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New Year's Resolutions

Resolutions are tools that offer us guideposts as we begin the new year.  The top two typical resolutions center around money and health. Our goal is to keep things simple and realistic, focusing on resolutions for your finances. 

We offer you options. Some may seem simple, but the foundation of any financial plan must be built on basic fundamentals.

7 Financial Resolutions for 2021 - Grab ahold of one or two that are most important to you.

1. Update your financial plan

When will you retire?  What size will your NESTEGG be? How much will you save to reach your goals? Let’s sit down and review your plan, whether you are planning to retire, or already retired.

2. How your taxes will be different this year?

Recent tax changes will affect many households again this year.  If you aren’t happy with your CPA, let us know. We work with some great CPA’s who are well aware of the impacts of today’s new tax code.

3. Will a Roth Contribution/Conversion benefit you?

With the increase in our federal deficit over the past 9 months, there may be tax increases on the horizon.  A Roth strategy may help hedge against future tax increases.

4. Contribute to a cause near and dear to your heart 

Consider incorporating financial gifts toward your favorite charity.  Even a few dollars each month means you will make a difference. Or you may choose to volunteer your time.

5. Maximize your 401k savings

Maximum 401k savings for 2021 are $26,000 ($19,500 for folks under 50).

6. Talk to your children/grandchildren about money

Share your best/worst financial decisions with people that matter to you.  Pass on the importance of saving for important financial goals like retirement, college, housing, etc.

7. Get your affairs in order

Create or update a will or trust, update your beneficiaries, and update life insurance. A will reflects your preferences regarding medical treatment. Also, consider a durable power of attorney, which allows someone to make health-care decisions for you if you become temporarily incapacitated. 

We are here to assist you, encourage you and point you in the right direction. If you have questions, please call or email us anytime.

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