Monthly Insider – September, 2023

Insider Guide

September, 2023

Upcoming Events | Save the Date

• October 20, 2023 – (Friday) Come join us at the Reeves House and support local artists and enjoy happy hour from 4:00-6:00 PM. Afterward, there will be live artist demonstrations if you decide to stay longer.
• December 1, 2023 – (Friday) Santa will visit our office
• March 1, 2024 – (Friday) We will celebrate GIA’s 20th anniversary with a Roaring 20s-themed Annual Community Celebration @ Venue 92 in Woodstock. (More details to come later), but for now, save the date as you will not want to miss this celebration!

Giveaway – 2 Braves tickets

Want to win tickets to an Atlanta Braves game?!? We have two tickets to give away to one winner to join Team GIA at a Braves game on Friday, September 8th at 7:20 pm. You only have till Monday Sept 4, by 10 am to enter!!!

Post a photo* on your Facebook page or story tagging us “living your best life”! We want to see how our clients have fun in their free time. #happyretiree

Every picture shared will earn you an entry into the drawing. You can earn extra entries by liking this post and sharing to your story. The drawing will be held next Monday and the winner will be notified! Can’t wait to cheer on our Braves with you!

*By submitting a photo, you give Goodwin Investment Advisory permission to post the image on social media.

Our Website

Our website is an amazing knowledge center with extensive resources including 91 active pages and 339 blog posts at your disposal as of 8/2023. You can even narrow your focus by looking up a topic of interest to you in our search bar or by clicking on our categories for blogs.

Investment Committee members

Our Investment Committee is an external group of 4 experts who provide outside counsel and oversee our investment strategy.

Let us introduce our new Investment Committee members. This year we have 2 new members: Krista Dempsey, CPA, and Dale Alexander, CFP®, CLU, ChFC, and Author. Click the buttons below to learn more about them!

*the rest of the members can be found on the website.

Real Estate Update – Existing Home Sales Slip

by Carson Wealth

In the United States, homeownership is an important means of accumulating wealth. Last week, Emily Peck of Axios wrote, “With home prices going up — and mortgage rates at a stunning 22-year-high — the situation is looking increasingly bleak for Americans looking to buy a house…Prognosticators had believed that rising mortgage rates would force home prices lower — and they did fall by 13% from their 2022 peak. But prices are still 26% higher than they were in the first quarter of 2020”

Americans who were eager to buy homes in the 1980s may have felt similarly bleak. While home prices were significantly lower 40 years ago – the median price was about $69,000 in 1981 versus $420,000 in the first half of 2023 – mortgage rates were considerably higher.

The highest-ever 30-year fixed mortgage rate was 18.53 percent in October 1981. Last week, the average 30-year fixed mortgage rate was 7.09 percent, which is below the 52-year average of 7.74 percent, according to data from the Federal Home Loan Mortgage Corporation (aka Freddie Mac). Regardless, in tandem with higher home prices, it’s high enough to put owning a home out of reach for many Americans right now. In times like these, it’s important to remember that the economy is typically cyclical.

Blog Update

Our latest blog, “Roaming and Rolling: The Hilarious Adventures of Retiring in an RV” is a bit of a different blog filled with humor and the adventures of retiring in an RV. We hope you find it at least entertaining especially if you enjoy RVing as much as Tim Goodwin, Tara Bruce, and Angela Lyle on our staff do. You can check out our corresponding podcast on the topic as well where Tara Bruce and Tim Goodwin share some of their own personal stories.

Check out one of our newest episodes from The Money PIG Podcast hosted by our very own Reid Trego. This episode features practical wisdom from Ray Brown, on the topic “Is now a good time to buy an EV?” Click the button below to listen.

Update to 529 plans as of May 1, 2023.

A recent change to U.S. law provides more flexibility for 529 plan assets. Starting in 2024, 529 account owners will have the option to use excess 529 plan funds to jumpstart the retirement of their beneficiaries.
Here’s what you need to know about this change:

How does the new law change affect excess 529 plan funds?

In December 2022, SECURE Act 2.0 was signed into law to enhance retirement savings opportunities for Americans. One provision will allow owners of a 529 plan to move unused funds in the account directly to the plan beneficiary’s Roth IRA.

This option, which will take effect in 2024, may provide beneficiaries with tax-free retirement money. Up until the law is in effect, if beneficiaries use assets in a 529 plan for anything other than qualified educational expenses, the earnings portion of any non-qualified distribution is likely subject to ordinary income taxes and a 10% penalty.

What special considerations and limitations should I be aware of?

