As this year comes to an end, we encourage all of you, if you have not already done so, to review a few things regarding your financial goals/plan. Here are some areas which may need to be addressed:
Taxes: Income 2021 and projecting 2022, realized gains and losses from investments, check loss carry forward from previous years, review potential deductions and credits, track donations, gifting plans and make sure you max out on any retirement plans, if possible.
Investments: Confirm investment goals and risk tolerance/strategy. Make sure you are saving enough to be on track for your retirement goals. Review any outstanding loans and try to pay them off quicker than planned.
Retirement: Max out retirement plans (401K, IRA’s etc.), Analyze ROTH IRA conversions, take RMD if required and if you are self-employed and do not have a retirement plan, open one. Review Social Security future payment information.
Insurance: Review your property, casualty, life, disability, and health policies to make sure you have appropriate coverage, and that the cost makes sense. If you have had any life changing events, you may need to adjust in this area.
Health: Review your employer health plan verses the other options in the plan. Review HSA and Flexible Spending Accounts
Estate Plans: Review your Will, Advanced Medical Directive and Power of Attorney. If you do not have these in place already, make sure you get it done in early 2022!
May you and your family have the most wonderful holiday season and Happy New Year!
Spencer Neal, AIF®, C(k)P®