CEO Introduction

By Chris Cassidy

EVERY JANUARY millions of Americans make resolutions for the upcoming year. Since research shows that describing your goals in written form significantly increases the likelihood of success, I’ll note my eight New Year’s resolutions below.

According to the Pew Research Center, the three most common categories for resolutions are: health, finances, and personal relationships. However, according to Ohio State’s Fisher School of Business, only 9% of Americans who make resolutions complete them. Hopefully, I’m among that 9%.

RESOLUTION 1 (finance) Do a Roth IRA conversion: I still have some Traditional 401k assets and would like to convert more to Roth to get additional money growing tax-free. Roth IRA assets can grow tax-free for the owner’s lifetime, the surviving spouse’s lifetime, and then up to ten years of a further beneficiary’s lifetime.

RESOLUTION 2 (finance) Make Roth IRA and Roth 401k contributions: As in 2024, an individual can contribute $7,000 to their IRA, and I would like to contribute that amount to mine. In addition, an individual can make a 401k contribution of up to $23,500, which is $500 more than last year. I would like to do this as well to my Roth 401k.

RESOLUTION 3 (finance) Make a 529 Plan contribution: A married couple in Vermont can get a $500 tax credit on their Vermont return by contributing $5,000 to a 529 Plan. I would like to contribute to my daughter’s 529 Plan to help with her future education expenses.

RESOLUTION 4 (finance) Utilize annual gift exemption: An individual can make a gift of up to $19,000 (up from $18,000 in 2024) to a child without filing a gift tax return. I would like to utilize as much of this exemption as possible to help save for my daughter’s future.

RESOLUTION 5 (health) Eat healthier: I intend to heed the advice of nutritionists that eating healthy food supports immune cells, which defend against infections and other health threats, and allow the body to repair or replace damaged cells. I need to do a better job of eating less sugar and processed foods and a better job of eating anti-inflammatory foods like spinach, salmon, olive oil, blueberries and tomatoes.

RESOLUTION 6 (health) Sleep better: Experts claim that not getting enough sleep can raise your risk for chronic health problems, affecting your heart, brain, lungs, and immune system. I will do a better job of trying to get seven hours of sleep every night.

RESOLUTION 7 (health) Drink more water: Studies show that people who hydrate well reduce their risk of heart and lung disease later in life. I plan to hydrate more.

RESOLUTION 8 (personal relationships) Make more time for friends and family: I am told that having positive social interactions with loved ones can increase the release of oxytocin, dopamine, serotonin and endorphins, which boost both physical and mental health. I would like to make more time for friends and family and plan social events.

There are some great articles this month from contributors Jeanne Blackmore, Chris Lafayette, Nathan Alexander, Lisa Counsell and Jack Davidson, that provide more ideas for resolutions. Happy New Year and happy resolution planning!