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New Retirement Contribution Limits for 2023

The Internal Revenue Service has released new limits for the coming year for retirement accounts. Due to high inflation we are seeing some of the highest increases ever to allow you to contribute to your 401(k), IRA, Roth IRA and other retirement accounts. 

Individual Retirement Accounts (IRAs)

IRA contribution limits are up $500 in 2023 to $6,500. Catch-up contributions for those over age 50 remain at $1,000, bringing the total limit to $7,500.

Roth IRAs

The ...Read More

3rd Quarter 2022 Mills Wealth Update

 “The key to making money in stocks is not to get scared out of them.” 

     -Peter Lynch

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I hope the end of the 3rd quarter finds you and your family well.  I don’t know if it is my age or the heat radiating off my beautiful wife, but I thought this summer was never going to end.  I’m excited about the ...Read More

thumbnail of Quarterly Market Review Q3 2022
How Markets Performed Across the World in the Third Quarter 2022

The Third Quarter Was not Friendly to Investors

For the second quarter in a row, all markets were down. You’ll notice that ALL Equity, Real Estate Markets, AND Bonds were down, again. This is the second quarter in a row that the Quarter, YTD, and 1-year returns for ALL markets are negative. There has been no place to find safety

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3rd Quarter Market Stories

This is a new resource that we enjoyed. This presentation does a good job showing information that has happened in the last quarter an beyond. We especially like pages 7-14. 

 

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The Benefits of Tax Planning

 

Have you ever gotten a surprise call from your tax preparer telling you that a large tax payment is due, and you only have a few days to make the payment? Well, through tax planning, you might be able to mitigate the frequency of these last-minute tax payments.

Majority of the time, the CPA who prepares your taxes is focused solely on the past and making sure all information is reported correctly for the tax year in which they are preparing the tax return for. ...Read More

5 Reasons You Should Hire an Advisor with their Accredited Investment Fiduciary® (AIF®) Designation.

The AIF® Designation signifies specialized knowledge of fiduciary responsibility and the ability to implement policies and procedures that meet a defined standard of care. The designation is the culmination of a rigorous training program, which includes a comprehensive, closed-book final examination under the supervision of a proctor, and agreement to abide by the Center’s Code of Ethics and Conduct Standards.  On an ongoing basis, completion of continuing education and adherence ...Read More

How Do I Find a Lost 401(k) or Retirement Plan?

Do you have a long-lost 401(k) or retirement account left with a former employer? Maybe it's been so long that you can't even remember? With over 24 million "forgotten" 401(k) accounts holding roughly $1.35 trillion in assets, even the most organized professional may be surprised to learn of their unclaimed "found" money.1 

What are "Forgotten" Retirement Accounts? 

Considering that baby boomers alone have worked an average of 12 jobs in their lifetime, it can be all too easy ...Read More

In the News - Stephen Nelson Awarded the Accredited Investment Fiduciary® (AIF®).

STEPHEN NELSON AWARDED THE ACCREDITED INVESTMENT FIDUCIARY® DESIGNATION FROM Fi360

SOUTHLAKE, TX 9/28/2022 – Stephen Nelson of Mills Wealth Advisors has been awarded the Accredited Investment Fiduciary® (AIF®) Designation from the Center for Fiduciary Studies®, the standards-setting body for Fi360, a Broadridge company. The AIF® Designation signifies specialized knowledge of fiduciary responsibility and the ability to implement policies and procedures that meet a defined ...Read More

Risk Management: Dollar-Cost Averaging

Smart investors know that trying to time the market is often a losing game. Instead, you plan ahead and invest in such a way as to minimize risk and maximize your returns. Whether you’re a seasoned investor or just getting started, dollar-cost averaging could be beneficial.

What is dollar-cost averaging?

In dollar-cost averaging, you invest a set amount of money into your investment portfolio over regular intervals. Rather than investing a large sum of money at once, dollar-cost ...Read More

Social Security and Retirement Earnings

The fact that you've decided to retire doesn't necessarily mean you want to stop working. Retirement is a great time to explore alternative career options, try your hand at a new career, or work part-time to add a little extra cash to your bottom line every month.

However, continuing to work while collecting social security can affect your monthly benefits if you claim these before your full retirement age. Your full retirement age depends on the year you were born, so make sure ...Read More

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