Budgeting Archives | CD Wealth Management

Trump Accounts Are Coming This Year; Here’s What You Should Know

Starting this year, families will have a new way to save for their children’s financial futures: the 530A account, more commonly referred to as a Trump account. This tax‑advantaged IRA is designed specifically for children; each account is owned by a child and administered by an adult until the child turns 18.

Trump accounts become available July 5.

Initially, the Treasury Department will establish and administer each account. After that, families will have the option to roll the account over to another financial institution. The government will make a one‑time $1,000 contribution for American children born between Jan. 1, 2025, and Dec. 31, 2028. Additional contributions may be made by individuals, employers, and charities. Investments are limited to low‑cost index funds.

While some details about Trump accounts are still forthcoming, we’ve addressed some of the key questions below.

What are Trump accounts?

A Trump account is a tax-advantaged account with IRA-like rules, established for a child under age 18. The child is both the beneficiary and the legal owner of the account, while an adult (typically a parent or guardian) acts on the child’s behalf until age 18. These accounts are intended to help families begin saving and investing early. The Treasury Department will create and administer the initial accounts.

Who is eligible?

Children under the age of 18 with a Social Security number are eligible; only one account per child is allowed. The government will seed each account with a one-time $1,000 contribution for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028, when a tax election is filed on the child’s behalf. Children who aren’t eligible for the $1,000 contribution can still have an account.

Who can contribute and how much?

The new account is designed to be flexible for families. Contributions can come from parents or other individuals, employers, and even charitable organizations. Each source can be treated differently for tax purposes.

The amount that can be contributed is capped at $5,000 per year; this will be indexed for inflation after 2027. The initial $1,000 seed contribution from the government does not count towards this annual limit.

There is no earned-income requirement for the child. Contributions made on an after-tax basis are not taxed again when withdrawn. In some cases, employers may offer a pre-tax payroll deduction, but availability will vary by employer and plan.

Employer-funded contributions: An employer may choose to contribute up to $2,500 per employee per year. If an employee has multiple children, the employer may split the contribution among children.

Employer salary reduction: Employees can elect to direct part of their pay, on a pre-tax basis, into a Trump account. Combined employer and employee contributions cannot exceed $5,000 per child, per year.

Taxes on withdrawals depend on the source of the contribution, making accurate recordkeeping important. In general, all investment earnings are taxable when withdrawn, while the tax treatment of the principal depends on whether contributions were made before or after taxes.

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When can you withdraw funds?

Withdrawals are generally not permitted before age 18, except for rollovers. On Jan. 1 of the year the child turns 18, the account may be transitioned into a traditional IRA, though this is not required.

Early withdrawals are typically taxable and may be subject to a 10% penalty unless used for qualifying expenses, such as education, a first-time home purchase, birth or adoption, or eligible medical expenses.

Once the beneficiary turns 18, there are several options:

1. Keep the account as a Trump account under IRA rules. Trump accounts are not grouped with IRAs when determining how much of a withdrawal is taxable.

2. Roll over the balance into a traditional IRA or another eligible retirement account. A Trump account will not automatically become a traditional IRA; you may need to take action for that to happen.

3. Convert the account to a Roth IRA if it’s appropriate for the child.

How do you open a Trump account?

Opening a Trump account starts with an election process through the IRS, either by filing Form 4547 or using this online tool. Elections are scheduled for mid-2026, with accounts becoming available July 5. Once the election is complete, the Treasury will provide instructions on how to activate the account.

How can the money be invested?

Investment options are straightforward:

• Mutual funds or exchange-traded funds (ETFs): Investments must be in funds that track the S&P 500 or another equity index, with at least 90% invested in U.S. companies.
• No leverage: Borrowed money cannot be used to buy investments inside the account.
• Expense ratio: Eligible funds must have an expense ratio of .10% or less.

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The bottom line

Trump accounts offer a simple, low‑cost way to invest for a child’s long‑term future. If you have a newborn or plan to grow your family in the next three years, coordinating this new account with your overall education and retirement strategy may help maximize its impact.

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy heading. We are anticipating and moving to those areas of strength in the economy and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the proven disciplines of diversification, periodic rebalancing, and forward-looking strategies, while avoiding reliance on stale retrospective data.

It is important to focus on the long-term goal, not on one specific data point or indicator. Long-term fundamentals are what matter. In markets and moments like these, it is essential to stick to the financial plan. Investing is about following a disciplined process over time.

Sources: Fidelity, Vanguard, Trumpaccounts.gov

Year-End Review: How the New Tax Law Could Impact Your Taxes

Earlier this year, President Trump signed the “One Big Beautiful Bill” into law, reinforcing many provisions from the 2017 Tax Cuts and Jobs Act, along with other significant tax changes. As we approach the end of the year, here’s a summary of the law’s permanent and temporary changes — and what they mean for you.

Permanent Changes

The following provisions will become a permanent part of the tax code:

• Seven tax brackets remain, with a top rate of 37% and a bottom rate of 10%.
• The mortgage interest deduction remains at its current limit of $750,000 for joint filers ($375,000 for single filers).
• The State and Local Tax (SALT) deduction will increase to $40,000 and then revert to $10,000 in 2030. The higher SALT cap will phase out for incomes over $500,000.
• The standard deduction increases to $15,750 for single filers and $31,500 for joint filers, indexed for inflation after 2025.
• Lifetime gift and estate tax exclusions increase to $15 million for single filers and $30 million for filers who are married and filing jointly, indexed for inflation going forward.
• Child Tax Credit will increase to $2,200 per child starting in 2025.
• Non-itemizers can claim a deduction for charitable contributions of up to $1,000 ($2,000 for couples) starting in 2026.

