Naming beneficiaries helps assets bypass probate, speeds payouts, reduces family conflict, and can override your will. Review designations regularly and list primary and contingent beneficiaries to protect your legacy.
Learn how you can take charge of your family finances, manage your budget, and build resilience for uncertain economic times.
Considering alternative assets? Learn the key questions to ask, risks to understand, and how alternatives fit into a long-term investment strategy.
The start of a new year is the perfect time to take control of your finances and set yourself up for success in 2026. Small, proactive steps now can make a big difference over the year.
Before hiring a life insurance lawyer, know what questions to ask, what to expect, and how to choose the right legal support for your claim or dispute.
Discover the top 5 financial challenges business owners face and learn practical ways to manage cash flow, budgeting, funding, pricing, and planning.
As 2025 winds down, it’s a great time to review your financial strategy. Many tax-advantaged opportunities expire on December 31, so acting now can put you in a stronger position for 2025. Always consult your CPA or financial advisor before making any changes. 1. Max Out IRA Contributions (Including Backdoor Roths) For 2025, the IRA contribution limit is $7,000 (under 50) or $8,000 (50+). Roth contributions phase out for singles with MAGI $150,000–$165,000 and joint filers $236,000–$246,000. If your income exceeds these limits, a backdoor Roth contribution may be an option. Pre-tax IRA balances can trigger partial taxation under the pro-rata rule. 2. Roth Conversions Move money from a Traditional IRA or pre-tax retirement account into a Roth IRA. Taxes are paid now, but future growth and withdrawals are tax-free. Year-end is ideal if your income is lower, you experienced job changes, or you want to reduce taxes for heirs. Converting an employer plan account or Traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including but not limited to, a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IR A. 3. Required Minimum Distributions (RMDs) If you are 73 or older, you must take RMDs from most retirement accounts, including Traditional IRAs and 401(k)s. Failing to take an RMD in 2025 results in a 25% excise tax. RMDs are calculated using your prior year-end balance, age, and IRS Life Expectancy Factor. Inherited IRAs also require RMDs, which can be complex—consult an advisor. 4. Tax-Loss Harvesting Selling investments at a loss in taxable accounts can offset gains and reduce taxable income, with up to $3,000 deductible against ordinary income. Current clients: We routinely implement tax-loss harvesting at year-end. Tax-loss harvesting is a strategy of selling securities at a loss to offset a capital gains tax liability. It is typically used to limit the recognition of short-term capital gains, which are normally taxed at higher federal income tax rates than long-term capital gains, though it is also used for long-term capital gains. 5. Charitable Giving, QCDs & DAFs Donations made by December 31 may be deductible if you itemize. If you’re 70½+, a Qualified Charitable Distribution (QCD) can satisfy all or part of an RMD and reduce taxable income. A Donor-Advised Fund (DAF) allows contributions this year with an immediate tax deduction, while you recommend grants over time. Funds grow in the account, offering flexibility for strategic giving. With thoughtful planning, year-end is a chance to reduce taxes, meet retirement obligations, and start 2026 financially prepared. We are available to answer any questions. Happy holidays from all of us at Boyce & Associates Wealth Consulting!
Explore five common investment styles and learn how to choose the one that best aligns with your goals, risk tolerance, and level of involvement.
In today’s unpredictable markets, many investors want to protect what they’ve worked hard for—without missing out on growth. That’s where an annuity can help. When thoughtfully included as part of your overall financial plan, annuities can bring stability, guaranteed income, and long-term peace of mind. What Is an Annuity? An annuity is a contract with an insurance company designed to help you grow and protect your money. You can use it to build savings over time or to create a steady income stream in retirement. It’s not a one-size-fits-all product—there are different types designed for different goals. Here is an overview of them: Fixed & Indexed Annuities: Focused on Safety These options protect your principal and provide predictable growth. Fixed annuities pay a guaranteed interest rate for a set period. Fixed Indexed annuities link potential growth to a market index (like the S&P 500) but still protect your original investment from market losses. They’re ideal for investors who value stability and protection over chasing market highs. Fixed Annuities are long term insurance contracts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Indexed annuities are insurance contracts that, depending on the contract, may offer a guaranteed annual interest rate and some participation growth, if any, of a stock market index. Such contracts have substantial variation in terms, costs of guarantees and features and may cap participation or returns in significant ways. Investors are cautioned to carefully review an indexed annuity for its features, costs, risks, and how the variables are calculated. Any guarantees offered are backed by the financial strength of the insurance company. Surrender charges apply if not held to the end of the term. Withdrawals are taxed as ordinary income and, if taken prior to 59 ½, a 10% federal tax penalty. Variable Annuities: Growth with Optional Protection Variable annuities keep your money invested in the market through subaccounts, offering greater growth potential—but also more risk. You can customize them with optional riders (add-on benefits) for: Lifetime income (a steady paycheck for life) Enhanced death benefits for your loved ones Long-term care or income protection options These can be