Your Financial To-Do List
What are your financial, business or life priorities? Your goals? Specify them, then consider investing, saving or budgeting methods you could use to realize them.
Think about deductions. If you’ve made a great deal of money in a given year and have the option of postponing a portion of the taxable income until the following year – that may bring some tax savings.
Can you max out your IRA contribution at the start of the year? If you can do it, and want to do it, do it early – the sooner you make your contribution, the more time those assets have to earn interest.
Required Minimum Distributions? Retirees over age 70½ must take RMDs from traditional IRAs and 401(k)s. Make sure you’re aware of the deadlines.
Transaction? Did you (or will you) sell any real property this year? Start a business? Receive a bonus? Sell an investment held outside of a tax-deferred account? These moves may have an impact on your taxes.
Charitable gifts? Remember, if you make charitable contributions this year, you may claim the deductions on your return.
Mortgage payments? Can you make a January mortgage payment in December, or make a lump sum payment on your balance? If you have a fixedrate mortgage, a lump sum payment could reduce the loan amount and total interest paid.
Life changes? Did you marry or divorce? You
may want to change beneficiaries in your will and take a look at your insurance coverage. If your last name is changing, you’ll need a new Social Security card. Are you returning from active duty? Check the status of your credit, and the state of any tax and legal proceedings that might have been preempted by your orders. Review the status of your employee health insurance, and revoke any power of attorney you may have granted to another person.
Don’t delay – get it done. Contact Jeffrey C. Hamm, the Navigator Financial Planning Services Advisor serving the members of Navigator Credit Union. Call 228-474-3427 today.
- Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance, products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.
This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. 09142012-WR-594