Promo for an article titled Your Year-End Financial Checklisty: Moves to Make Before 2025 Ends.

Temporary Provisions (4 Years)

The legislation includes some temporary deductions and credits that are valid for the 2025-2028 tax years only.

• Tip and overtime deductions: Workers can deduct up to $25,000 in qualifying tip income and $12,500 in overtime pay ($25,000 for joint filers). These deductions phase out with income over $150,000 ($300,000 for joint filers).
• Additional deduction for seniors:Those over the age of 65 will get an additional $6,000 deduction that begins to phase out at an income of $75,000 for single filers and $150,000 for joint filers. This is in addition to the $2,000 deduction for single filers and $3,200 for joint filers.
• Vehicle loan interest deduction: Auto buyers can deduct up to $10,000 of loan interest for purchased vehicles whose final assembly took place in the U.S. The deduction would apply for single taxpayers with adjusted gross income of $100,000 or less ($200,000 for people filing jointly).

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Additional Provisions

• New savings account: Parents and relatives can now contribute up to $5,000 a year to a new savings account for minor beneficiaries, called Trump accounts. Initially acting like a non-deductible IRA, contributions can be made until the beneficiary reaches the age of 18. Then, the account would effectively convert to a traditional IRA. Additionally, parents of children born between Jan. 1, 2025, and Dec. 31, 2028, would qualify for $1,000 in federal money to start the account.
• Expanded 529 plan uses: Acceptable uses include miscellaneous expenses such as testing fees, tutoring outside the home, and educational therapies, as well as tax-free withdrawals for recognized postsecondary credential programs.
• Broader HSA eligibility: More health plan types and participant categories are included.
• Social Security taxes: The legislation did not eliminate taxes on Social Security benefits, which remain taxable up to 85% for individuals with income greater than $34,000, or $44,000 for a couple. However, the $6,000 deduction for those 65 and older may help offset taxes on Social Security benefits for some over the next four years.

Key Individual Tax Changes

As you review the new tax legislation, it may be the perfect time to review your financial planning needs as well. This includes revisiting your investment portfolio, assessing tax planning opportunities, reevaluating retirement goals, and managing your wealth transfer and legacy plans.

As we learn more about the Trump Savings accounts and other aspects of the bill, we will continue to communicate and educate.

This summary of the new legislation contains merely a portion of the items that may apply to your family. We are always happy to meet and discuss any of the above to ensure that you remain on track with your financial profile and your goals.

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The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Source: Kestra Investment Management

Your Year-End Financial Checklist: Moves To Make Before 2025 Ends

As we prepare to wrap up another year, it is the perfect time to review year-end planning strategies to ensure your wealth plan reflects changes in your circumstances or goals, the current tax environment, and the economic landscape.

The end of the year is an important time for making financial decisions that can have an impact in the year ahead — and for years to come. We recommend that you review the planning strategies below to consider and discuss.

Income Tax Strategies

Traditional year-end planning focuses on deferring income into a future year and accelerating deductions into the current year.

— If you anticipate being in a lower tax bracket next year:

• Defer income if possible so you can postpone paying the tax and have that income at a lower bracket.
• If you itemize on your tax return, bunch your medical expenses in the current year to meet the percentage of your adjusted gross income to claim those deductions.
• Make your January mortgage payment in December so you can deduct the interest on this year’s return.

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Tax-Related Investment Strategies

— Tax-loss harvesting is the strategy of selling securities at a loss to offset a capital gain liability, either for today or in the future. Securities must be sold by Dec. 31, the last trading day of 2025, to realize a capital gain or loss.

• Harvest losses by selling taxable investments. To avoid the IRS wash-sale rule, you must wait at least 31 days before buying back a holding that’s sold for a loss.
• Harvest gains by selling taxable investments if you have a tax loss carryforward.

— Make sure that you have satisfied your required minimum distributions (RMD).

• If you fail to take your RMD, this may result in a 25% penalty. (This is down from 50%.)
• If you own an inherited IRA, RMD may be required separately for that account as well. If you inherited an IRA after 2019, it must be depleted by the end of the 10th year. If the original owner of the IRA was already taking RMDs at the time of death, you must take an annual distribution in years 1-9, in addition to making sure the IRA is fully depleted in year 10.
• Beneficiaries of a Roth IRA do not have to take RMDs. However, the 10-year rule still applies, and the entire account must be fully distributed by the end of the 10th year.

Retirement Planning Strategies

— Maximize your IRA contributions. You may be able to deduct annual contributions of up to $7,000 to your traditional IRA and $7,000 to your spouse’s IRA ($8,000 if over the age of 50).

— Make a Roth IRA contribution if you qualify under the applicable income limits.

— Consider increasing or maximizing your 401(k) contribution; the maximum for 2025 is $23,500 for those under age 50 and $31,000 for those 50 and older. Contributing more to your 401(k) can reduce your adjusted gross income while boosting your long-term retirement savings.

— New in 2025: If you are between 60 and 63, you can contribute an additional amount to your employer-sponsored retirement plan.

— Consider making contributions to a Roth 401(k) if your plan allows.

— Consider setting up a Roth IRA for each of your children who have earned income during the year.

