Broker Check
New Year: New Financial Plan

New Year: New Financial Plan

January 10, 2022
Share |

Friends,

We hope you all had a wonderful holiday season and are looking forward to the year ahead. Many of you spend the weeks around January 1 as a time to reflect upon the previous twelve months and plan for the upcoming year. If you haven’t reviewed your financial plan – there’s still time. Read over the items below and let us know if we can help with advice in these areas.

  • Financial Plan
    • Create a new one or refresh one from years past
    • Write down tangible goals for 2022
  • Develop an updated balance sheet and review for the following:
    • Debt – plan to pay down or consolidate
    • Simplicity - consolidation of accounts (old IRAs or 401ks)
    • Review the amount allocated to each financial bucket and strategize if one is overweight (real estate, retirement accounts, business assets, etc.) 
  • Understand Cash Flow
    • Project income and expenses
    • Making more this year?
      • Increase Savings Goals
        • Contribution limit increases:
          • 401k, 403b – max increases to $20,500 and catch up remains at $6,500
          • SIMPLE – goes to $14,000 from $13,000 
  • Review life changes
    • Retirement
    • Selling a business
    • Adding to the family or kids going to college
    • New Home? File for Homestead exemption by April 1 (in most states)
    • Turning 72 – begin taking required minimum distribution (at least before April 1 of next year) 
  • Taxes
    • Contribute to your IRA, Roth, or SEP before the individual tax deadline
    • Run projection with CPA if you expect changes from years prior

 We’re happy to walk through these and other financial planning items as the New Year kicks into gear!

 

 Matt and Andrew