Federal Deposit Insurance Corporation - FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Federal Deposit Insurance Corporation - FDIC-Insured - Backed by the full faith and credit of the U.S. Government
These employees have reached the following milestones this month, and we celebrate and appreciate their longevity with us. Congratulations! Tami Pruitt – 48 Years, Shawna Blain – 20 Years, Jessica Barnes – 9 Years, Ethan Deneke – 6 Years, Lisa Shivers – 5 Years, Brandi Zimmer – 4 Years, Jody Bunger – 1 Year.
Need some help for your heart and mind as 2025’s start includes deadly violence in New Orleans and Las Vegas and all sorts of other troubles. Go to God’s contract with us. Covenant may be a more familiar word to describe the Bible for some of us. Same thing. It is God writing down His promises to us.
In God’s Word He contracts with us to be always loving and good towards us. Consider these verses from God’s contract with us.
“The faithful love of the Lord never ends! His mercies never cease. Great is His faithfulness; His mercies begin afresh each morning.” at Lamentations 3:22-23.
“Trust in the Lord always, for the Lord God is the eternal Rock.” at Isaiah 26:4.
“Jesus Christ is the same yesterday, today, and forever.” at Hebrews 13:8.
Anchor your heart and mind to God’s promises to you set out in His contract with you. He will live up to every promise!
Happy living on God’s promises.
Doug Johnson
President
Psalm 33:11 The plans of the Lord stand firm forever, the purposes of his heart through all generations.
For many of us, the start of a new year is a time to set goals, take inventory of our blessings, and look to the Lord’s guidance in the upcoming year. At Guaranty, we have the privilege of assisting our customers, both long-time and new, managing their financial assets, real estate and estate plans and looking forward to another year of helping you obtain your goals.
As we begin this year, we can be encouraged by the fact God’s plans for us are unshakable and eternal. No matter what circumstances we may face in 2025, we can be assured by Proverbs 15:22 Without counsel plans fail, but with many advisors they succeed.
The verses above provide a strong foundation for the way we approach the new year. They remind us, even though we may have personal aspirations, financial goals, and plans for the future, it is God’s will that prevails. Our job is to be faithful stewards of what He has entrusted to us, and to seek His guidance in all that we do. These assurances help us face the unknowns of the new year with peace and confidence.
Whether it’s saving for retirement, investing in the future, transitioning the fruits of our labors to the next generation, or supporting charitable causes, the new year provides us with countless chances to use our time, talents and resources to help those around us. If you have been putting off planning you know needs to be done, stop in and visit us at your local Guaranty location and ask us your questions…even if the question is, “How do I get started?” That is likely the question we get asked the most.
As you look ahead to 2025, consider the ways in which you can place your faith in God’s plan, both personally and financially. Whether it’s establishing a trust, investing in your family’s future, or simply taking time to reflect on your financial stewardship, 2025 may be just the right year to get started or make further progress on those plans. In the next several months, we will be looking at how charitable giving can not only help others and our communities, but also help us when it comes to federal and state income and estate taxes.
May your 2025 be filled with faith, hope, and trust in the One who holds our future. “For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you a hope and a future.” Jeremiah 29:11
Shannon McDowell, JD, CTFA
Vice President & Trust Officer
Without counsel plans fail, but with many advisors they succeed. Proverbs 15:22
Retirement Plan Limits for 2024 and 2025
The Internal Revenue Service cost-of-living adjustments (COLA) affect contributions and other limits that may play a key role in an investor’s financial plan. The 2024 and 2025 numbers are summarized below.
| Limit | 2024 | 2025 |
| 401(k), 403(b) and 457 plan elective deferral limit | $23,000 | $23,500 |
| 401(k), 403(b) and 457 plan age 50+ catch-up contribution limit | $7,500 | $7,500 |
| SIMPLE IRA elective deferral limit | $16,000 | $16,500 |
| SIMPLE IRA age 50+ catch-up contribution limit | $3,500 | $3,500 |
| Maximum annual contribution for defined contribution plans | $69,000 | $70,000 |
| Annual compensation limit | $345,000 | $350,000 |
| Definition of highly compensated employee | $155,000 | $160,000 |
| Definition of key employee in top-heavy plan | $220,000 | $230,000 |
| SEP minimum compensation | $750 | $750 |
| Social Security taxable wage base | $168,600 | $176,100 |
| Maximum annual benefit for defined benefit plans | $275,000 | $280,000 |
| Traditional and Roth IRA contribution limit | $7,000 | $7,000 |
| Traditional and Roth IRA age 50+ catch-up contribution limit | $1,000 | $1,000 |
| Social Security tax rate (employee) | 6.20% | 6.20% |
| Social Security tax rate (self-employed) | 12.40% | 12.40% |
| Source of chart data: www.irs.gov and www.ssa.gov |
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Guaranty State Bank & Trust Co and GSB Financial Resource Center are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using GSB Financial Resource Center, and may also be employees of Guaranty State Bank & Trust Co. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, GSB Financial Resource Center or Guaranty State Bank & Trust Co. Securities and insurance offered through LPL or its affiliates are: Not Insured by FDIC or Any Other Government Agency, Not Bank Guaranteed, Not Bank Deposits or Obligations, May Lose Value.