AI and cybersecurity: Fighting fire with fire

Artificial intelligence is creating new, more complex cybersecurity challenges. It may also hold the solutions.

The uses for artificial intelligence (AI) are seemingly endless. AI can anticipate the next song we’d like to hear, break down advanced concepts into easy-to-understand terms and help companies operate more efficiently with automated processes.

But it can also be used to support unethical behavior or illegal practices, like cheating in school or committing outright fraud – especially generative AI, which can create new content like text and images through deep learning to gain access to money or sensitive data. The ubiquity of generative AI may account for a projected rise in cybercrime to $10.5 trillion in 2025, from less than $3 trillion in 2020¹.

“Hackers are using AI in increasingly inventive ways,” Raymond James Vice President of Technology Jeff Griffith said while discussing the threats and opportunities AI creates for cybersecurity specialists. “But so are we.”

Risks posed by generative AI

AI is making familiar scams more elaborate and easier than ever to launch. For example, phishing emails used to be relatively easy to spot for the spelling and grammatical errors typical of humans posing as someone they’re not. Today, in any language, cybercriminals can prompt AI to write an email that sounds relatable and natural. They can also use AI to hyper-personalize a scam to make it more relevant to each recipient.

Another concern is the emergence of “deepfakes.” Hackers can easily clone voices and make them say virtually anything. “It’s turnkey and easy to do,” Griffith said, “and not expensive. I cloned a well-known voice for a demo. I didn’t even have to say who it was. I just played it, and everyone knew right away.”

The same technology can be used for video. Right now, you may be able to recognize a deepfake by finding errors in the details, like people with extra fingers or misplaced limbs, but the technology is developing rapidly.

“Compared to where it was two years ago, you can expect not to be able to tell two years from now,” Griffith said.

How AI bolsters cybersecurity efforts

Fortunately, this same technology can also be used to mitigate these threats. Many companies – Raymond James included – are already using sophisticated AI cybersecurity tools to defend their systems and protect their data.

For example, AI can quickly analyze communications and scan vast records that would be impossible for a human to read with the same speed or accuracy. Businesses can also use AI to come up with different attack scenarios cybercriminals might use so they can understand how to defend against them.

“It’s a never-ending race between the good guys and the bad guys,” said Griffith. “You build a castle and fortify it, and criminals look for a way in. That’s why it’s important to use AI – because the bad guys do.”

Some organizations use generative AI tools to help them write stronger code and do it faster. Cybercriminals use those tools, too – to build malware with the speed of a hundred engineers working simultaneously.

“We are using AI to help our developers write better code faster, identify vulnerabilities before they happen and protect our systems in real time,” Griffith said. “It amplifies our experts’ abilities to secure the environment and deliver great functionality – keeping us at the forefront of innovation and safety.”

Source: ¹Cybersecurity Ventures

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

New SECURE 2.0 ‘Super Catch-Up’ contribution for ages 60-63

Here’s what you need to know about the higher catch- up contributions limits

The SECURE 2.0 Act has significantly changed retirement savings rules in recent years. Those changes include, but aren’t limited to, a new RMD age and increased access to 401(k) plans for part-time workers.

And there’s more. Starting in 2025, SECURE 2.0 enhances catch-up contributions for certain older adults. If you’re 60, 61, 62, or 63 in 2025, you may be able to leverage this provision to increase your savings for retirement.

These contributions could also lower your taxable income and potentially reduce your overall tax liability.

Here’s what you need to know about how the new higher catch-up contribution limits will work in most employer-sponsored plans.

Age 50+ catch-up contribution limits 2025

Before we dive into higher catch-up limits for ages 60-63 it helps to review standard Age 50+ Catch-ups. Age 50+ Catch-up contributions are additional retirement savings allowances for individuals 50 and older, designed to help boost their retirement savings.

These provisions allow eligible savers to contribute beyond the standard annual limits in various retirement accounts like 401(k)s and IRAs.

This could help make up for years of inadequate savings or maximize your tax-advantaged retirement funds. However, note that Age 50+ Catch-ups are optional for eligible employees if the employer-sponsored plan permits them.

• For 2025, the standard annual deferral limit is $23,500, and the catch-up contribution limit for those age 50 and older is $7,500.
• That means an active participant 50 or older can contribute up to $31,000 this year.

SECURE 2.0 higher age 50+ catch-up contribution limits for 60-63

Under SECURE 2.0, beginning in 2025, individuals ages 60 to 63 by December 31 will be eligible for increased catch-up contributions in their retirement plans.

These higher catch-up limits apply to 401(k), 403(b), and governmental 457(b) plans that currently offer Age 50+ Catch-up contributions. It’s also important to note that this change is optional for employers. So, each plan sponsor will decide whether to implement this feature in their retirement plans.

This higher age 50+ catch-up contribution limit for ages 60-63 is $10,000 or 150% of the standard age 50+ catch-up contribution limit, whichever is greater.

For example, the IRS has just announced that for 2025, the catch-up limit for those age 50+ is $7,500 and the higher catch-up contribution limit for those age 60-63 is $11,250.