Retirement Account Types

2025 Contribution Limits

Additional Age 50+ Catch-Up Contributions

Age 60–63 “Super Catch-Up” Contributions

401(k)

$23,500

$7,500

$3,750

SIMPLE IRA

$16,500

$3,500

$1,750

Traditional/
Roth IRA

$7,000

$1,000

N/A

Gifting Strategies

— Consider making gifts up to $19,000 per person, as allowed under the federal annual gift tax exclusion. You can give up to $19,000 this year to as many people as you want without triggering gift taxes. Note: Payments made directly to educational and/or medical institutions on behalf of your intended beneficiary do not count towards your annual exclusion amount — or against your lifetime estate tax exclusion.

— Create a donor advised fund for an immediate income tax deduction and provide immediate and future benefits to charity over time.

— If you already have a donor advised fund or want to donate to a charity, consider gifting appreciated assets that have been held longer than one year to get the fair market value income tax deduction while avoiding income tax on the appreciation.

— If over the age of 70½, consider making a direct transfer from an IRA to a public charity. The distribution is excluded from gross income, and you can give up to $108,000 as a tax-free gift from your IRA, which may fully satisfy RMD requirements.

— Consider combining multiple years of charitable giving into a single year to exceed the standard deduction threshold. This is called “bunching.” The chart below illustrates how bunching can reduce taxes if executed properly.

Bunching in 2025

Scenario: Donor has income of $750K, is in the 35% income federal tax bracket, files jointly as a married couple, and itemizes deductions.

Source: Fidelity Charitable. This is a hypothetical example for illustrative purposes only. This example does not take into account other deductions. Information herein is not legal or tax advice. As with any tax-planning strategy, there may be additional considerations that pertain to your personal situation. Other strategies may provide more flexibility and similar savings. Please consult your tax advisor.

Wrapping up 2025, Planning for 2026

— Discuss major life events with CD Wealth to confirm you have clarity in your current situation.

— Communicate with your CPA to provide capital gains and investment income information for a more accurate year-end projection.

— Check your Health Savings Account (HSA) contributions for 2025. If you qualify, you can contribute up to $4,300 (individual) or $8,850 (family) — and an additional $1,000 catch-up if over the age of 55.

2025 HSA Contribution Limits

Additional Age 55+ Catch-Up Contributions

Individual Coverage

$4,300

$1,000

Family Coverage

$8,850

$1,000

— Double-check your beneficiary designations for retirement plans, IRAs, Roth IRAs, annuities, and life insurance policies.

— If you do not already have identity theft protection, consider purchasing a service to help protect you and your family.

The end of the year is a perfect time to review your financial planning needs. This includes reviewing the investment portfolio, assessing year-end tax planning opportunities, reviewing retirement goals, and managing your legacy plans. The list above includes some of the items that may apply to you and your family.

We are happy to meet to discuss any of the above to ensure you remain on track with your financial goals.

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The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: Fidelity

What to Expect Now That the ‘Big Beautiful Bill’ Has Become Law

On July 4, President Trump signed the “One Big Beautiful Bill” into law, which cements most of the tax cuts embedded in the 2017 Tax Cuts and Jobs Act (TCJA), along with some significant additional tax changes.

However, the primary question remains: What will be the long-term impact of this bill on the deficit? Let’s uncover what is inside this new tax law.

Permanent Changes

The following provisions will become a permanent part of the tax code, initially introduced in the original Tax Cuts and Job Act.

• The seven tax brackets with a top rate of 37% and a bottom rate of 10% will remain the same.
• The mortgage interest deduction will remain at its current limit of $750,000 in mortgage debt for joint filers ($375,000 for single filers).
• The State and Local Tax (SALT) deduction had been capped at $10,000. This will increase to $40,000 and then revert to $10,000 in 2030. The higher SALT cap will phase out for incomes over $500,000.
• The standard deduction will be made permanent and increase to $15,750 for single filers and $31,500 for joint filers. These amounts will be indexed for inflation after 2025.
• The lifetime gift and estate tax exclusions will increase to $15 million for single filers and $30 million for those who are married and filing jointly. The exclusions will be indexed for inflation going forward.
• The Child Tax Credit will be permanent and will increase to $2,200 per child starting in 2025.
• Those who do not itemize deductions can claim a deduction for charitable contributions of up to $1,000 ($2,000 for couples) starting in 2026.

Temporary Provisions (4 Years)

The legislation includes numerous temporary deductions and credits that are valid for tax years 2025 to 2028 only.

• Workers can deduct up to $25,000 in qualifying tip income and $12,500 in overtime pay ($25,000 for joint filers). These deductions phase out with income over $150,000 ($300,000 for joint filers).
• People who are 65 or older will get an additional $6,000 deduction that begins to phase out at an income of $75,000 for single filers and $150,000 for joint filers. This is in addition to the $2,000 deduction for single filers and $3,200 for joint filers.
• The new law allows for a deduction of up to $10,000 of loan interest for purchased vehicles whose final assembly took place in the U.S. The deduction would apply for single taxpayers with adjusted gross income of $100,000 or less ($200,000 for people filing jointly).

What Else Is New?

Other additions include a savings account for children and expanded usage for health savings accounts and 529 plans.

• Parents and relatives can now contribute up to $5,000 a year to a new savings account, called Trump accounts. Initially acting like a non-deductible IRA, contributions can be made until the beneficiary reaches the age of 18. Then, the account would effectively convert to a traditional IRA. Additionally, parents of newborns born between Jan. 1, 2025, and Dec. 31, 2028, would qualify for $1,000 in federal money to start the account.
• The legislation expands the use of 529 funds to include miscellaneous expenses such as testing fees, tutoring outside the home, and educational therapies, as well as tax-free withdrawals for recognized postsecondary credential programs.
• The legislation also broadens HSA eligibility by including more health plan types and participant categories.

