What are the opening hours?

Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

Buchanan Wealth Management

Home
United States
Reston, VA
Buchanan Wealth Management

Buchanan Wealth Management offers independent financial services and wealth management. Securities offered through LPL Financial, Member FINRA/SIPC.

Investment advice offered through Buchanan Wealth Management, a registered investment advisor and separate entity from LPL Financial. finra.org sipc.org

Third party posts found on this profile do not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness. The financial professionals associated with LPL Financial may discuss and/or transact bu

siness only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

01/05/2025

💡 January is National Financial Wellness Month. How confident do you feel about your finances?

When we think about financial wellness, it often centers on numbers:

#️⃣ Account balances
#️⃣ Investment returns
#️⃣ Debt levels

However, true financial wellness is about more than the numbers. It’s about the sense of confidence that comes from having a thoughtful strategy for today and tomorrow.

Think of it like your physical health:

👉 Consistent care and proactive preparations
👉 Regular check-ins and adjustments
👉 Partnering with a professional to stay on track

It’s not a “set it and forget it” situation. Financial wellness is an ongoing journey, and having support can make all the difference.

As the new year begins, consider giving your financial health a checkup.

Whether that’s revisiting your retirement strategy, updating your budget, or discussing your goals, investing in your financial wellness now can lead to greater confidence in you and your family’s future. 🎯

01/04/2025

📸 Just like photography, personal finance requires perspective, patience, and adaptability:

📌 Focus on what’s important: Prioritize your long-term goals, like retirement, education, or building generational wealth.

🌟 Capture the good times: Celebrate your financial wins and milestones along the way.

🛠️ Develop from the negatives: Learn from market downturns and unexpected challenges, using them to refine your strategy.

🔄 And if things don’t work out, take another shot: Adjust and adapt. Personal finance is a continuous process, and it’s never too late to make improvements.

Our firm is here to help clients remain focused and flexible so that they can capture the best opportunities while navigating life’s unexpected moments.

Ready to take your next shot at financial success? Let’s connect. ☎️

01/03/2025

Health insurance premiums are climbing at rates not seen in over a decade, according to an October 2024 report in The Wall Street Journal.

Here’s what the numbers looked like for 2024 for average Family Healthcare Coverage:

Total Premium: $25,500 😮😮
Employer Share: $19,276 👈👈
Employee Share: $6,296 ‼️

What's Changed?

Premium costs have increased 7% for the second year running. Although the Wall Street Journal reported that employers have absorbed much of this increase, deductibles continue to rise, especially impacting smaller businesses.

What's Different This Time?

Unlike other sectors where price increases are cooling, healthcare costs remain elevated due to the following:

✅ Multi-year contract structures
✅ Higher hospital operating costs
✅ Increased labor expenses
✅ Market pressures

Looking ahead: As the landscape evolves, keeping an eye on these changes and being open to new strategies will be key to your financial well-being.

01/02/2025

🎉 Did you know only 30% of Americans make New Year’s resolutions?

Most resolutions fade fast, but when it comes to personal finance, a thoughtful approach can make all the difference.

Here are three practical strategies to kick off your financial year:

1️⃣ 12 Mini-Resolutions: Break down big goals into manageable monthly tasks. January might be the time to review retirement contributions, and February might be the time to update your beneficiaries. Tackling one thing at a time makes it more achievable.

2️⃣ Reverse Resolutions: Focus on what to stop doing. Maybe it’s cutting impulse buys or ending procrastination on certain decisions. Stopping the right habits can be a game–changer.

3️⃣ Risk Management Focus: Consider reviewing your insurance coverage every year. Also, you might want to take a look at extended care options, especially as you approach retirement.

Here’s to a year of financial progress and lasting success!

12/31/2024

🎉 Happy New Year!

Wishing you a year filled with good health, exciting opportunities, and meaningful moments with those who matter the most.

May 2025 be a year of growth, happiness, and fulfillment for you and your loved ones. ✨

12/27/2024

🚨Attention Business Owners: Did you know the Supreme Court has taken away a popular succession tactic? 🚨

On June 6, 2024, the Supreme Court ruled that life insurance proceeds used to buy a deceased shareholder's stock MUST be included when valuing a corporation for estate tax purposes. 😱

What does this mean for business owners?
1️⃣ Your estate could owe more in taxes
2️⃣ Common succession strategies may be in question

Don't let this ruling catch you off guard! Here's what you need to do:
✅ Meet with your financial professional, estate attorney, and tax professional ASAP
✅ Review and update your corporate agreements
✅ Get a professional valuation

The landscape has changed, but opportunities for your business and legacy remain. If you’re a business owner or know someone who is, make sure they speak to professionals who can help navigate these new changes.

Remember, several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. So, there is much to consider when it’s part of your succession approach.

12/21/2024

Happy Holidays to you and your family!

