Frank Wyatt, MBA
As we welcome 2025, many of us reflect on the resolutions we’ve set for the new year. While making resolutions is easy, sticking to them can be a challenge. We want to start the year by offering some insights on financial planning and assistance in helping
you keep a resolution around getting your financial house in order.
As you may already know, we’ve expanded our services beyond investment management to now include comprehensive wealth management through our Suncoast Prosperity Advisors group. This shift allows us to offer more holistic support to clients who need
expanded consultative services from us. Our goal is to create personalized plans that are aligned with your financial aspirations, ensuring security both now and for future generations. We believe in transparency and diligence, taking the time to assess every facet of your financial situation before offering any recommendations or advice.
Our consultations cover a variety of areas, including comprehensive net worth reviews, assessments of existing plans or help in creating new plans (such as estate, retirement, philanthropic, risk, and business planning), and pre-and post- business exit strategies.
At Suncoast, we are committed to continuous improvement. We constantly evaluate, refine, and implement new strategies to meet the evolving needs of our clients.
Below are some key updates for the year ahead:
2025 Retirement Contribution Limits:
401(K) and 403(B) Plans:
- Employee Contribution Limit: $23,500 (up from $23,000 in 2024)
- Catch-Up Contributions (Age 50-59 or 64+): $7,500;(age 60-63): $11,250
IRA (Traditional and Roth):
- Contribution Limit: $7,000 the same as it was in 2024.
- Catch-Up Contributions (Age 50+): $1,000
Review Your Tax Filing Status and Withholdings:
- Withholding Adjustments: If you received a large refund or owed substantial taxes last year, now is the time to
adjust your withholding for the current year to avoid over- or underpayment. - Monitor Changes in Tax Law: Tax laws can change annually. Our team is available to discuss any modifications to tax brackets, itemized deductions, or credits that may impact your financial planning.
- Tax Documents Coordination: If you receive any K-1s or 1099s, please let us know so we can work closely with your tax advisor to ensure everything is in order.
We’re here to help you make the most of your retirement savings and tax planning strategies for 2025. Please don’t hesitate to contact our team with any questions or for assistance with your financial planning needs. Let’s ensure your financial resolutions are on the right track for a successful financial year.