The legislation does not eliminate taxes on Social Security benefits, which remain taxable up to 85% for individuals with income greater than $34,000, or $44,000 for a couple. However, the $6,000 deduction for those 65 and older may help offset taxes on Social Security benefits for some over the next four years.

Key Individual Tax Changes

Chart outlining the changes to tax law from the Big Beautiful Bill. — *Source: CNBC*

As you review the new tax legislation, it may be the perfect time to review your financial planning needs as well. This includes revisiting your investment portfolio, assessing tax planning opportunities, reevaluating retirement goals and managing your wealth transfer and legacy plans.

Promo for an article titled Transparency over Illusion — the case for liquid investments.

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: CNBC, Fidelity, Schwab

Your Guide to Paying for College: Save More, Stress Less

Graduation season is here again, and with it comes all the emotions. Getting ready to send your loved one off to college can feel overwhelming, especially when you start thinking about the costs and everything that comes with the transition.

For the 2024–2025 academic year, the average total cost of attending college — including tuition, fees, room and board, books and supplies — was nearly $30,000 at an in-state public college. That cost rose to around $50,000 for an out-of-state public college and approximately $63,000 for a private college.

When looking at tuition alone, the average was $11,610 for an in-state public college, $31,000 for an out-of-state public college and $43,500 for a private college. The average cost of room and board was $13,310 at public colleges and slightly higher at private institutions. Additional expenses such as transportation, a computer, personal spending, and fraternity or sorority fees can further increase the overall cost.

Average Cost for One Year of College (2024-2025)

Costs vary greatly, depending on the type of college

Chart containing dollar values and categories. — *1-Sources: College Board Research, Trends in College Pricing, 2024.*
*2-Estimated future costs for one year, based on 5% annual inflation.*

Not every family can begin saving for college in the first years after their child is born, but creating a savings strategy can help you plan from today until they graduate from college. The first step is figuring out what percentage of your child’s education you want to cover and what you think you can afford to save.

Knowing what you plan to save can also help you determine what you expect your children to cover – either through savings, work, financial aid or student loans — not to mention contributions from grandparents or other family members.

The most common and popular way to save for college is through a 529 plan, a tax-advantaged way to save for educational expenses that is offered in almost every state. Money saved in a 529 plan has the potential to grow-tax free, and it can be withdrawn federal income-tax free if it is used to pay for qualified educational expenses. Depending on the state you live in, you also may receive an income-tax break if you make contributions to a 529 plan.

Another benefit of 529 plans is their flexibility: They have no income restrictions and can be used for college, graduate school, trade school and even kindergarten through 12th grade. You also can change the beneficiary to be another family member at any time.

What expenses are covered?

A question our clients often ask is, “What expenses qualify for tax-free payment?” The following expenses always qualify:

• Tuition and mandatory school fees
• Room and board, up to the school’s cost of attendance for room and board
• Textbooks, supplies and other materials required for enrollment
• Computers, software and internet access for classes

However, the rules around qualified expenses in a 529 plan aren’t always straightforward. Some expenses can be paid for with tax-free dollars on the federal level, while some states impose taxes on withdrawals for K-12 private school tuition, gap year programs, off-campus housing and groceries.

Some expenses are never eligible for tax-free 529 payments, such as furniture for a student’s living space, fraternity and sorority dues, SAT and ACT prep fees, college application fees, parking, transportation and travel fees and health insurance.

What if there is money left over?

More and more, clients are asking what happens if there is money left over in a 529 plan when the kids finish college and/or graduate school. With the flexibility of 529 plans, there is no time limit on when the funds must be withdrawn.

The most common options for leftover 529 money are:

• Save it for future educational needs, whether for that beneficiary or another potential beneficiary, such as future grandchildren.
• Transfer the 529 account to a new beneficiary.
• Make 529 withdrawals for non-education expenses and pay tax on the earnings portion of the withdrawal.
• Use up to $10,000 of the leftover 529 funds to pay down student loans.

You also could roll the leftover 529 funds into a Roth IRA. (This is a new option.) There are several things to consider before doing this:

1. The 529 plan must have been maintained for the designated beneficiary for at least 15 years.
2. The Roth IRA must be established in the name of the designated beneficiary.
3. The amount transferred from a 529 plan to a Roth IRA in the applicable year, together with all other IRA contributions, must not exceed the Roth IRA annual contribution limit.
4. The transfer amount must come from contributions made to the 529 plan at least five years prior to the transfer date, and the aggregate amounts transferred from 529 accounts to all Roth IRAs must not exceed $35,000 per beneficiary.
5. Further guidance from the IRS may change. It is always best to consult with your CPA regarding your specific circumstances.

Graphic with icons showing ways to use leftover money in a 529 plan.

Sending your loved ones to college should be an exciting time. Planning ahead can reduce the uncertainty around the affordability of college. For many, a child’s college education is one of the biggest long-term saving goals — and achieving that objective is a multi-step process. And if you’re fortunate enough after graduation, figuring out what to do with leftover monies is a good problem to have!

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

Promo for an article titled Understanding the Fear Gauge: How Volatility Affects the Market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: Baird, Fidelity, T Rowe Price

Stocks Surged Again in 2024 — Will the Bull Market Continue?

For the second year in a row, the S&P 500 gained more than 20% in 2024, marking the first time that’s occurred since the late 1990s. In each of the last four times there have been back-to-back gains of over 20% since 1950, the market has been higher — potentially a good sign for the year ahead.