powerful tools for people who want market participation with a safety net . Please consider the investment objectives, risks, charges, and expenses carefully before investing in Variable Annuities. The prospectus, which contains this and other information about the variable annuity contract and the underlying investment options, can be obtained from the insurance company or your financial professional. Be sure to read the prospectus carefully before deciding whether to invest. The investment return and principal value of the variable annuity investment options are not guaranteed. Variable annuity sub-accounts fluctuate with changes in market conditions. The principal may be worth more or less than the original amount invested when the annuity is surrendered. Why Do People Choose Annuities? Income you can’t outlive (this is for FA’s and FIA’s not Variable) Tax-deferred growth on your earnings Protection from market downturns (depending on type) Customization for your goals and time horizon However, annuities come with fees and rules around withdrawals—so it’s important to understand the details before you invest. Our Approach at Boyce & Associates We believe every annuity should have a clear purpose in your financial plan —never as a “catch-all” product. That’s why we partner with dozens of top-rated carriers , not just one, to find the best solution for your specific needs. If you already own an annuity, it’s worth reviewing. Newer products often include better benefits and lower costs , and a professional review ensures your annuity still aligns with your goals. Only a portion of your retirement savings should be used to purchase an annuity. You want most of your money growing inside your brokerage accounts. This is why we always demonstrate how this looks in your financial plan. The Bottom Line Annuities can offer balance, predictability, and lifetime income , but they’re most effective when used intentionally. Knowing what you own and why you own it can make all the difference. You want to design these so you can access your income at the right time. If you’d like to explore how an annuity might strengthen your retirement plan—or review one you already have— our team is here to help you make confident, informed decisions.
Naming beneficiaries helps assets bypass probate, speeds payouts, reduces family conflict, and can override your will. Review designations regularly and list primary and contingent beneficiaries to protect your legacy.
Learn how you can take charge of your family finances, manage your budget, and build resilience for uncertain economic times.
Considering alternative assets? Learn the key questions to ask, risks to understand, and how alternatives fit into a long-term investment strategy.
The start of a new year is the perfect time to take control of your finances and set yourself up for success in 2026. Small, proactive steps now can make a big difference over the year.
Before hiring a life insurance lawyer, know what questions to ask, what to expect, and how to choose the right legal support for your claim or dispute.
Discover the top 5 financial challenges business owners face and learn practical ways to manage cash flow, budgeting, funding, pricing, and planning.
As 2025 winds down, it’s a great time to review your financial strategy. Many tax-advantaged opportunities expire on December 31, so acting now can put you in a stronger position for 2025. Always consult your CPA or financial advisor before making any changes. 1. Max Out IRA Contributions (Including Backdoor Roths) For 2025, the IRA contribution limit is $7,000 (under 50) or $8,000 (50+). Roth contributions phase out for singles with MAGI $150,000–$165,000 and joint filers $236,000–$246,000. If your income exceeds these limits, a backdoor Roth contribution may be an option. Pre-tax IRA balances can trigger partial taxation under the pro-rata rule. 2. Roth Conversions Move money from a Traditional IRA or pre-tax retirement account into a Roth IRA. Taxes are paid now, but future growth and withdrawals are tax-free. Year-end is ideal if your income is lower, you experienced job changes, or you want to reduce taxes for heirs. Converting an employer plan account or Traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including but not limited to, a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IR A. 3. Required Minimum Distributions (RMDs) If you are 73 or older, you must take RMDs from most retirement accounts, including Traditional IRAs and 401(k)s. Failing to take an RMD in 2025 results in a 25% excise tax. RMDs are calculated using your prior year-end balance, age, and IRS Life Expectancy Factor. Inherited IRAs also require RMDs, which can be complex—consult an advisor. 4. Tax-Loss Harvesting Selling investments at a loss in taxable accounts can offset gains and reduce taxable income, with up to $3,000 deductible against ordinary income. Current clients: We routinely implement tax-loss harvesting at year-end. Tax-loss harvesting is a strategy of selling securities at a loss to offset a capital gains tax liability. It is typically used to limit the recognition of short-term capital gains, which are normally taxed at higher federal income tax rates than long-term capital gains, though it is also used for long-term capital gains. 5. Charitable Giving, QCDs & DAFs Donations made by December 31 may be deductible if you itemize. If you’re 70½+, a Qualified Charitable Distribution (QCD) can satisfy all or part of an RMD and reduce taxable income. A Donor-Advised Fund (DAF) allows contributions this year with an immediate tax deduction, while you recommend grants over time. Funds grow in the account, offering flexibility for strategic giving. With thoughtful planning, year-end is a chance to reduce taxes, meet retirement obligations, and start 2026 financially prepared. We are available to answer any questions. Happy holidays from all of us at Boyce & Associates Wealth Consulting!
Explore five common investment styles and learn how to choose the one that best aligns with your goals, risk tolerance, and level of involvement.
