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IRS Gives Big Boost to HSA, HDHP Limits in 2024
Doug Kronk • Feb 02, 2024
Vector Financial Services, LLC, is pleased to inform clients about the recent increases to Health Savings Account (HSA) and High Deductible Health Plan (HDHP) limits in 2024. This update presents new opportunities for tax-advantaged savings and healthcare coverage options. As a fee-only financial planning and investment management firm, we are committed to keeping our clients informed and empowered to make the most of these changes for their financial well-being.
The stock market has had a rough ride this past month. The S&P 500 index closed out April at 5035.69, down over 200 points (-4.2%) since the close of March. Investors have become pessimistic and frustrated, and it’s largely because the deep interest-rate cuts that the market expected early in the year just aren’t materializing. The “good news” coming out of the Fed’s May 1 meeting was that Chairman Powell didn’t see any new rate INCREASES on the horizon. While there will certainly be opportunities to make money in a high interest rate stock market, investors would be well-served to evaluate their holdings and potentially make some changes.
Trusts are a legal entity that is commonly used to hold assets for future distribution or management purposes. For example, it is common for some families to create a trust to fund their children’s college education, contributing funds that the children can later withdraw to pay their college expenses while going to school. It is also common to place the family home and assets into a trust that will own the property, potentially indefinitely, to ensure the home, its furnishings, and additional assets always stay within the family. Trusts and taxes can become very complicated, however. To be certain that you make good decisions, it is advisable that you work with a team that specializes in this area to help clarify relevant issues, such as a financial advisor, CPA, and an attorney.