Large-growth stocks continued to lead last year, while small-cap stocks and large-value stocks lagged, gaining less than half of large-cap stocks. The Material sector in the S&P 500 was the only sector to finish negative for the year.

Returns After 20% Gains

Chart showing returns after back-to-back years with gains over 20%. — *Sources: Carson Investment Research, FactSet 1/5/2025 (1950-Current)*

The Magnificent Seven stocks — Apple, Amazon, Google, Meta, Microsoft, Nvidia and Tesla — returned more than 66% in 2024, boosting gains in the S&P 500 again. Magnificent Seven stocks saw a wider dispersion of returns compared to 2023. Nvidia led the way, up over 170%, and Microsoft brought up the rear, returning only 12% while being the only member to underperform the S&P 500.

The 10 largest stocks in the S&P 500 increased their weight to nearly 40% of the index. Only 19% of the stocks within the S&P 500 outperformed the index itself. The S&P 500 had a maximum drawdown during the year of 8% from its 2024 high, falling short of a 10% correction in 2024. However, both the NASDAQ and Russell 2000 fell more than 10% during the year.

2024 In Review

Chart showing stock performances by segment in 2024 and 2023. — *Sources: Bloomberg, Goldman Sachs Asset Management. As of Dec. 31, 2024.*

Given the narratives surrounding the election and the upcoming change in administration, the post-election aggressive market gains receded sharply to end the year. The S&P stumbled into the end of the year, with the last all-time close for the year occurring on Dec. 6.

Investors were hoping for a Santa Claus Rally; since 1950, the S&P 500 has averaged a 1.3% gain during the last five trading days of the year and the first two of the new year. Unfortunately, Santa Claus did not come for the market this year; the S&P ended 2024 on a five-day losing streak, down 1.5%. Despite those results, the market had another great year!

The S&P 500’s Worst Year-End Fall Since 1952

Chart showing year-end market showings since 1952. — *Source: Bespoke Investment Group*

Each year, there are defining themes that dominate the markets. In 2020 it was the global pandemic, which caused the supply chain issues of 2021. In 2022, it was all about inflation. Artificial intelligence and the Magnificent Seven led the way the last two years.

Some of these themes can be positive, while others are negative. One thing that is consistent is that one theme always gives way to another — a good reminder to not chase the annual theme and stick with the investment plan. We cannot predict what theme will dominate the markets in 2025.

A survey of 15 Wall Street firms arrived at a predicted median S&P 500 value of 6,600 by the end of 2025, a gain of roughly 9% from recent levels. Estimates range from 6,000 to 7,100 on the S&P. Analysts have underestimated the index each year since 2019, with 2022 being the exception when the market fell more than 18%.

The 2025 aggregate forecast is the most bullish forecast since 2022, as the broad consensus is another positive year for stocks, with the bull market reaching its third anniversary during 2025. At the end of the day, though, these are predictions, and no one knows for sure how this year will play out. What we know is that over time, markets tend to rise — and staying invested is the best strategy.

Average Strategist Price Estimate

Chart showing analysts' predictions for market performance. — Sources: LPL Research, Bloomberg 12/30/24. All indexes are unmanaged and cannot be invested in directly. Past performance is no guarantee of future results. Estimates may not materialize as predicted and are subject to change.

We do see many reasons to be bullish in 2025:

1. The economic foundation remains in good shape headed into the new year.

2. Continued advancement in artificial intelligence leads to innovation among all sectors and industries. Companies continue to spend billions of dollars on infrastructure and AI buildout for the future.

3. Earnings for companies in the S&P 500 are expected to grow by double digits again for 2025, following very strong earnings growth in 2024.

4. Don’t mix politics with investing. Markets have gone up over time, no matter who has been in the White House.

5. Trump 2.0 is expected to reduce regulation and cut taxes. Markets are expecting deregulation that in turn will help foster more merger and acquisition activity.

6. Congress is expected to tackle major tax legislation and extend the Tax Cuts and Job Act that was initially passed in 2017.

7. The Fed is expected to cut rates twice in 2025 due to higher growth of the economy and is expected to keep the bull market intact headed into its third year.

8. The bull market has advanced more than 67% in the two-plus years since it started in October 2022. History suggests that the bull market has a good chance of celebrating its third anniversary.

9. We expect more balanced growth across the U.S. economy, and we expect the U.S. economy’s continued leadership. Earnings and valuations together suggest the strong potential for a continued broadening of the market.

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We expect market volatility to be higher in 2025, as there are more unknowns heading into the year, as well as markets that are more fully valued. Higher volatility may cause some worry. Every year there are scary headlines; ignore them.

Market pullbacks are normal, and while markets have gone up over time, they do not climb in a straight line. Since 1980, the S&P 500’s average peak-to-trough correction per year is 14.2%. In 2024, the S&P 500 did not have a correction as an index but came within 1.5% of entering correction mode.

Even strong years have market pullbacks. It is very rare that the market doesn’t have at least a 5% pullback at some point. When the inevitable pullback and correction do occur, we will continue to stay the course and be here as your guide throughout the year.

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: Schwab, LPL, Bloomberg, Carson, JP Morgan, Capital Group

Revisiting the Year’s Most Valuable Insights for Our Clients

As 2024 draws to a close, we wanted to take this occasion to look back at the articles we’ve produced for our clients so far this year and share the 10 most popular pieces, in case you missed any of them — or if you want to revisit and share them with friends and family.

Every two weeks, we thoughtfully craft these pieces with our clients in mind, broaching subjects we think are relevant and interesting. This is not syndicated content. We want you to find value in these letters — especially in times like these.

