Year-to-Date Performance: +119.74% See disclaimer.

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IRA Asset Allocation Changes

IRAs are retirement accounts that you can have independently from your company. The flexibility in these accounts allows you to choose your own investments. This guide is our model portfolio, showing how we would invest using high-performing financial algorithms. As is the beauty of retirement accounts, with boosted annual returns, you also benefit from compounded returns.

Our close examination of sector behavior reveals an early move developing in the banking sector. While we may be early on this call, we have added a small allocation via the Financial Select Sector SPDR (symbol XLF). We have reduced our allocation to the S&P 500 to raise funds for the new addition.
We are not making changes to the Wizard 12 Stock Portfolio.

Wizard Stock Portfolio? How does this fit in? In addition to other larger positions, we have selected a high-performing set of stocks to help your IRA's performance with diversification. Don't have an IRA? You can also invest in the stock market with these handpicked stocks.

Previous Month

Investment Type % Portfolio
State Street S&P 500 SPDR [SPY]15%
Invesco QQQ Trust Nasdaq [QQQ]20%
iShares Russell 2000 [IWM]15%
iShares Semiconductor [SOXX]10%
Invesco Solar [TAN]5%
The Wizard 12 Stocks35%

Current Month

Investment Type % Portfolio
State Street S&P 500 SPDR [SPY]
10%
Invesco QQQ Trust Nasdaq [QQQ]20%
iShares Russell 2000 [IWM]15%
iShares Semiconductor [SOXX]10%
Invesco Solar [TAN]5%
The Wizard 12 Stocks35%
Financial Select Sector [XLF]
5%

IRA Resources

- 2024 -
Contribution Limits

In 2024 the IRS has raise IRA Contribution Limit to $7,000 a year annually for singles. Contribution Limits refer to the amount of money you can deposit in a given tax year. If 50 or older, you can contribute an extra $1,000, increasing your contribution limit to $8,000.

- 2024 -
Required Minimum Distributions

Roth IRAs do not have a Required Minimum Distribution (RMD). With a traditional IRA, you are required to withdraw a minimum amount annually from your account. This must start by April 1 of the year after you turn 72, even if you're still working.

- 2024 -
Income Limits

In 2024, the Modified Adjusted Gross Income (MAGI) limits for contributing to an Individual Retirement Account (IRA) are set at specific thresholds. If filing single, your MAGI must be below $161,000. For married individuals filing jointly, the limit is $240,000.

- 2024 -
Early Withdraw Penalty

If you withdraw from a IRA before age 59 ½, the IRS typically enforces a 10% early distribution penalty to discourage premature withdrawals. However, there are exceptions for financial hardships or emergencies, where this penalty can be waived.

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