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Navigating Market Trends and Financial Updates in 2024

Navigating Market Trends and Financial Updates in 2024

| February 27, 2024

As we step into the new year, we have updates at Personal Financial Strategies to share, including market insights and changes to contribution limits.

Market Overview: As we step into the new year, equity markets are experiencing fluctuations amid concerns about rate cuts, potential overbought conditions, and geopolitical issues. Despite a robust end to the previous year, international equities, especially European and Chinese stocks, have started the year on a lower note. Meanwhile, the bond market has seen stable fixed income yields, presenting both challenges and opportunities.

Bond Market Insights: Despite positive returns in the past year, investment grade bonds face headwinds in 2022 due to the Federal Reserve's interest rate hikes. While many bonds trade at discounts, they continue to offer attractive coupon income. Although a modest increase in defaults is anticipated, a major credit cycle is not expected. The current fixed income setup remains appealing for investors seeking stability and income.

Contribution Updates for 2024: Stay informed about the latest contribution updates for 2024 across various accounts, including IRAs, Roth IRAs, Workplace Retirement Accts, and SIMPLE Accounts. Understand the increased limits and adjustments, empowering you to make strategic decisions aligned with your financial goals.

  • IRA: Increase of $500, with an additional $1,000 for those aged 50 and above. Total limit: $7,000, Age 50+: $8,000.

  • Roth IRA: Explore the updated limits for Single/Head of Household and Married Couples (Filing Jointly and Separately).

  • Workplace Retirement Accts: Learn about the increased limits and additional boosts for individuals aged 50 and above.

  • SIMPLE Accounts: Understand the enhanced contribution limits to make the most of your retirement savings.

Personal Financial Strategies Updates:

As we step into the new year, Personal Financial Strategies is thrilled to showcase the talent of local artist Amy Alterisio, whose beautiful oil paintings of New England are on display in our North Hampton office. Our team recently enjoyed a delightful evening out in Portsmouth to celebrate the holidays, and we had a full weekend of activities with the Parsons Team. Additionally, we are pleased to introduce Erin Moynihan, a recent graduate from Fairfield University, who joined us as the Marketing and Client Relationship Coordinator after completing a summer marketing internship at Personal Financial Strategies in 2022.