1. Understanding How a Living Trust Can Help Your Estate Planning

Senior couple, documents and sign contract for life insurance or home mortgage. Discussion, signature and retired elderly man and woman signing legal paperwork for will or loan application together.

June 20: A living trust is a flexible, popular tool that allows the estate to avoid probate and lets you control asset distribution after your death. Read more

2. Another Milestone for the Dow: What Could Happen Next?

Stock market data with uptrend vector. 3d render.

May 23: The Dow’s rise to 40,000 is a reminder that when it comes to investing, patience is the key. Read more

3. Here’s Why Investors Shouldn’t Panic Over the Market’s New Year’s Hangover

Jan. 12: We talk regularly about not timing the market, and we don’t see these circumstances any differently. Read more

4. Election Advice for Investors: Ignore the Noise, Focus on the Big Picture

Oct. 31: Presidential elections historically have had very little impact on the stock market. Read more

5. What Investors Should Know About This Week’s Market Pullback

financial stock market graph chart of stock market investment trading screen.

Aug. 8: Remember that volatility is normal and that the market does not go up in a straight line. Read more

6. The Market’s Recovery Puts August Pullback in the Rearview Mirror

Businesswoman in suit drawing stock analytics interface on virtual screen. Business and financial success concept.

Aug. 22: More often than any other month, August is when we tend to see out-of-the-blue volatility in the stock market. Read more

7. Here’s How We’re Rebalancing the Portfolio as We Enter the Second Quarter

Smiling mature couple meeting with bank manager for investment. Beautiful mid adult woman with husband listening to businessman during meeting in conference room in modern office. Happy middle aged couple meeting loan advisor to buy a new home.

March 15: We think much of the pain from rising interest rates is behind us — and the key to navigating volatility remains being in a diversified portfolio. Read more

8. Investor Outlook: A Strong May, the First 100 Trading Days and 4 Scams to Watch

June 6: S&P 500 companies are enjoying their best earnings season in almost two years. Read more

9. The Fed’s Next Move: What Could Rate Cuts Mean for Investors?

Federal Reserve Chairman Jerome Powell speaking on stage.

Sept. 5: Investors who stay only in short-term investments may risk an opportunity to lock in higher yields. Read more

10. How To Make the Biggest Impact With Your Charitable Donation

Sept. 19: Giving can offer a financial benefit for you and your family — as well as the intangible rewards that come with helping others. Read more

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Year-End Suggestions to Help You Save More and Reduce Your Taxes

With the election in the rearview mirror, we are entering the home stretch for 2024. The end of the year is an important time for making financial decisions that can have an impact not only in the new year ahead, but for years to come.

As 2025 approaches, now is the perfect time to review planning strategies to ensure that your wealth plan reflects any changes in your circumstances or goals, the current tax environment and the economic landscape.

We recommend that you review the checklist below for ideas to consider and discuss.

Income Tax Strategies

1. If you anticipate your marginal income tax bracket to increase next year, you may consider accelerating income into 2024 and deferring deductions to 2025.

2. If you anticipate being in a lower tax bracket next year:

• Defer income (if possible) to postpone paying the tax and to have that income at a lower bracket.
• If you itemize on your tax return, bunch your medical expenses in the current year to meet the percentage of your adjusted gross income to claim those deductions.
• Make your January mortgage payment in December so you can deduct the interest on this year’s return.

Tax-related Investment Strategies

1. Tax-loss harvesting is the strategy of selling securities at a loss to offset a capital gain liability, either for today or in the future. Securities must be sold by Dec. 31, the last trading day of 2024, to realize a capital gain or loss.

• Harvest losses by selling taxable investments. Note: You must wait at least 31 days before buying back a holding that is sold for a loss to avoid the IRS wash-sale rule.
• Harvest gains by selling taxable investments if you have a tax loss carryforward.

2. Ensure that you have satisfied your required minimum distributions (RMD).

• If you fail to take your RMD, this may result in a 25% penalty (down from 50%).
• If you own an inherited IRA, an RMD may be required separately for that account as well. If you inherited an IRA after 2019, the inherited IRA must be depleted by the end of the 10th year. Beginning next year, certain beneficiaries must take an annual distribution over the 10-year period following inheritance, instead of waiting to distribute the entire amount until the 10th year.

Retirement Planning Strategies

1. Maximize your IRA contributions. You may be able to deduct annual contributions of up to $7,000 to your traditional IRA and $7,000 to your spouse’s IRA ($8,000 if over the age of 50).

2. Consider increasing or maximizing your 401(k) contribution. The maximum contribution in 2024 for those under 50 is $23,000, and for those over 50, the maximum contribution is $30,500. Boosting contributions to your 401(k) can lower your adjusted gross income while increasing your retirement savings.

3. Consider making contributions to a Roth 401(k) if your plan allows.

4. Consider setting up a Roth IRA for each of your children who have earned income during the year.

Gifting Strategies

1. Consider making gifts of up to $18,000 per person as allowed under the federal annual gift tax exclusion. You can give up to $18,000 this year to as many people as you want without triggering gift taxes. Payments made directly to educational and/or medical institutions on behalf of your intended beneficiary do not count towards your annual exclusion amount — or against your lifetime estate tax exclusion.

2. Create a donor advised fund for an immediate income tax deduction and provide immediate and future benefits to charity over time.

3. If you already have a donor advised fund or want to donate to a charity, consider gifting appreciated assets that have been held longer than one year to get the fair market value income tax deduction while avoiding income tax on the appreciation.

