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Once
you retire, you’ll likely need to draw on a variety of financial sources — and
one of the most important ones may be your 401(k). And for 2025, you can put
even more money into your plan than ever.
You
can invest in your 401(k) in one of two ways, depending on your employer’s
plan. With a traditional 401(k), you contribute pre-tax dollars, which can
lower your taxable income, and your money can grow tax deferred. If you have a
Roth 401(k) option, you can contribute after-tax dollars, which aren’t
deductible, but your eventual withdrawals will be tax-free if you’ve had your
account at least five years and you’re at least 59½.
For
either a traditional or Roth 401(k), as well as similar plans such as a 457(b)
(for government employees) or a 403(b) (for educators and employees of some
nonprofit groups), the contribution limit has increased by $500 for 2025, to
$23,500. If you're 50 or older, you can contribute an additional $7,500, for a
total of $31,000. And under the SECURE 2.0 legislation, if you are between 60
and 63, you have a higher catch-up contribution — $11,250, instead of $7,500,
for a total of $34,750.
If
you can afford to contribute the full amount to your 401(k) or similar plan,
consider doing so. Of course, not everyone is in that position. If you’re a
younger worker, you may well have other financial obligations, such as paying
off student loans. And even if you’ve been in the workforce for a while, you
may be putting away money for other things — such as your children’s education
— as well as your own retirement. But even if you can’t “max out” on your
401(k), try to contribute at least enough to earn your employer’s matching
contribution, if one is offered.
Regardless
of how much you contribute to your 401(k), consider these suggestions on
managing the money within your plan:
•
Create a portfolio that fits your risk tolerance. Most 401(k) plans
offer up to a dozen investment options, while some plans offer many more. You
obviously want to increase your 401(k) balance as much as possible, but that
doesn’t necessarily mean putting all your 401(k) dollars into the most
aggressive funds available. Instead, consider spreading your 401(k)
contributions among a range of investments, which can help you lower your risk
level while still giving you opportunities for long-term growth. Everyone’s
risk tolerance is different, though, so you’ll want to evaluate yours when
constructing your 401(k) portfolio.
•
Adjust your portfolio as needed. It’s a good idea to review your 401(k)’s
investment mix at least once a year to see if it’s performing as you’d hoped. But
be patient — one “down” year doesn’t necessarily mean you must make changes.
However, as you approach retirement, you may want to lower the risk level of
your 401(k) by moving some of your dollars into more conservative vehicles.
Still, even when you’re retired and have started drawing money from your
401(k), you might want to keep some growth potential in it to help you stay
ahead of inflation.
By contributing what you can afford to your
401(k), and by carefully managing the investments within your plan, you can
help maximize the value of this powerful retirement savings vehicle — and give
yourself a key asset to help you enjoy your retirement years.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
chad.chaote@edwardjones.com
This article was written by Edward
Jones for use by your local Edward Jones Financial Advisor.
Most of us probably dont enjoy preparing our taxes, but theres often a reward at the end a tax refund. If you get a refund this year, how can you make the best use of it? Of course, the answer depends somewhat on the size of your refund. Last year, the average tax refund was $3,050, according to the Internal Revenue Service. Whatever the size of your refund, though, youll want to maximize its benefit. Here are a few suggestions: Contribute to your IRA. If you were to receive about $3,000, it would go a long way toward funding your IRA for the year but any amount would help. You still have until April 15, 2025, to contribute to your IRA for the 2024 tax year, but if youve already maxed out on it, you could use your refund for 2025. The annual contribution limit for a traditional and Roth IRA remains $7,000, or $8,000 if youre age 50 or older. And by getting an early start toward fully funding your IRA, you can reduce the pressure of having to come up with large amounts later in the year. Build an emergency fund. Your tax refund could help you start or expand an emergency fund. Its a good idea to keep up to six months worth of living expenses in such a fund, with the money kept in a liquid, low-risk account, separate from the funds you use for your daily expenses. You might need to draw on this fund for unexpected expenses, such as a major home or car repair or a medical bill thats not fully covered by your health insurance. Without such an emergency fund in place, you might be forced to dip into your IRA or other retirement accounts to pay for these types of costs, and such a move could be expensive, resulting in taxes, penalties and lost opportunities for growth. Contribute to a 529 plan. If you have children or grandchildren and youd like to help them further their education someday, you might consider investing in a 529 education savings plan. With a 529 plan, earnings and withdrawals are federally tax free, provided the money is used for qualified education expenses. Based on where you live, your 529 plan may provide state tax benefits, too. (It is possible, though, that 529 withdrawals could affect financial aid packages, depending on who owns the account.) A 529 plan can be used to help pay for college, accredited trade school programs, some K-12 expenses and even to help repay some student loans. Pay down debts. Your tax refund may give you a chance to reduce your debt load. But which debts should you tackle first? You could follow the snowball method by paying off the smallest of your loans or debts as quickly as possible. Or you could choose the avalanche route by making minimum payments on all debts and using extra funds such as your tax refund to pay off the debts that carry the highest interest rates. Either method could help you save money in the long term. Its not often that you receive a financial windfall such as a tax refund so think carefully about how you can maximize its benefits. Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.com This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Named as One of Americas 50 Best Hospitals for 2025 by HealthgradesNaples Comprehensive Health (NCH) is proud to announce its recognition as one of Americas 50 Best Hospitals for 2025, according to newly released research by Healthgrades, the nations leading resource for information about doctors and hospitals. This prestigious accolade reflects NCHs unwavering commitment to delivering superior patient care, placing it in the top 1% of all U.S. hospitals for overall care excellence. In addition to this honor, NCH is currently the only hospital in the nation to achieve Healthgrades highest recognition in three critical areas: Cardiac Care, Orthopedic Surgery, and Overall Clinical Excellence. These achievements underscore NCHs dedication to setting and exceeding the highest standards of quality and innovation in healthcare. NCHs achievements are based exclusively on what matters most: patient outcomes. To determine the top hospitals for 2025, Healthgrades evaluated risk-adjusted mortality and complication rates for over 30 of the most common conditions and procedures at approximately 4,500 hospitals nationwide. Healthgrades annual analysis revealed significant performance gaps between the nations highest- and lowest-achieving hospitals, making it increasingly important to seek care at a top-rated facility. If all hospitals, as a group, performed similarly to NCH being named among Americas 50 Best, 173,516 lives could have been saved. Five years ago, our vision was to become a top 50 healthcare system in the nation, said Paul Hiltz, President and CEO of NCH. Were proud to celebrate this accomplishment because of the tireless efforts of our physicians, nurses, and staff who prioritize excellence in every aspect of patient care. Our teams commitment to transforming quality and enhancing the patient experience helped us achieve this vision. Being recognized for superior outcomes in cardiac care, orthopedic surgery, and overall clinical excellence is a testament to the extraordinary teamwork and dedication of our organization. This achievement places NCH among the nations healthcare elite. Healthgrades 50 Best Hospitals designation is its highest achievement, recognizing institutions that consistently deliver superior clinical outcomes. NCHs exceptional performance in these areas reinforces its reputation as a trusted leader in healthcare, both in Florida and across the nation. As one of Americas 50 Best Hospitals, NCH is elevating the standard for quality care nationwide, said Brad Bowman, MD, chief medical officer and head of data science at Healthgrades. Healthgrades commends NCH for their leadership and ongoing commitment to providing the best possible care for all patients in Southwest Florida. For more information about NCH and its award-winning services and care, please visit www.NCHmd.org.
As a hospice care provider, we understand the complexities and challenges of managing end-stage heart conditions. These advanced stages of heart disease can significantly impact the quality of life, making it essential to consider supportive care options that prioritize comfort and dignity.Common End-Stage Heart ConditionsCongestive Heart Failure (CHF): Advanced CHF often includes symptoms such as persistent fluid retention, severe fatigue, and difficulty breathing, even at rest.Coronary Artery Disease (CAD): When CAD progresses to frequent angina (chest pain) and limitations in daily activity, the condition may be nearing its final stages.Valvular Heart Disease: Severe valve dysfunction leading to heart failure or recurrent infections may indicate the need for advanced care.Cardiomyopathy: End-stage cardiomyopathy can result in arrhythmias, significant heart enlargement, and a decline in heart function.Pulmonary Hypertension: As pulmonary hypertension worsens, it can lead to right-sided heart failure and a marked decline in physical capabilities.Signs It May Be Time for Hospice CareFrequent hospitalizations or emergency room visits for heart-related symptoms.Progressively worsening symptoms, such as shortness of breath, fatigue, or swelling, despite maximum medical therapy.Dependency on assistive devices like oxygen or a ventricular assist device (VAD).Decline in physical function, including the inability to perform daily activities.Presence of co-existing illnesses or significant weight loss (cachexia).According to the Centers for Medicare & Medicaid Services (CMS), patients with heart disease qualify for hospice care if their life expectancy is six months or less, as certified by a physician (CMS, 2022).How Hospice Care HelpsSymptom Management: Hospice provides expert care to alleviate symptoms such as pain, dyspnea, and fatigue.Emotional and Spiritual Support: Patients and families receive guidance and support to navigate the emotional challenges of end-stage heart conditions.Care Coordination: Hospice teams work closely with cardiologists, primary care providers, and family members to ensure continuity of care.Respite Care for Families: Caregiving can be overwhelming; hospice provides temporary relief to family members.Why Hospice is a Win for End-Stage Heart ConditionsQuality Over Quantity: Hospice shifts the focus to quality of life, helping patients find comfort and peace in their remaining days.Reduced Hospitalizations: Studies show that hospice care reduces hospital admissions and emergency department visits for patients with heart failure (Gelfman et al., 2021).Patient and Family Satisfaction: Families often report higher satisfaction with care when hospice is involved, as it addresses physical, emotional, and spiritual needs.Cost-Effective Care: Hospice care can reduce healthcare costs by avoiding unnecessary treatments and hospital stays (Connor, 2021).Statistics to ConsiderNearly 6.2 million adults in the U.S. live with heart failure, and approximately 50% of these individuals will not survive more than five years after diagnosis (American Heart Association, 2021).Hospice care reduces healthcare costs by an average of $9,000 per patient during the last 30 days of life (National Hospice and Palliative Care Organization, 2022).Next StepsIf you or a loved one is living with an advanced heart condition, consider how hospice care can help maintain dignity, comfort, and peace during this challenging time. Our team is here to provide expert care and guidance every step of the way.Contact us today to learn more about hospice services for patients with end-stage heart conditions. Let us help you make the most of every moment. Contact us for details.ReferencesAmerican Heart Association. (2021). Heart disease and stroke statistics2021 update. https://www.heart.orgCenters for Medicare & Medicaid Services. (2022). Hospice care eligibility. https://www.cms.govConnor, S. R. (2021). Hospice cost savings in the U.S.: Evidence and implications. Journal of Palliative Medicine, 24(5), 698-703.Gelfman, L. P., Kavalieratos, D., Teuteberg, W. G., & Lala, A. (2021). Hospice and palliative care for heart failure patients: Evidence and future directions. Journal of Cardiac Failure, 27(7), 888-897.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.