To qualify for the higher catch-up contributions, participants must meet specific criteria:

• Be 60, 61, 62, or 63 on December 31 of the calendar year
• Generally, already contributed the maximum deferral amount

Note: Once participants turn 64, they revert to the standard age 50+ catch-up contribution limit.

Roth catch-up rule for high earners

SECURE 2.0 also includes new provisions regarding Roth contributions for high earners. As Kiplinger has reported, IRS rules for this provision have been delayed until 2026.

However, when that provision kicks in, if a participant’s wages with the employer sponsoring the retirement plan exceed $145,000 in the previous year (subject to cost-of-living adjustments), any Age 50+ Catch-up contributions must be made on a Roth basis.

Making Age 50+ Catch-up contributions on an after-tax Roth basis means paying taxes on your retirement savings during years when you sometimes earn more.

2025 Age 50+ Catch-up limits: Bottom line

Introducing higher age 50+ catch-up contribution limits for ages 60-63 under SECURE 2.0 is part of a broader effort to encourage more workers to save for retirement.

With that in mind, allowing increased savings during key pre-retirement years could help some who haven’t been able to save as much earlier in their careers.

However, how this works will depend on employers’ ability and willingness to adapt their plans and systems to accommodate these new catch-up contribution limits as of Jan. 1.

This article was written by Kelley R. Taylor from Kiplinger  and was legally licensed through the DiveMarketplace  by Industry Dive. Please direct all licensing questions to legal@industrydive.com

This material is provided by Voya for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent tax, legal or financial professional for specific advice about your individual situation.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

From the Desk of Dale Crossley and Evan Shear | Q2 2025

Planning for the Future: Why Estate Planning Matters More Than You Think

We hope this edition of The Journey finds you and your loved ones well. We’re all feeling the current market volatility. The roller coaster is uncomfortable, to say the least, but our investment plans are built to help manage the inevitable ups and downs. With so much turmoil in the markets, we decided not to write an article trying to predict the outcome of this recent instability. History tells us that instability eventually passes. Instead, we’ve decided to use this article to focus on where we have a bit more control right now – encouraging you to ensure you have an estate plan in place. And if you do have an estate plan, updating it regularly is vital.

As financial planners with over 25 years of experience guiding clients through every stage of their financial journeys, we’ve come to appreciate that estate planning is one of the most misunderstood—and yet most essential—components of a comprehensive financial strategy. Over the years, we’ve witnessed firsthand the confidence a well-structured plan can bring, as well as the challenges families face when those plans are absent or incomplete. Estate planning isn't just about distributing assets after death. It's about ensuring your wishes are respected, your loved ones are cared for, and your legacy lives on as you intend.

A well-constructed estate plan outlines everything you want accomplished during hardships. Like a will, legacy planning summarizes your intentions for, well, everything. The plan establishes what happens to assets and what you want for your family and business should you find yourself unable to make these decisions. It stipulates medical interventions that simplify decisions that may mentally cripple loved ones. Unlike a will (a part of the estate plan), making arrangements for an estate is a more comprehensive set of documents and strategies that solidify the distribution of assets and plans for you, family members, business associates, etc. Its scope is broader than a will and addresses lifetime and post-death situations.

Having an estate plan in place helps reduce or even eliminate potential conflicts that could arise in the event of incapacitation. Therefore, regularly reviewing your estate plan helps make any necessary updates to keep it current.

Key Elements That Impact Estate Planning

Legacy planning ensures your assets are managed per your wishes when necessary. Like a will, it outlines distribution and responsibility across any party or entity that you choose. The document delegates decision-making, provides for loved ones, details medical and financial matters, and alleviates the stress for those left behind. It sidesteps complexities associated with regional estate laws like probate and can minimize tax enforcement and other burdens.
However, making arrangements for the estate is not set in stone. People and situations change and, in turn, could significantly impact what happens to your estate. This includes:

● Marriage and remarriages
● Divorce
● Children
● Deaths
● Business purchases or sales
● Relocation
● Health changes
● Changes in relationships
● New tax laws
● Income or family growth

Estate plans must account for life changes. If not, the plan can attempt to execute no longer relevant actions. You want to include new spouses and adopted children. The document may need altering because an ex-wife/husband is out of the picture or you have specific instructions for a revamped board membership. You may want to change the power of attorney. New conditions may influence health directives, guardianship of minor offspring, or require valid documentation for the state where you've bought the property. The passing of a fiduciary could create unnecessary complexity if they're left in the estate plan.

Not updating plans can lead to conflict, completely negating the document's intent.

Reviewing Your Estate Plan: The Steps

At CrossleyShear, we highly recommend revisiting your plan at regular intervals. At the least, we suggest every three to five years, even if life has seen no major upheavals. A situation can arise that you may not even know makes a change necessary. You might want to include funding for a grandchild’s education, adjust for your children reaching adulthood, or create a trust to support a loved one with special needs.
Periodically reviewing your estate plans ensures your legacy is preserved and passed on according to your wishes. Without periodic assessments, the chances of missing a detail are significantly increased. That's a detriment to everyone and your intent, creating the very legal quagmire you hope to avoid.