4. If you are over the age of 70½, consider making a direct transfer from an IRA to a public charity. The distribution is excluded from gross income, and you can give up to $105,000 as a tax-free gift from your IRA that may fully satisfy RMD requirements.

5. Consider combining multiple years of charitable giving into a single year to exceed the standard deduction threshold. This is called “bunching.” The chart below illustrates how it can reduce taxes if executed properly.

Wrapping Up 2024, Planning for 2025

1. Discuss major life events with your team at CD Wealth to confirm you have clarity in your current situation.

2. Communicate with your CPA to provide capital gains and investment income information for a more accurate year-end projection.

3. Check your Health Savings Account (HSA) contributions for 2025. If you qualify, you can contribute up to $4,300 (individual) or $8,550 (family), plus an additional $1,000 catch-up if you are over 55.

4. Double-check your beneficiary designations for retirement plans, IRAs, Roth IRAs, annuities and life insurance policies.

5. If you do not already have identity theft protection, consider purchasing a service to help protect you and your family.

The end of the year is the perfect time to review your financial planning needs.

This includes reviewing the investment portfolio, assessing year-end tax planning opportunities, reviewing retirement goals, and managing your legacy plans.

The checklist above includes just some of the items that may apply to you and your family. We are happy to meet with you to discuss any of the above and to ensure that you stay on track with your financial goals.

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The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: Capital Group, Fidelity, Schwab

How To Make the Biggest Impact With Your Charitable Donation

Today is North Texas Giving Day, an important occasion in our community — and an annual reminder to think about making charitable donations for both philanthropic and tax purposes! No matter what your interests are, making gifts to causes you care about can be one of the most meaningful uses of your money.

In the end, what really matters is helping an organization that matters to you. The tax benefits from a donation are just icing on the cake.

Charitable giving can offer a financial benefit for you and your family as well as the intangible rewards that come with helping others. Most donations to charitable organizations come in the form of checks or credit card payments. However, there may be more efficient ways to donate, which in turn can help both the charity and your pocketbook.

Understanding the benefits for different types of donations is important.

Cash, Check or Credit Card

These are the most simple and straightforward ways to donate to charity. It is important for you to keep a receipt from the charity or a bank record to substantiate cash gifts.

For contributions made in 2024, the annual income tax deduction limit for cash gifts to public charities is 60% of adjusted gross income (AGI). If you make contributions in excess of those limits, you can carry over the excess for up to five years until it is all used, but not beyond that time.

If you do not have appreciated assets to give or if you want to give cash, you may find that the total of your itemized deductions will be slightly below the standard deduction. In that case, it could be beneficial to combine or bunch several years of tax contributions into one year.

Appreciated Stock

With the stock market gains over the last two years, donating appreciated assets such as stock can have tremendous advantages. Donors can deduct gifts of stocks that have been held more than a year (long enough to qualify as long-term capital gains) at the fair market value, rather than at the purchase price.

The downside is that your deduction can offset only up to 30% of your AGI. If you donate stocks you have held for less than one year, you will receive a deduction for their cost basis, rather than fair market value. However, the deduction can offset up to 50% of AGI.

Often, donors may gift the stock with the biggest winnings, which maximizes savings on capital gains, and then buy back the same stock with cash — which in turn raises the cost basis. If you happen to own a stock or mutual fund for more than one year and do not have the cost basis, this holding can be ideal for donation to charity.

The chart below shows the difference between selling appreciated stock and then donating cash to charity, compared to gifting appreciated stock. Not only would the individual save on taxes, as the charity does not pay capital gains tax, but the charity would also receive additional monies!

This example is hypothetical and for illustrative purposes only. The example does not take into account any state or local taxes or the Medicare net investment income surtax. The tax savings shown is the tax deduction multiplied by the donor’s income tax rate (24% in this example) minus the long-term capital gains taxes paid.

IRA Qualified Charitable Distributions (QCD)

This is an option only for donors over the age of 70 1/2. Qualified Charitable Distributions allow individuals to donate up to $105,000 annually (up from $100,000 last year) directly from an IRA. Donor Advised Funds are excluded from this charitable donation; it must go to a qualified charity.

The QCD reduces the value of the IRA and does not count towards the donor’s taxable income. It also counts toward satisfying the annual required minimum distribution. In 2024, donors can also direct a one-time QCD of up to $53,000 to a charitable remainder trust or charitable gift annuity.

Donor Advised Fund (DAF)

Picture a donor advised fund as your family foundation, without the headache and administrative hassle of setting up a family foundation. A donor advised fund is a charitable account established at a public charity or community foundation that allows donors to recommend grants over time. The donor decides the timing of the donation, the charity that will receive the donation and the amount of the donation made from the DAF. The donor claims the tax deduction upon funding of the donor advised fund.

There is not a requirement that the DAF must distribute 5% of the fund each year, which may allow the DAF to grow, expanding the available dollars to donate to charities. Donor advised funds also can be a charity beneficiary of IRA assets.

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At CD Wealth Management, charitable giving plays a significant part in our company’s culture. We believe in giving back to the community, with our time as well as our pocketbook. We support many causes in the Dallas/Fort Worth Metroplex and encourage our team members to get involved.

During the holiday season every year, we make a donation in each of our team members’ names to their charity of choice as a form of gratitude that also helps a great cause. It is part of who we are as a firm — and who we are as individuals.

Please do not hesitate to reach out to us to discuss options to help you determine the best way to make the most of your charitable donations. Remember to visit the North Texas Giving Day website and look for your favorite charity. (Please note: all funding options above may not be available.)

