The springtime tradition of getting your house shipshape also applies to your financial house. With winter winding down and the arrival of spring, it’s time to review your progress this year and discuss any outstanding to-do’s with your advisor.
- Midyear monitoring: Look back on your to-do list progress, make sure your retirement plan is on track, determine if your emergency fund is adequate, and establish a regular savings plan that you can stick to each month.
- IRA distributions: If over 70½, take required minimum distributions (RMDs) from your IRAs. You must begin RMDs by April 1st the year after you turn 70½. After the first distribution, IRA holders must take distributions by December 31st of each year.
- Mind your mortgage: If you’re considering buying or refinancing a home, pay close attention to interest rates.
- Estate Plan: Is your trust updated to reflect your current wishes? Have you retitled assets like non-retirement brokerage accounts, savings accounts and the house to the name of your family trust? If you don’t have a trust, consider a beneficiary deed for your home to help avoid probate. Talk to your estate planning attorney to make sure your plan is up to date.
- Freshen up your finances: If you have retirement accounts with former employers, talk to your advisor about your options to consolidate your 401(k) or 403(b) plans.
- Request your credit report: Obtain a free copy of your credit report and conduct a midyear review.
- Save for school: Talk to your advisor about establishing or contributing to a 529 education savings plan for your child or grandchild.
- Sow financial seeds: Have a conversation about finances and budgeting with a student or recent graduate in your life. Consider introducing him or her to your financial advisor to learn the basics of saving and investing.
If you have any questions, please give Garry a call at 858-450-9711 or email him at firstname.lastname@example.org.
Post sponsored by Certified Financial Planner (CFP) Garry Kachkovsky. If you have questions regarding financial planning or investment management, give Garry a call at 858-450-9711 or email at email@example.com. For more information, visit http://www.kachkovskyandfisher.com/
Kachkovsky & Fisher is a Registered Investment Advisory Firm. This information is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results. Investors should consider the investment objectives, risks, charges and expenses associated with savings plans before investing.
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