Are You Getting The Most Out Of Your Employee

In this episode of the Planned Solutions Incorporated Podcast, There are a wide variety of employee benefits offered by different employers. In many cases, the value of these benefits may add up to a large percentage of the employee’s overall compensation. Therefore, it is important to review these benefits as well as their tax benefits or consequences to extract as much value as possible to help fund financial planning goals. Also, In the past, distributions from a 529 plan that were owned by someone other than the student’s parent were considered income of the student for federal financial aid purposes. In many cases, this could reduce or eliminate the student’s eligibility for federal financial aid. Fortunately, starting in the 2024-2025 school year this rule will be changed so that distributions from a 529 plan owned by a relative other than a parent will not have an adverse impact. And, High demand for travel abroad has created delays in the processing of new US passport applications. Under normal circumstances, a new application should be processed in 10-13 weeks. However, many are finding that it could take much longer and even expedited applications are taking nearly three months. Therefore, it is important to plan ahead when making travel plans if a new passport will be required. Plus a look at the Planned Solutions Incorporated Office Bulletin Board- The stock market has posted strong gains in the first half of 2023. However, the gains have been lumpy in that some areas of the stock market have done very well, while others have lagged the overall market average. When this happens the areas of the market that outperform often become a larger percentage of an account’s value than was originally designed or desired. Therefore, it is important to rebalance these accounts periodically to bring the allocation percentages back in-line with the target. For example, if a 401k plan investment performance has been uneven this year, with growth stocks increasing at a faster pace than value stocks, it may be a good time to rebalance the holdings by taking profits in growth stocks and allocating the proceeds to value stocks. It is official, we recently sent out the registration forms for our annual charity golf tournament. We are busy ordering the giveaways for the tournament and gathering donations for the silent auction. We hope you will be able to attend (either golf or attend the dinner) or donate to a cancer charity to support our efforts. The Planned Solutions Cancer Memorial Charity Golf Tournament Date: October 13, 2023 Location: Rancho Murieta Country Club – North Course 7000 Alameda Drive Rancho Murieta, CA 95683 Time: 1:00pm shotgun start, 5:30pm dinner All profits go to cancer research and education. You can help by attending the tournament or donating. Not golfing? Bring friends and attend the dinner. Chase Armer's book- Financial Planning Insights is now available at: https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail [email protected] The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Planned Solutions, Inc.