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: Fidelity, Schwab, Investopedia

Investor Outlook: A Strong May, the First 100 Trading Days and 4 Scams to Watch

We are more than 100 trading days into the year, and the S&P 500 is up over 10% for the year. Since 1950, whenever the S&P 500 has gained at least 10% in the first 100 trading days, stocks have closed out the full year with an average return of about 25%.

At this time last year, the S&P 500 was up over 8% and closed out the year with a gain of almost 25%. So far, 2024 has seen more than 25 record highs. During years in which the S&P 500 reaches a new high, it usually makes around 30 new highs on average. During years when there have been this many new highs this early in the year, the full year has typically made more than 50 new highs.

100 Days In: Strong Returns Tend to Signal More Strength Ahead

S&P 500 returns after a 10% rally 100 trading days into the year

Chart showing full year returns when May has been 10% up or more since 1950. — *Sources: Bloomberg Finance L.P., J.P. Morgan. Data as of May 23, 2024. Past performance is not indicative of future results. It is not possible to invest directly in an index.*

The month of May finished strong, with the S&P 500 up almost 5%, erasing the April market swoon. S&P 500 companies are enjoying their best earnings season in almost two years, growing profits 6% over the prior year. Every sector but healthcare had positive earnings growth.

Even more important is that profit margins (how much profit a company makes from each dollar of sales) are around 12% for the quarter. Strong earnings growth is good for stocks and helps support the rising prices we have seen to start the year.

The chart below shows how the market has fared following a strong May going back to 1950. This is the 11th time since 1950 that May was up over 4%, and in those occurrences, the average return for the rest of the year has been over 10%.

A Big May Could Have Bulls Smiling

S&P 500 after >4% gain in May

Chart showing S&P 500 returns after strong showings in May. — *Sources: Carson Investment Research, FactSet 6/3/2024.*

The current bull market cycle is 20 months old and has produced a 53% gain. By historical standards, the median bull market cycle has been 30 months and produced 90% gains over the past 100 years.

It is understandable to worry about the strength of the market following the run that we have had over the last 19 months. Remember, this market rally has happened with higher rates and sticky inflation. If the Fed were to reduce rates, that would be considered another positive for the market in the second half of the year.

Cyclical Bull Markets

Chart showing the cyclical nature of recent bull markets. — *Sources: FMRCo, Bloomberg, Haver Analytics, FactSet. Data as of 6/2/2024. Past performance is no guarantee of future results.*

The strong market in the last few years has led to a growth in net worth for those who were invested in the stock market. The Magnificent Seven stocks have continued to lead the market higher, driven by advancements in artificial intelligence. Many positives will come from AI’s growth, but at the same time, financial scams using AI tools and sophisticated technology are making things harder on consumers.

Financial crimes are on their way up and may be at a crisis level. Scams may come in the form of a text or email you receive that is purported to be from Apple, Amazon or PayPal — or even from someone you know who has a can’t-miss investment idea.

Here are four financial scams to be aware of in 2024:

1. Grandparent scam: This scam targets people by suggesting that a family member is in immediate jeopardy. Such scams are becoming more sophisticated with advanced technology, as thieves can capture a voice recording and generate an imitation version of your voice. Remember: Do not answer unknown calls, allowing someone to capture a recording of your voice.

2. Romance scam: An increasingly common way people take money from others involves creating a false online relationship and conning the other person into giving them money. A new version of this scam includes conning the fake romantic interest into investing in cryptocurrency or sending with gift cards.

3. Cryptocurrency scam: This is now the most common type of scam with total losses of more than $4 billion.

4. Employment scams: In this scam, a fake employer sends you an email or text to gather information and obtain your personal identity. Do not click on the link from an unexpected text about a job opportunity.

Remember, you can’t be too careful today when it comes to protecting your identity and your data. Artificial intelligence will continue to evolve and make the battle more challenging.

If you do get caught in a scam, don’t be ashamed. Act on it by reporting it to your family, you financial advisor, your banks and the AARP. The faster you address the issue, the faster you can get it resolved.

We are a safe spot for you and your family if you feel like you have been scammed. Call your team at CD Wealth right away, and we will help guide you.

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy is heading. We are not guessing or market timing. We are anticipating and moving to those areas of strength in the economy — and in the stock market.

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the tried-and-true disciplines of diversification, periodic rebalancing and looking forward, while not making investment decisions based on where we have been.

Sources: Carson, CNBC, Fidelity, JP Morgan

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This material contains an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources.

Using diversification as part of your investment strategy neither assures nor guarantees better performance and cannot protect against loss of principal due to changing market conditions.

Past performance is not a guarantee of future results.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS) an affiliate of Kestra IS. CD Wealth Management and Bluespring Wealth Partners LLC* are affiliates of Kestra IS and Kestra AS. Investor Disclosures: https://bit.ly/KF-Disclosures

*Bluespring Wealth Partners, LLC acquires and supports high quality investment adviser and wealth management companies throughout the United States.

Fidelity Investments and Fidelity Institutional® (together “Fidelity”) is an independent company, unaffiliated with Kestra Financial or CD Wealth Management. Fidelity is a service provider to both. There is no form of legal partnership, agency affiliation, or similar relationship between your financial advisor and Fidelity, nor is such a relationship created or implied by the information herein. Fidelity has not been involved with the preparation of the content supplied by CD Wealth Management and does not guarantee, or assume any responsibility for, its content. Fidelity Investments is a registered service mark of FMR LLC. Fidelity Institutional provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC.