Elizabeth M. Bennett, MBA
Principal and Certified Financial Planner ™
INTERCOASTAL WEALTH PLANNING
Certified Financial Planner™ and Certified Financial Fiduciary Beth Bennett often “talks her clients off the ledge,” with sound advice and personal concern for their fears when the state of the market takes a plunge. Her decades of experience provides clients with a breadth of solutions for their wealth management and a voice of calm to forge a plan together, in both good and bad times in the market.
Q: Why is now a good time to invest?
A: There are times that are better than others, but you shouldn’t wait for those times to invest on a regular basis. If you are truly dollar costs averaging in the market, you’re going to get the highs and you’re going to get the lows. It’s better to consistently invest instead of trying to time the market.
Q: Why is compound interest the greatest secret of smart investing?
A: Compound investing of compound interest is really what growing your wealth is about. For example, if you had $250,000 invested at an average rate of 6 percent a year, at the end of the 20 years, the account value would be worth about $800,000. In contrast, if you postponed investing for 10 years, it would only be worth about $440,000.
Q: Are there tax updates for 2024?
A: Yes, the brackets are changing, so it is always good to review your withholdings with your tax professional to make sure you are withholding enough. Under withholding penalties are also increasing. The gifting amount is increasing to $18,000. The standard deduction is increasing to $14,600 for single and $29,200 for married filing jointly. The federal estate tax exemption is increasing from $12.92 million to $13.61 million.
561-210-7339
Intercoastalwealth.com
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker dealer, member FINRA/SIPC. Advisory, Insurance, and Tax Services offered through Bay Financial Planning and Tax Services, DBA Intercoastal Wealth Planning LLC, a Registered Investment Adviser. Cambridge and Bay Financial Planning and Tax Services, LLC are not affiliated.
This sponsored content is from the February 2024 issue of Boca magazine. For more from this year’s Ask the Experts special section, click here.
