Broker Check
Nicholas Vissichelli
Nicholas Vissichelli
Strategies For Wealth Financial Advisor
https://www.strategiesforwealth.com/team/nick-vissichelli (631) 849-6992

At Strategies for Wealth, we are dedicated to helping individuals, families, and businesses make informed financial decisions. With decades of experience and a client-centered approach, we deliver customized financial strategies designed to help you build, preserve, and transfer wealth with confidence.

We understand that financial goals are as unique as the people who set them. That’s why we take the time to understand your objectives, evaluate your current situation, and develop tailored plans aligned with your long-term vision. Whether you’re planning for retirement, growing your business, or protecting your legacy, Strategies for Wealth is here to guide you—every step of the way—with clarity, integrity, and a deep commitment to your financial well-being.

Our impact extends beyond today. We believe the conversations we have now can empower the generations we may never meet. By planning with intention, we help shape a legacy that lasts.

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® 

Living Balance Sheet, Client Login Park Avenue Securities, Client Login Living Confidently

What Do Your Taxes Pay For?

Tax Read Time: 2 min

Taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money.

The average household spends more on taxes than on groceries, clothing, or healthcare. In fact, 11% of our income, on average, goes to personal income taxes, which doesn’t include sales tax, property tax, Social Security payments, or Medicare payments. So what do we get in return?1

The accompanying chart breaks down the $6.8 trillion in federal spending for 2024 into major categories. One of the biggest categories is Social Security, which consumes 22% of the budget. Defense takes 13% of the budget, and 13% goes to Medicare.2

Are taxes one of your biggest budget items? Take steps to make sure you’re managing your overall tax bill. Please consult a tax professional for specific information regarding your individual situation.

Pieces of the Federal Pie

Over half of 2024 federal spending was used for Social Security, Medicare, defense, and Medicaid.

Source: CBO.gov, March 20, 2025. Figures represent total outlays for the 2024 fiscal year, as reported by the Congressional Budget Office.

1. ValuePenguin.com, January 10, 2024
2. CBO.gov, March 20, 2025

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Have a Question?