Accomplish these financial planning tasks by year-end
"The end of the year presents a good opportunity to regroup, close out 2023 in the strongest position possible, and ready yourself for 2024," writes Jeff Witz, CFP.
Check your beneficiary designations annually
"Make the proper beneficiary designation adjustments when warranted and review these annually with your adviser to ensure they remain up-to-date and make financial sense given your current situation," writes Jeff Witz, CFP.
Investment portfolio rebalancing is key to long-term success
"Portfolio rebalancing is a necessary part of an effective investment strategy, and a routine check of your investments should be completed regularly to ensure they have not drifted too far from their intended percentage targets," writes Jeff Witz, CFP.
Compounding interest is a powerful tool for retirement saving
"Saving and investing a modest amount regularly and early in your life can have a huge impact on your ability to reach your financial goals," writes Jeff Witz, CFP.
What should you do with a retirement plan from a previous employer?
Options include rolling it over into your new employer’s plan or into an IRA.
Fixed income investments: Which option is right for you?
"Overall, there are plenty of options for keeping cash. The trick is determining the best option for your needs," writes Jeff Witz, CFP.
How much do you need to retire? That depends on age, inflation, ROR, etc
"There is no simple or universal answer to the question of retirement savings. Many factors must be considered, but your financial adviser should be able to direct you so that you can enjoy a financially stable life once you stop working," writes Jeff Witz, CFP.
Failure to control lifestyle creep can lead to long-term consequences
Resist the temptation to overspend on unnecessary luxuries and upgrades.
Health savings accounts offer a triple tax benefit
"Another benefit of owning an HSA is that you may keep your HSA open and continue to enjoy tax-free growth and tax-free withdrawals even if you are no longer eligible to make contributions," writes Jeff Witz, CFP.
Consider these factors when weighing retirement feasibility
"When you plan to retire determines how long you must save for and how long investment returns can compound," writes Jeff Witz, CFP.
Factors to consider when weighing timing of receipt of Social Security
"Unfortunately, there is no 'one size fits all' answer to when you should start receiving Social Security benefits," writes Jeff Witz, CFP.
Internal Revenue Service releases list of cost-of-living adjustments for 2023
"The significant changes in these areas may require you to adjust how much you contribute to certain accounts and how you may approach your budget and tax strategies," writes Jeff Witz, CFP.
Top off your emergency fund and max out your IRAs before the year ends
"Giving to charity can be a very powerful tax-savings tool. Check if you have any appreciated investment assets you could donate instead of cash," writes Jeff Witz, CFP.
How does titling real property affect its future transfer?
"The way in which real property is titled will affect how it is transferred during the administration of an estate after death," says Jeff Witz, CFP.
The case for establishing trusts for your children
"Trusts are a powerful estate planning tool designed to safeguard your children in the event of your premature death," writes Jeff Witz, CFP.
How to use life insurance to pay estate taxes
Irrevocable life insurance trusts can be used to pay all or a portion of estate taxes.
Considerations for choosing a financial adviser
Identifying your specific needs is a good starting point.
Urology Times Money Matters: What you must do to survive down markets
Being patient and showing discipline are key behaviors.
What to consider when weighing pre-tax, Roth IRAs
Your projected retirement tax bracket may help guide selection.
Rising interest rates could affect your investments
Diversification is key to mitigate impact of rising rates.
Life insurance is a key piece of the financial puzzle
Which option you select depends on your goals and what you want to cover.
8 steps to create your 2022 financial plan
Having a year-to-year strategy helps you achieve short- and long-term goals.
Money Matters: IRS increases standard deductions for 2022
"The maximum simplified employee pension plan individual retirement account contribution was increased from $58,000 to $61,000, with maximum countable compensation increased to $305,000," writes Jeff Witz, CFP.
Urology Times Money Matters: What is your student loan repayment strategy?
Loan repayment assistance programs and refinancing are options.
Financial tasks you should complete by the end of the year
Be sure to replenish your emergency fund if necessary.
Urology Times Money Matters: How does increased inflation affect the economy?
Inflation within healthy ranges can be advantageous for consumers.
Urology Times Money Matters: Estate Planning mistakes to avoid
A list of potential estate planning mistakes you can help avoid with professional guidance.
Urology Times Money Matters: Alternative Investments
Cryptocurrency, nonfungible tokens, and marijuana stocks: Should you add alternative investments to your portfolio?
With the markets pushing record highs, how should you react?
Sticking to your investment strategy can help avoid emotion-driven decisions.
What to look for in an employment benefits package
CME reimbursement amount and 401(k)/401(b) are among elements to consider.
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