In today’s unpredictable markets, many investors want to protect what they’ve worked hard for—without missing out on growth. That’s where an annuity can help. When thoughtfully included as part of your overall financial plan, annuities can bring stability, guaranteed income, and long-term peace of mind. What Is an Annuity? An annuity is a contract with an insurance company designed to help you grow and protect your money. You can use it to build savings over time or to create a steady income stream in retirement. It’s not a one-size-fits-all product—there are different types designed for different goals. Here is an overview of them: Fixed & Indexed Annuities: Focused on Safety These options protect your principal and provide predictable growth. Fixed annuities pay a guaranteed interest rate for a set period. Fixed Indexed annuities link potential growth to a market index (like the S&P 500) but still protect your original investment from market losses. They’re ideal for investors who value stability and protection over chasing market highs. Fixed Annuities are long term insurance contracts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Indexed annuities are insurance contracts that, depending on the contract, may offer a guaranteed annual interest rate and some participation growth, if any, of a stock market index. Such contracts have substantial variation in terms, costs of guarantees and features and may cap participation or returns in significant ways. Investors are cautioned to carefully review an indexed annuity for its features, costs, risks, and how the variables are calculated. Any guarantees offered are backed by the financial strength of the insurance company. Surrender charges apply if not held to the end of the term. Withdrawals are taxed as ordinary income and, if taken prior to 59 ½, a 10% federal tax penalty. Variable Annuities: Growth with Optional Protection Variable annuities keep your money invested in the market through subaccounts, offering greater growth potential—but also more risk. You can customize them with optional riders (add-on benefits) for: Lifetime income (a steady paycheck for life) Enhanced death benefits for your loved ones Long-term care or income protection options These can be powerful tools for people who want market participation with a safety net . Please consider the investment objectives, risks, charges, and expenses carefully before investing in Variable Annuities. The prospectus, which contains this and other information about the variable annuity contract and the underlying investment options, can be obtained from the insurance company or your financial professional. Be sure to read the prospectus carefully before deciding whether to invest. The investment return and principal value of the variable annuity investment options are not guaranteed. Variable annuity sub-accounts fluctuate with changes in market conditions. The principal may be worth more or less than the original amount invested when the annuity is surrendered. Why Do People Choose Annuities? Income you can’t outlive (this is for FA’s and FIA’s not Variable) Tax-deferred growth on your earnings Protection from market downturns (depending on type) Customization for your goals and time horizon However, annuities come with fees and rules around withdrawals—so it’s important to understand the details before you invest. Our Approach at Boyce & Associates We believe every annuity should have a clear purpose in your financial plan —never as a “catch-all” product. That’s why we partner with dozens of top-rated carriers , not just one, to find the best solution for your specific needs. If you already own an annuity, it’s worth reviewing. Newer products often include better benefits and lower costs , and a professional review ensures your annuity still aligns with your goals. Only a portion of your retirement savings should be used to purchase an annuity. You want most of your money growing inside your brokerage accounts. This is why we always demonstrate how this looks in your financial plan. The Bottom Line Annuities can offer balance, predictability, and lifetime income , but they’re most effective when used intentionally. Knowing what you own and why you own it can make all the difference. You want to design these so you can access your income at the right time. If you’d like to explore how an annuity might strengthen your retirement plan—or review one you already have— our team is here to help you make confident, informed decisions.
Life will always throw curveballs- it’s not a matter of if, but when. The question is, will you be prepared when financial storms come your way? Having a solid, secure financial plan is less about predicting the future and more about being ready for uncertainty and building a foundation that gives you confidence. Building a Confident Financial Plan A strong plan puts you in a position of strength. Preparation doesn’t stop the storm, but it helps you act with clarity instead of panic. Without one, people often find themselves dipping into savings, relying on credit, or feeling overwhelmed by stress. These are warning signs that your financial health may need attention and that you may be reacting instead of leading your financial life. Similarly, preparation today ensures that no matter what happens- rising inflation, interest rate hikes, or even geopolitical shocks- you are not caught off guard. When you’ve already thought through possible scenarios, you can respond wisely instead of scrambling for quick fixes. Steps to Get Started 1. Get Clarity on What You Want. Start by asking: Does my money reflect my priorities? Review your spending over the last three months without judgment. This exercise will reveal whether your dollars are working toward your goals or drifting elsewhere. 2. Define Your Goals. What do you truly want your life to look like? A confident plan aligns your finances with your dreams—whether that’s building wealth, securing retirement, funding education, or creating meaningful experiences with family. Hope is not a strategy; clear goals are. 3. Make Your Money Work for You. Once you know what matters most, position your money intentionally. That could mean saving systematically, investing for long-term growth, or using insurance to preserve what you’ve built and provide stability no matter what comes your way. Take Action Now Most people don’t fail because they made bad decisions—they fail because they made no decisions. Inaction comes at a cost, while small, purposeful steps build confidence and momentum over time. Your financial future doesn’t have to feel uncertain. By crafting a plan now, you create security, resilience, and the ability to face life’s storms with strength, knowing you’ve taken intentional steps to protect your future.