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Note: Next Monday, January 20th, the U.S. financial markets and our Moneco offices will be closed to honor the Martin Luther King Jr. holiday. Our offices will reopen on Tuesday, January 21st.

Debt Free?

At Moneco, we believe that financial well-being extends beyond your personal finances—it includes helping your loved ones build strong financial habits, too. Whether it’s guiding your adult children (or other relatives) out of debt or equipping younger generations with the tools to develop smart money skills, we’re committed to partnering with you for a healthier financial future and new beginnings. One effective method we believe can work is the Debt Elimination Snowball Plan, a step-by-step strategy designed to help reduce debt and regain control of finances.

The plan begins with freeing up extra cash by cutting back on non-essential spending, e.g., subscriptions, eating out, etc. Next, by creating a comprehensive list of all outstanding debts, including amounts owed and interest rates, debt prioritization can begin to take shape.

By focusing on paying off one debt at a time—starting with the smallest balance—one can build momentum through the concept of quick wins. This approach can often make the debt repayment process feel more achievable and less overwhelming. Learn more in the blog article and video link below.

Insights Blog: Debt Elimination

Tax Season Resources

As we all approach tax season in the weeks to come, it’s a great time to start thinking about how to best prepare your financial documents and ensure you’re taking advantage of every available deduction and credit.

At Moneco, we strive to provide our clients with comprehensive financial planning and guidance, and we’re excited to remind readers of our colleagues at Lichtenstein at Moneco located in Glastonbury, CT specializing in tax preparation and tax consulting. They joined Moneco in November 2023 and our newly combined team of tax and wealth management professionals bring tax experience and dedicated resources for our individual, family and business clients.

We work to ensure that all our clients receive the highest level of support, during tax season and beyond. In addition to traditional tax preparation, our expanded team provides advice on tax planning, including retirement strategies, tax-efficient investment choices, and business tax considerations.

The CPA and tax professionals in Glastonbury work closely with our team. Our goal is to ensure your tax strategy is integrated into your overall financial picture.

Whether you are a longtime client or new to Moneco, our team is here to help coordinate resources for you and we look forward to working with you to help make your tax seasons as stress-free and rewarding as possible. To learn more about our planning and tax professionals at Moneco, visit the link below. And feel free to reach out to speak with us about your tax needs.

Our Advisory & Tax Teams

Social Security Fairness Act

The newly signed Social Security Fairness Act stands to benefit nearly three million former public employees, including teachers, police officers, firefighters, and postal workers. The law eliminates the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which previously reduced Social Security benefits for those with pensions from non-covered government jobs. The changes will likely result in an average monthly benefit increase of $360 for eligible workers, spouses, and survivors.

Additionally, over 2.5 million individuals are slated to receive lump-sum payments to make up for benefits missed in prior years. With this and the recent 2.5% cost-of-living adjustment, many households may see a financial boost. If you’d like to discuss how this affects your retirement strategy, contact your financial advisor at Moneco. We’re here to help! Visit the link below to learn more.

Social Security Fairness Act

Important Disclosures

^{This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.}

^{Moneco Advisors, LLC and LPL Financial are not affiliated with any other referenced entity.}

^{This commentary reflects the personal opinions, viewpoints and analyses of the Moneco Advisors employees providing such comments, and should not be regarded as a description of advisory services by Moneco Advisors or performance returns of any Moneco Advisors client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Moneco Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.}

^{All stock photo images by Freepik.com}