TS Prosperity Group hosts recent luncheon update
January 6, 2025 | TS Prosperity Group
The TS Prosperity Group recently hosted its 2024 Luncheon Update at the Treynor Community Center in Treynor, Iowa, with over 50 attendees in collaboration with NorCap, a specialized investment group supporting community banks with trust departments. The event brought together financial professionals for insightful updates and discussions on taxes, Social Security, IRA changes, investments and more.
Key highlights from the event:
Tax updates
Norm Collins provided a comprehensive overview of upcoming changes to the tax code, including:
· The Corporate Transparency Act, requiring FinCen filings to report ownership of corporations, partnerships, or LLCs, with penalties for late filings starting at $500/day.
· Iowa’s 3.9% income tax rate and tax benefits for retirement distributions for residents aged 55 and older.
· Updates to the 2025 tax landscape, including inflation adjustments to tax schedules, Social Security increases, and changes to depreciation and gift tax limits.
Social Security and IRA updates
Jim Koch outlined changes to Social Security and retirement accounts, such as:
· A 2.5% Cost-of-Living Adjustment (COLA) in 2025, raising average monthly retirement benefits.
· Increased Social Security tax thresholds and earnings test limits.
· Updates to Required Minimum Distributions (RMDs) and IRA contribution limits for 2024 and 2025.
· Enhanced 401(k) catch-up contributions for individuals aged 60 to 63, increasing to $11,250.
NorCap overview
Bolton Walters, Chairman and CEO of NorCap, provided an in-depth look at NorCap’s role in offering alternative investments. Since 2004, NorCap has been a trusted partner to community banks and trust departments, utilizing tested strategies with S&P 500 index options and short-duration U.S. Treasury securities to deliver consistent returns. TS Prosperity has partnered with NorCap for over 10 years and has seen that investors benefit from assets that lower overall portfolio risks and volatility, while also generating consistent returns.
Investment philosophy overview
Jay Myers, TS Prosperity Group’s Investment and Compliance Officer, closed the meeting by discussing the company’s investment philosophy. Emphasizing risk management first and returns second, TS Prosperity Group provides clients with tailored strategies to build and protect wealth while aligning with individual risk tolerances. Protecting for downside risk is the highest priority and was referenced to being similar to nine innings of a baseball game. There's lots of game to play and strategy and time are key. With lots of technology disrupters like AI and a two-year long bull market, the company's benchmark is still 17% and averaged at 15.4% this past year.
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TS Prosperity Group’s purpose is to IGNITE PROSPERITY® in our communities by preserving generational wealth. Unique circumstances and risks exist within each family. Utilizing our fiduciary approach to investment management, we help identify those risks and create a solution-based prosperity plan to address them and support their family’s financial legacy.
If you missed this event, feel free to email contact@tsprosperity.com to receive a complimentary copy of our update. To stay informed on financial trends and strategies that impact your wealth management goals be sure to sign up below.