We all wish for a happy and healthy New Year, especially after last year, but how have you protected your family? When was the last time you reviewed your life insurance, health insurance, & property insurance? If this pandemic has taught us anything, it is to be prepared for the unknown.
Who is dependent on you? What types of debt would you leave for others to pick up? What type of financial legacy do you wish to leave? By reviewing your protection items to make sure the benefits and beneficiaries are in line with your wishes will give everyone peace of mind.
Go out there and make it a great New Year!
If 2020 has taught us anything, life may not always go the way we have planned. I have seen family dynamics change among my clients, some happy, some not. Here is my second tip for the New Year: Confirm your beneficiaries.
If you got married, divorces, or sadly, lost your spouse due to death, have you changed your primary beneficiary designations? Along with that, do you have contingent beneficiaries named?
Have there been births that may beg for a change in your contingent beneficiaries?
Have you checked these beneficiary designations on your retirement accounts, life insurance policies, and general investment accounts? Did you know you can add a beneficiary to your bank accounts? If not, please make sure you do so.
Having the proper beneficiary designations assures your funds will go to whom you wish and will help avoid Probate.
Welcome to 2021! There are always things you want to change with a New Year. One of the things I want you to look at is your asset allocation. You want to make sure you have the right mix between stocks, bonds, and cash in your investment portfolios. Depending on your risk tolerance, you may have to rebalance your portfolios. What is your risk tolerance? If you do not know, please contact me at email@example.com for an investment questionnaire to determine your risk tolerance. If you find that your stock portion has grown too large within your retirement accounts, then reallocation may not create an adverse tax consequence.
Stay tuned for more New Year investment items you should pay attention to.
We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called Opportunity, and its first chapter is New Year’s Day.
“Let our New Year’s resolution be this: we will be there for one another as fellow members of humanity, in the finest sense of the word.” -Goran Persson
“My New Year’s resolution is to stop hanging out with people who ask me about my New Year’s resolutions.” –Anonymous
“Although no one can go back and make a brand new start, anyone can start from now and make a brand new ending.” -Carl Bard
Whatever is beautiful,
Whatever is meaningful,
Whatever brings you happiness…
May it be yours this Holiday Season
and throughout the coming year!
“Family isn’t always about the people in your life who are blood relations. It’s about the people in your life who want you to be in theirs. It’s about the people in your life who accept you for who you are, support you in the things you choose to do and no matter what, are there for you. It’s the people in your life who love you, respect you and who you can depend on. Now that’s “family!” – Anonymous
Many people are looking for the next hot stock or mutual fund that they can make a killing with. What industry will be going crazy, what company will shot straight to the moon? That is not how you have a successful retirement. Looking for the next hot investment will not work.
What will work – and here is the secret – is how you manage your spending. It is not sexy or glamorous – it is calculated decision making that works. Every time you spend, you need to ask yourself “is this a need or a want?” If the answer is a need, then you have to spend the funds, if it is a want, you may need to think twice before spending.
Managing cash flow can be tricky or easy, depending on how much work you are willing to put in. You need to take a hard look at your fixed, regular expenses, than add in your discretionary spending to see what changes you have to make.
Time is on your side when planning for your retirement, use it, and make your spending decisions wisely.
The Presidential election is over, at least I think it is. Now is the time to look at all of the various tax proposals, changes to Medicare and Social Security, and decide if you need to make changes now before any laws are changed.
Will the tax brackets go back to the pre-Trump brackets? Will capitals gains tax go back up? Will you have to pay more in Social Security Tax? All of these changes will impact everyone, no matter what your income level is. There is a proposal to make Medicare mandatory at age 60 vs. the current age 65, what impact will that have on your health care choices?
Granted, these are all just proposals. Depending on what happens with the Senate recount in Georgia, these may all be moot, but they may not.
Meet with your financial professional before the end of the year. If you do not have one, feel free to contact me at firstname.lastname@example.org.
Today is Election Day and it is a divisive one. I know that many people are very emotional about this election. People have lost friends, stopped talking to family members, and have gotten very angry over this election. We may know tonight who the next President will be, we may not know for a few days. Some people will be very happy, others will not. Please be kind, this is not worth losing family and friends over.