New Year’s Financial Checklist

If one of your New Year’s resolutions is to get your financial house in order, here is a checklist of items to help you get started:

Update Your Will.
Recent changes in Federal Estate Taxes make this an ideal time to review your will.

Rebalance Your Investment Portfolio.
Market volatility has probably shifted your assets from your desired allocation.

Reallocate Your Portfolio
Is your Portfolio Model still appropriate given your goals, time horizon, and risk tolerance?

Maximize 401(k)’s, 403(b)’s, 404(c)’s, and IRA’s
Tax-deferred investments normally accumulate faster than your taxable portfolio, especially with matching contributions from your employer. Don’t miss the catch-up provisions for those over 50 years of age.

Convert Traditional IRA’s to Roth IRA’s
If your adjusted gross income is less than $100,000, it may make sense to convert to a Roth IRA now, when asset values are down and taxes you will pay will be less.

Roll Over Old 401(k)’s, 403(b)’s, 404(c)’s to Rollover IRA’s
IRA’s offer more flexibility with fewer fees. When you leave your employer, take your retirement plan with you to avoid paying the unnecessary fees associated with the retirement plans!

Look for Opportunities to Shift Income or Expenses
Shifting income or expenses between tax years can sometimes reduce your tax bill. Estimated tax payments are just one such opportunity.

Review Your Retirement Plan
Is your Retirement Plan working for you? Don’t have a plan? Call us. We can help.