The new year brings a sense of renewal and with it the urge to take a fresh look at ourselves–inside and out. A new year will also bring with it a new tax season, a time to gather paperwork and review the past year, an ideal time to think about finances.
An annual review of your finances is a necessity at this time of year, not just for tax purposes, but because finances are dynamic; needs and goals change, new savings, investment, and insurance products become available, family incomes increase, children are born, others are off to college, estates increase, jobs change.
Regular annual reviews provide a much–needed opportunity to be certain your past financial decisions are still moving you in the direction of your goals — and if not, to change them as soon as possible.
This year, as you resolve to make positive changes, work on improving your financial situation. Start by gathering and organizing your paperwork: life insurance policies and beneficiary designations, year–end statements from your retirement and investment plans, disability and long term care insurance policies, last year's tax return, your spending records, and other financial documents.
Next, plan to meet with your insurance agent, financial services representative, tax advisor, and/or your legal advisor to discuss the past year as well as your plans and goals for the coming year.
Here are some suggestions for preparing for these meetings in advance:
- List any changes in your work and/or personal life that took place in the last 12 months.
- List any changes in your work and/or personal life that will take place in the next 12 months.
- Review your life insurance plans carefully.
- Review the performance of your retirement plan savings and investments.
- Consider the impact taxes will have on your retirement savings and income goals.
- If you own a business, review all your insurance and retirement programs.
- Finally, be sure to find out about new policies, plans, and products that are available.
Tidak ada komentar:
Posting Komentar