NEW YEAR’S FINANCIAL CHECK-UP

Seven aspects of your financial life to review as a new year begins.

• INVESTMENTS
  Review your investment strategy – make sure it’s in keeping with your current goals. Look over your portfolio positions and revisit your asset allocation.
• RETIREMENT
  Take a look at your overall retirement strategy. Does it (still) make sense? If applicable, take your RMD (required minimum distribution) from your traditional IRA. Take a look at and/or max out contributions to IRAs, 401(k)s. Consider maxing out catch-up contributions, if applicable. Finally, consider Roth IRA conversion scenarios.
• TAXES
  Search for possible credits and/or deductions as the New Year begins. Have a qualified tax professional put together a year-end projection, including Alternative Minimum Tax (AMT). Review appreciated property sales and both realized and unrealized losses and gains. Take a look back at last year’s loss carry-forwards. If you’ve sold securities, gather cost-basis information. Look for any transactions that could potentially enhance your circumstances.
• GIFTS & CONTRIBUTIONS
  Plan charitable contributions or contributions to education accounts, and make any desired cash gifts to family members. Review and fund trusts, as applicable.
• INSURANCE
  Are your policies and beneficiaries up to date? Review costs, beneficiaries, and any and all life changes that may affect your insurance needs.
• PERSONAL CHANGES
  Last year, did you …
       ... get married or divorced?
       ... move or change jobs?
       ... buy a home or business?
       ... have (or adopt) a child?
       ... receive an inheritance or gift?
       ... see a severe illness or ailment affect a family member?
       ... lose a family member?
       ... discover that your parent(s) would need assisted living?
• BIRTHDAY MILESTONES
     Will you turn 70½ this year? If so, you must now take Required Minimum Distributions (RMDs) from your IRA(s).
     Will you turn 65 this year? If so, you’re now eligible to apply for Medicare.
     Will you turn 62 this year? If so, you’re now eligible to apply for Social Security benefits.
     Will you turn 59½ this year? If so, you may take IRA distributions without penalty.
     Will you turn 55 this year? If so, and you retired during this year, you may now take distributions from your 401(k) account without penalty.
     Will you turn 50 this year? If so, “catch-up” contributions may now be made to IRAs (and certain qualified retirement plans).
  

The end of the year is a key time to review your financial “health” and well-being.
If you feel you need to address any of the items above, please feel free to give us a call. The advisors here at Adams & Associates will be happy to help you take a closer look and answer your questions or concerns. For 26 years, we have been helping our Berks County clients plan and save for their financial future.

Our mission is to help our clients achieve their financial objectives through a long-term relationship with a trusted and knowledgeable advisor. Adams & Associates takes pride in the variety in investment products available through our Broker/Dealer Cadaret, Grant & Co. Because we have no allegiance to any particular investment product, we are able to focus on the need of our clients to choose the appropriate investment vehicle.

As a New Year begins, everyone here at Adams & Associates
would like to wish you and your family a prosperous New Year!

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.