During this festive season, we cherish our most meaningful connections and spread joy throughout our communities.

Whatever traditions you celebrate, may your holidays be filled with happiness, laughter, and time spent with those who matter the most.

Wishing you and your loved ones a wonderful holiday season and a bright start to the New Year. 🌟

12/19/2024

As 2024 wraps up, it's a great time to reflect on what we've learned and prepare for the year ahead.

💡 My Take:

1️⃣ Market Volatility: Strong overall performance, but with plenty of ups and downs—highlighting the value of staying focused on long-term goals.

2️⃣ Fed's New Direction: Rate cuts to support the labor market have wide-reaching effects, proving how impactful the Federal Reserve's impact is on financial markets.

3️⃣ AI's Rise: The rapid adoption of AI has reshaped industries, driving both opportunities and challenges for investors.

4️⃣ Global Events & Market Sentiment: Unexpected events can quickly sway markets, underscoring the need for adaptable strategies.

2025 will be a year of both new opportunities and challenges. Staying informed will, of course, be key to making the most of what lies ahead.

We’ll do our best to continue to share insights and keep you updated as events unfold.

12/17/2024

Ever wondered if you've left money behind in old retirement accounts? You're not alone!

Recently, we learned about someone who uncovered thousands of forgotten retirement money from previous employers.

How? By simply reaching out to their past workplaces.

👉 Take action now:
1. Review your resume to make a comprehensive list of all your past employers
2. Create a simple form letter requesting information about potential retirement accounts
3. Send the letter to HR departments or plan administrators of each former employer
4. Contact them to follow up

Remember, it's YOUR money. Don't let it get lost in the shuffle of life's changes.

Have you ever rediscovered a forgotten account? Share your story below! 👇

12/14/2024

Legacy is more than financial assets—it’s the values, traditions, and memories we pass down, the pieces of ourselves that live on.

For many, this time of year can also bring the weight of loss and the absence of loved ones. Yet, the true power of a legacy is in how it continues to shape us, even when those who created it are no longer here.

Here are a few ideas families have shared that may inspire you to start some new traditions:

📚 Family Recipe Book: Collect cherished family recipes and print them in an 'Official Family Recipe Book.’

🤝 Annual Family Reunions: Gather regularly at a favorite spot to strengthen bonds and create lasting memories.

🎁 Volunteer Together: Each Christmas, pick a family in need of support and teach the value of giving back.

🍪 Holiday Crafting or Baking: Bake the same sweets or craft ornaments each year to create tangible memories.

The most important legacies are built on love, traditions, and unforgettable experiences—those precious pieces that live on beyond us.

What traditions do you hope will continue with future generations?

12/12/2024

TRUE or FALSE . . .
Healthcare costs are one of the largest expenses most retirees will face.

💯 It is TRUE!
Healthcare is often a significant and inadequately projected expense. Many people wait until retirement to understand their healthcare options, often because they’re accustomed to employer-sponsored plans.

This delay can lead to inadequate savings and uncertainty about covering these significant expenses.

💡 Key Considerations, according to a 2024 study by Fidelity:
• Healthcare costs continue to outpace general inflation, driven by longer lifespans, medical advancements, and increased demand.
• Medicare starts at age 65, but it has gaps that necessitate considering supplemental insurance for broader coverage.
• Home healthcare and nursing facilities can be costly. Strategies that anticipate extended care can help.
• Documents like a medical power of attorney and living will are critical to managing healthcare decisions and letting your wishes be known.

Our Take:
Healthcare options are often complex and confusing, so early preparation is key. A well-structured strategy can help you remain prepared and informed throughout retirement.

12/10/2024

🎓 Attention parents with multiple 529 accounts!

We recently encountered a situation that serves as an important lesson:

A parent used funds from their daughter's 529 to pay for their son's college expenses, assuming the accounts were interchangeable. However, the daughter's account was overfunded, while the son's was underfunded.

The result? The withdrawal was treated as a non-qualified distribution!

🔑 Key takeaway: While you can transfer funds between 529 accounts or change beneficiaries, consider working with a financial professional who understands 529 plans and can help navigate these complex rules. 🎓

A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. And as this parent learned, if you make non-qualified distributions, earnings will be subject to income tax and a 10% federal penalty tax. If you have more questions, a tax, legal, or accounting professional may be able to provide you with some real-life advice.

12/08/2024

🎯 As the year winds down, here are 7 year-end tax ideas to consider:

1️⃣ Check your retirement contributions to your 401(k), IRA, and HSA limits. Are you hitting the limits?

2️⃣ Charitable giving: Have you considered donating appreciated securities and other options?

3️⃣ Investment portfolio review: Talk with your financial professional about any rebalancing that may be needed and if there are any tax-loss harvesting opportunities. This post is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals before modifying your tax strategy.

4️⃣ Business owners: Now is a great time to review estimated tax payments and determine whether you need to purchase any equipment. Your tax professional may also help here.

