Broker Check

Is your financial house in order?

| October 30, 2017
Share |

The end of the year is approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider:

  • If you're not retired, review your contributions to retirement accounts such as IRAs.
  • If you or your spouse is 70½ or older, Required Minimum Distributions (RMD) must be taken before Dec 31. Otherwise you could incur an additional 50% penalty tax.
  • Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.
  • Compare this year's spending against your budget and make any necessary adjustments for next year.
  • Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.
  • Check your asset allocation and make any necessary changes.
  • Take some time to define your family's financial goals and concerns for next year:
    • Do you want to save more for retirement? Or for college?
    • Is a particular budget category consistently over-budget?
    • Do you expect any unusually large bills next year such as college tuition or a new roof?

Taking the time to address these items now can help you work toward making next year a success. Contact our office to analyze your situation.

Share |