Our Insights

Read the Sonmore Financial blog to get our team’s take on the most pressing financial tips, trends, and questions.

The SECURE Act 2.0

The SECURE Act 2.0 has brought a myriad of changes to many aspects of retirement savings. The act increases several contribution limits, allows for previously allowed transactions such as rolling over 529 funds into a Roth IRA, alters the rules of Required Minimum Distributions, and much more. Like any change in tax law, it also presents new planning opportunities. The changes covered are by no means comprehensive, but rather the ones we view to be most significant for individuals and families who are particularly intentional with their retirement savings. The changes are broken down into categories most relevant to pre-retirees vs. retirees and those that affect everyone to a relatively equal extent.

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2022 Year In Review

The year of 2022 saw the beginning of highest inflation our country has seen in 40 years. To combat this inflation, you saw the Fed raise rates 7 times, increasing rates 4.25% over the past 12 months. As always, financial media had you on the edge of your seat, begging you to abandon your long-term, goal-focused strategy at the latest news.

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The Gift of Financial Literacy

During this Holiday Season, consider giving the gift that truly never stops giving, financial literacy. Whether you’re 8 or 80 years old, there is always something new you can learn about finance that can help you advance. You are already doing your part in achieving your own financial literacy if you are reading this and subscribed to our blog and newsletter, receiving financial content straight to your screen twice a month. In what follows, we’ll highlight a few gift ideas around financial literacy that you can gift the people you love, who may be at various stages of their lives

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Considerations for Reasonably Priced Health Insurance Before 65

One of the biggest concerns early retirees have is paying for health insurance. The Affordable Care Act gave rise to The Premium Tax Credit (PTC), which can be a helpful tool to address this gap between retirement and Medicare at age 65. If you do the proper planning, you may be able to qualify for discounted health insurance before age 65. In this post, we discuss what the Premium Tax Credit is and how you can strategize your retirement income to qualify.

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Financial Strategies for End of Year Review

As the close of 2022 draws near, now is a great time to review financial strategies that may be beneficial to your wealth plan. Today we present a guest article looking more closely at end of year planning by Nathan Wilding, Tax Accountant at Fox Peterson Entrepreneurial Accountants in Mesa, Arizona.

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A Tax Savings Guide to Net Unrealized Appreciation (NUA)

Most investors know that using a company-sponsored retirement plan can be a great tool for tax efficiency. On pretax contributions to these plans, one drawback is that all of the distributions are taxed as ordinary income. However, in some circumstances, there are even further tax efficiencies when using company stock in a company-sponsored retirement plan or employee stock ownership plan (ESOP).

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