, or services. The opinions stated are those of the authors and are subject to change. 

ShoreHaven Wealth Partners is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. ShoreHaven Wealth Partners only transacts business in states where it is appropriately registered, excluded, or exempted from registration. A copy of our current written disclosure brochure filed with the SEC, which discusses, among other things, ShoreHaven's business practices, services, and fees, is available through the SEC's website at: www.adviserinfo.sec.gov.

*The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria gained through telephone, virtual, and in-person due diligence interviews and quantitative data. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience, and those that encompass best practices in their approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and a need for audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings. This acknowledgment has no compensation. https://www.forbes.com/sites/rjshook/2022/04/07/methodology-forbes-best-in-state-wealth-advisors-2022/?sh=64db76147fee

**Products and services provided by an unaffiliated third-party service provider. Interest rates are subject to change with the prevailing federal funds rate. Please contact us for further details. Source: fdic.gov

***This message is presented for informational purposes only and it is not a solicitation to purchase or sell any securities or advisory services.