CrossleyShear helps ensure that your affairs are compliant for:

● Fiduciary roles
● Asset titling
● Beneficiary designations
● Liability protection
● Adult children's estate plans
● Estate tax mitigation steps
● Pre-planning for medical and funeral arrangements
● Compilation and security of records

Tailored Estate Planning at CrossleyShear

CrossleyShear enhances well-being and confidence by setting up sound financial planning. And we understand that the strategies behind estate planning need personalization. We do not apply one-size-fits-all methodologies for managing the future. Whether you're creating an estate plan or simply making sure yours is up to date, CrossleyShear can help guide you through the process with coordinating with your estate attorney and CPA, working together as a unified team.

Any opinions are those of CrossleyShear Wealth Management and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

You are just about to drift off, and it happens - the" What If Monster" is here with a nagging yet crucial question - What if my adult children need financial help? The cost of living is at an all-time high, and no parent wants to see their child struggling. Unexpected medical bills, job loss, student debt, and rising costs can lead even the most independent people to need occasional help. With 50% of parents assisting adult children, there is a strong urge to step in. However, before you invite the "What If Monster" to keep you up at night, let's discuss approaching this delicate situation with heart and clarity that protects your financial future.

It's Normal to Want to Help, But It's Okay to Set Boundaries

It's natural to want to help when your child has difficulties. However, you must think about your financial future. By allowing your adult child to foster their economic independence through budgeting and setting clear expectations, you can provide them with the assistance they need while setting boundaries.

Start With a Conversation, Not a Check

You don't have to immediately reach for your checkbook the second your child asks for monetary assistance. Pause first and try to understand their situation.

Is This a One-Time Emergency or a Recurring Issue?

Sit down with your child and ask them questions. Did an unexpected emergency come up, or will they need financial help every month? Ask them to explain the situation. Did their car break down, or will they need help paying their rent every month? Subtly explain the difference between a one-time emergency and a recurring issue. While just about everyone has the occasional unexpected expense, a recurring issue is the first indication that your child may be living above their means.

Are They Looking for a Short-Term Loan, a Gift, or Advice?

Find out what your child's expectations are. Do they plan on paying the money back within a few weeks, or do they consider the funds a gift? Maybe your adult child isn't asking for money, but they just need some better advice on managing their finances. You not only have to think about what is right for them, but yourself as well. Remember that gifts of $18,000 or less per recipient fall under the annual "gift exclusion" for tax purposes .If your gift exceeds that, it must be reported to the IRS. When it comes to loans, even between family members, the IRS mandates that any loan between family members be made with a signed written agreement, a fixed repayment schedule, and a minimum interest rate.

What's the Long-Term Plan for Getting Back on Their Feet?

An honest, judgment-free conversation can help you determine the best, most sustainable way to assist—without enabling unhealthy patterns or draining your resources. Don't be afraid to ask your child what their long-term plans are. It's easy for adult children to assume their parents have unlimited funds. However, you know that this is not the case. Is your child planning on restructuring their finances so that they can get back on their feet? Perhaps he or she is looking for a side job or finding ways to cut back on unnecessary costs like refinancing a car loan, consolidating debt, or shopping around for better deals on required services.

Ask Yourself: Can I Afford to Help?

Helping shouldn't come at the cost of your financial security. Here are some eye-opening questions to get you started:

• How will helping them affect your retirement plan, 401(K), or emergency savings?
• Are you dipping into funds meant for long-term goals, healthcare needs, or other necessities?
• Do you have other children to support or responsibilities to balance, and don't want to get behind on your bills?

The golden rule: Don't sacrifice your financial future to fix someone else's present. A trusted financial advisor can help you assess what's realistic and healthy for both sides.

Ways to Help Without Writing a Blank Check

You don't always have to hand money over. There are other ways to help. Consider these thoughtful, strategic alternatives:

• Offer to cover a specific expense - Perhaps you can pay this month's rent or buy groceries this week rather than just giving a random amount.
• Help create a budget or financial plan - This helps with economic independence.
• Co-sign with caution. Know the risks if you're asked to co-sign a loan. Read and understand the terms, and make sure your child will be able to make payments.
• Gift wisely - Use annual gift tax exclusions and document everything clearly.
• Connect them with a financial advisor - This guides them toward sustainable decisions.

Strengthen Your Financial Future: Keep the What-if Monster Quiet With a Plan

Every parent wants to help their children, but you must do so without risking your peace of mind. The best way to quiet the "What If Monster" is with a thoughtful, proactive plan that considers your goals, protects your financial future, and offers the support your children may need.

If you've been thinking about what will happen if your adult child needs monetary assistance, we're here to help you explore the right approach. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. We can help you plan how to structure financial gifts, adjust your retirement strategy, or set expectations. We can work together to find a path that supports everyone - eliminating those sleepless nights.

At Crossleyshear, we dedicate ourselves to helping you learn how to support your family while staying secure in your own future. Contact us today for more information.

Any opinions are those of Dale Crossley and Evan Shear and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided in the attached article will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.