July 2023 Newsletter

2 Minute Read | 
July 27, 2023

529 Educational Savings Plan Provides Veterans Flexibility for Their Children

We know that investing in the Roth TSP is the best option for most active-duty servicemen. But, how can Veterans get ahead for our children? The SECURE 2.0 Act, passed by Congress in 2022, may provide the flexibility through 529 Educational Savings Plans to best prepare for the expense of children’s education while providing the possibility of a Roth IRA rollover for beneficiaries.

Beginning in 2024, 529 participants will be able to convert tax- and penalty-free up to a lifetime limit of $35,000 in a 529 to a Roth IRA owned by the 529 beneficiary for at least 15 years. The contributions are subject to annual Roth IRA contribution limits for the beneficiary.

SECURE 2.0 Act provided drastic changes to the existing American retirement system. Talk to a financial professional to see how you can maximize your retirement planning by taking advantage of the SECURE 2.0 Act.

Click here to learn more.


VIP’s Salute to Service Golf Event this August

Red Tail Golf Club, Avon, Ohio – Monday, August 14

Join us for the 2023 VIP Salute to Service Golf Event benefiting the National Veterans Memorial Museum as well as other veteran organizations. Click here to hear the museum’s President and CEO, Lt. Gen. Ret. Michael Ferriter, speak about this great northeast Ohio event.

The Salute to Service Golf Event will be held again at the pristine Red Tail Golf Club in Avon, Ohio. The event starts at 10 am and includes lunch on the course as well as dinner.

If you have any questions, please email back or call our office at 216 226-4560.  Learn More & Register Here


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Rockport’s VIP Market Analysis:

June turned out to be another very good month for the markets with the S&P 500 index increasing 3.92% and an increase now of 15.91% for the year.  The big winner for the year thus far has been the NASDAQ composite index which is up a stunning 31.73%.  This particular index is loaded with high-growth technology companies that have benefited from the Hype in AI (Artificial Intelligence). The divergence we mentioned in the last newsletter about a small handful of stocks driving the returns in the indexes did improve a little bit as the S&P 500 equal weight index is now up 5.94% year to date. Still a long way to go to close this gap though.


Adam Stalnaker and Joe Kovach
Owners, Rockport Wealth Advisors

Securities offered by Registered Representatives through Private Client Services, Member FINRA/SIPC. Advisory products and services offered by Investment Advisory Representatives through Rockport Wealth LLC, a Registered Investment Advisor. Private Client Services and Rockport Wealth LLC are unaffiliated entities.

Investments in securities do not offer a fixed rate of return. Principal yield and/or share price will fluctuate with changes in market conditions, and when sold or rendered, you may receive more or less than originally invested. No system of financial planning strategy can guarantee future results. Investors cannot directly invest in indices. Past performance does not guarantee future results. The performance numbers we mention are indexes. If you’re a client, we manage a custom portfolio for your particular situation and the performance will be different.

1 Based on younger male or female non-smokers in a Preferred health rating. You should do your own comparison and analysis based on your specific circumstances before making any decisions or changes to your insurance.

*The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. Results can be found at slickcharts.com.

*Treasury yields can be found at finance.yahoo.com.

*Charts produced at yCharts.com

*Bonds can be found at https://www.bloomberg.com/markets/rates-bonds

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