How is Your Financial Fitness?

by | Jan 16, 2020 | BFM Insights

How is Your Financial Fitness?

| wealth management  by Kathy Sablone, JD, AEP®, Director of Wealth Planning

For many, the New Year is a time to set goals or to improve some aspect of one’s life. According to a recent Marist poll¹, the most common New Year’s resolutions for 2020 are to eat healthier and exercise more, followed by being a better person and losing weight. These are all great ways to start the New Year, but we suggest that you include your financial well-being in your list of resolutions.

Below are some ways that you may be able to improve your “financial fitness” in 2020:

  • Review your spending for 2019 and set a budget for 2020.
  • Meet with your advisor and review your asset allocation and confirm your investment objectives.
  • Plan to maximize annual contributions to your retirement accounts through payroll deductions or with after-tax dollars, as appropriate.
  • Review your life and property insurance coverages and update them as necessary.
  • Request your annual credit score and consider steps to improve your score, such as reducing the number of credit cards you use.
  • If you will be 72 or older (or if you turned 70 ½ before the end of 2019), plan when to take your Required Minimum Distribution from your IRA.
  • Review your beneficiary designations on your IRAs to be sure they are up to date.
  • If you will be within three months of turning 65 during 2020, plan to enroll in Medicare.
  • Confirm your Social Security earnings history for accuracy and review your estimate of future benefits.

At BFM, we believe that reviewing all aspects of your financial wellness is a great way to start the New Year. Our Estate and Financial Planning team is ready to assist you with accomplishing some of these steps or exploring other ways to help you get financially fit. Please contact us to help make your financial planning resolutions a reality.

Kathy Sablone – [email protected] or 617-956-9712

Alisa Kim O’Neil – [email protected] or 617-275-0313

 

¹Marist Poll. “Health and Fitness Top New Year’s Resolutions.” Marist Poll, Marist Institute for Public Opinion, 20 Dec. 2019,

 http://maristpoll.marist.edu/marist-poll-national-results-analysis-4/#sthash.E6SmXfAO.B5ZwiAON.dpbs

Important: This article does not contain any legal or tax advice. You should always consult with your attorney, accountant or other professional advisors before changing or implementing any tax, investment or estate planning strategy.

IRS Circular 230 Disclosure: Pursuant to IRS Regulations, we inform you that any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.