• 529 plans must be 15 years old: 529 accounts must have been maintained for a minimum of 15 years to be eligible for transfer.
• This would benefit the beneficiary, not the 529 account holders. The funds from the 529 plan must be moved directly to a Roth IRA of the 529 plan beneficiary.
• Lifetime maximum: The 529 transfer is subject to a lifetime maximum of $35,000 from a 529 plan account to a Roth IRA.
• Roth IRA contribution limits still apply. For 2023, those limits are $6,500 per year if the beneficiary is under 50 and $7,500 per year for those over 50. These limits are subject to change every year.
• Roth IRA income limits don’t apply but earned income requirements do. The Roth IRA income thresholds will not apply to these contributions; however, the beneficiary will need to have earned income equal to or more than the contribution in order to move 529 funds into the Roth.
• There are still unknowns. SECURE Act 2.0 is still new, and we expect lawmakers to share more detailed guidelines prior to when the law goes into effect in 2024. Individual states may also have their own stipulations regarding rolling over excess 529 plan funds to a Roth IRA.

*Reach out to your advisor if you have any questions.

Nourish to Flourish

by Tara Bruce

Space in your togetherness

Kalil Gibran shares a profound quote, “Let there be spaces in your togetherness.” Have you ever heard of people starting to resemble their dogs, or that each member of a couple starts to resemble the other? It is interesting that time and connection can begin to allow each partner to lose their sense of difference. The differences in one another are what attracts us to each other in the first place. If love exists between two people from a deep “anam cara”, or soul friend level, then that love will liberate you to inhabit the fullness of your own difference or uniqueness. This kind of love brings about your full potential and most beautifully expressed self. What is required for each member of the relationship to fully embody their most magnificent self? Did you know that in Hebrew the word for “salvation” actually means “to bring into a wide open space.” Salvation was represented by the imagery of having no restrictions, endless freedom, and room to move and breathe. To live your life fully as your truest self you need space and plenty of room for your own soul to flourish. Think about it this way. If you were to plant a row of seeds and some are planted too close together, the seeds would not have enough space to grow and instead would smother one another. Everything that grows needs space to do so. Gibran’s quote goes on to say, “Let there be spaces in your togetherness. Let the winds of the heavens dance between you.” In the space, you each can find your permission to expand and grow and become. Give each other the gift of space to branch out and try something new, to open your mind to the endless possibilities, go on a trip alone, learn a new hobby, or just the space to be still and see how you come together better with more love for each other because you honored the other’s soul. Allow the heavens to dance between you.

Local happenings

Multi-cultural festival
Sat, Sep 9, 11 AM – 3 PM
Etowah River Park
600 Brown Industrial Pkwy, Canton, GA
The Canton Multicultural Festival is a free event created to celebrate and strengthen community relationships among the different cultures that co-exist in our wonderful city.

2023 Blue Ridge Blues and BBQ Festival
Sat, Sep 16, 11:30 AM – 9:00 PM
Downtown Blue Ridge Play Park
E Main St, Blue Ridge, GA
Experience the Blue Ridge Blues and BBQ Festival 2023: a day of soulful music, mouth-watering BBQ, and community, benefiting local charities.

Roswell Arts Festival 
Sat, Sep 16, 12 AM – 5 PM
Roswell City Hall
38 Hill St, Roswell, GA
Since its founding, the Roswell Recreation Association has worked tirelessly to raise money to support the Roswell Recreation, Parks, Historic and Cultural Affairs Department.

Music Midtown 2023
Sat, Sep 16, 12 – 4 PM
Piedmont Park
Atlanta, GA
Fall may have a bite of chill in the air, but Georgia in September and the annual Music Midtown Festival still feels like summer. Held in Atlanta’s beautiful Piedmont Park, this outdoor festival offers up a mix of rock, hip-hop, pop, and just about every other genre you can imagine, all within shouting distance of the coolest spots in the city.

Riverfest Arts and Crafts Festival
Sat, Sep 23, 6 AM – 2 PM
Etowah River Park
600 Brown Industrial Pkwy, Canton, GA
Featured against the picturesque banks of the Etowah River Park in Canton, the Riverfest Arts & Crafts festival is the League’s flagship fundraising event where all funds raised support Cherokee County children in need. The two-day festival draws over 25,000 patrons, over 150 arts crafts exhibitors, 10-20 concessionaires, and a host of local entertainers.

Alpharetta Brew Moon Fest
Sat, Sep 23, 6:30 – 10:30 PM
Downtown Alpharetta
1 S Main St, Alpharetta, GA
Rock the night away in Downtown Alpharetta with a true “Dancing in the Street” party featuring your favorite Jekyll Brewing beers, live music from The Rupert’s Orchestra, plus a variety of food tents and local eateries. Bring your own chairs or purchase a table and enjoy the night with your closest friends!

Beaucoup Jazz & Blues Festival 2023
Sat, Sep 30
Holcomb Woods
Roswell, GA

North GA Highland Games
Sat, Sep 30, 7 PM
Rabun County Civic Center
201 W Savannah St, Clayton, GA
Tickets are only available day of event at the gate. Admission is $20 per person 13 and over, with 12 and under being free. Every dollar at the gate is directly donated to Place of Hope North Georgia. The gates will be able to take cards or cash.

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