5️⃣ Estate management check-up: Have you utilized annual gift exclusions? Is your trust funding on track?

6️⃣ Roth conversion opportunities: Have you analyzed potential long-term tax benefits?

7️⃣ Review required minimum distributions (RMDs): Don't forget inherited accounts!

Here are some housekeeping items to remember:

1️⃣ Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k), IRA, or any other defined contribution plan in most circumstances. Withdrawals are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

2️⃣ If you spend your HSA funds on non-qualified expenses before age 65, ordinary income taxes may apply, and it may result in a 20% penalty. But, after age 65, you may be required to pay ordinary income tax if the funds are used for non-qualified expenses. Also, keep in mind that contributions are exempt from federal income tax but, in some cases, are not exempt from state tax.

3️⃣ To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

🕒 Questions? Your financial future is worth the conversation.

12/05/2024

📢 Important update: The IRS has finalized regulations on the 10-year rule for inherited retirement accounts. Key points to understand:

1️⃣ Two versions of the rule:
➖ If the account owner dies before the Required Beginning Date (RBD), beneficiaries have 10 years to distribute the entire account.
➖ If death occurs after the RBD, beneficiaries must take annual distributions AND empty the account within 10 years.

2️⃣ The RBD is generally April 1st, following the year the account owner turns 73.

3️⃣ Good news: There's a penalty waiver for missed 2024 distributions.

Potential strategies to consider:
👉 Leaving retirement funds to beneficiaries in lower tax brackets
👉 Converting traditional IRAs to Roth IRAs
👉 Using Qualified Charitable Distributions for those over 70½
👉 Beneficiaries: Think about timing your distributions over the 10-year period to optimize your tax situation.

These changes may impact your long-term financial and estate strategies. It might be time to review your approach to see if it aligns with these new regulations and optimizes your legacy goals.

Some housekeeping items to remember: Once you reach age 73, you must begin taking Required Minimum Distribution (RMDs) from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

Questions about how this impacts your specific situation? Let's discuss. 👇

12/03/2024

🎁 Did you know last year, on Giving Tuesday, U.S. Donors gave $3.1 billion, according to a 2024 report by Neon One?

1️⃣ What is Giving Tuesday?
▪️ A global movement celebrating generosity
▪️ Follows Black Friday and Cyber Monday
Encourages giving back to causes you care about

2️⃣ Why it matters:
▪️ Neon One said 34 million adults participated last year
▪️ Supports countless charities and communities worldwide

Giving Tuesday reminds us of the power of collective generosity.

Questions about how to incorporate charitable giving into your financial strategy?

💬 Let's chat

12/01/2024

🤔 Did you know there are TWO different Medicare enrollment periods? Many don't!
Here's what you need to know:

1️⃣ Annual Election Period (AEP): Ends Dec. 7, 2024 🚨
▪️ For ALL Medicare beneficiaries
▪️ Change plans, switch between Original
Medicare and Medicare Advantage
▪️ Changes effective January 1, 2025

2️⃣ Medicare Advantage Open Enrollment (MA OEP): Jan. 1 - Mar. 31, 2025 🚨
▪️ ONLY for those already in Medicare Advantage plans
▪️ Switch plans or return to Original Medicare
▪️ Changes effective the following month

What you should do:
✅ Review your current coverage NOW
✅ Compare plans on Medicare.gov
✅ Make changes during AEP if needed
✅ Consider using MA OEP as a second chance if you're unhappy with your Medicare Advantage plan

Take action before December 7 to help align your coverage for your needs in 2025.

Questions about how Medicare fits into your financial picture? 💬 Send a message before the deadline!

11/28/2024

Today we gather with loved ones and reflect on the things we’re most grateful for.

From the health of our loved ones to the support of our families, friends, and colleagues, there’s so much to be thankful for.

As we look back on the year, we’re grateful to our clients for letting us be part of their financial journeys.

Here’s to a future filled with hope and prosperity for all. From our families to yours, we wish you a very Happy Thanksgiving.

11/26/2024

Did you know that for every $100 spent at a locally owned business, $68 recirculates and remains in the local economy, according to a 2024 report by Sustainable Connections?

By contrast, the study found that only $43 stays local when spent at a national chain.

As we gear up for the holiday shopping season, remember that Black Friday is just around the corner on November 29, followed by Small Business Saturday on November 30! This weekend presents an opportunity to support our local economy.

Why not kick off your holiday shopping by grabbing a coffee from that local café, picking up a unique gift from the boutique down the street, or trying out that restaurant you’ve been meaning to visit?

What’s your favorite local small business? Give them a shout-out in the comments!

Address

11710 Plaza America Drive, Suite 2000
Reston, VA
20190

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.buchananwealth.com/

Alerts

Be the first to know and let us send you an email when Buchanan Wealth Management posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Buchanan Wealth Management: