Page 58 - South Mississippi Living - January, 2016

PHYSICAL & FISCAL FITNESS annual check up
IT’S A NEW YEAR...IS YOUR
FINANCIAL HOU$E
IN ORDER?
7 Aspects of your Financial Life to Review on an Annual Basis
story courtesy of Roberts Wealth Management
We have begun a New Year and Roberts Wealth Management says this is a great time to make sure your financial house is in order.
The Roberts philosophy is easy to understand. “If you’re ready to take control of your finances and future to reach and maintain retirement success while simplifying your financial life, we’re ready to help you attain those goals,” said Paul Roberts, III. “If you have any uncertainty in your financial life, now is the time to get some help making sure your T’s are crossed and your I’s are dotted. The beginning of every new year is an excellent time to get a financial check up. A full annual financial check up involves many aspects of your financial life.”
1) Investments- Review your investment strategy, make sure it is keeping up with your current goals. Look over your portfolio positions and revisit your current allocations.
2) 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 max out contributions to your IRA or 401(k). Consider Roth IRA conversions or contributions and consider maxing out catch up contributions allowed
by the IRS.
3) Taxes – Search for possible
credits and/or deductions
before the tax year comes to
a close. Review appreciated
property sales and both
realized and unrealized
gains and losses. Take a
look back at last year’s loss carry- forwards. If you have sold securities, gather cost basis information.
4) Gifts and Contributions – Plan charitable contributions or contributions to educational accounts, and make any desired cash gifts to family. Review and fund trusts as applicable.
5) Insurance – Are your policies and beneficiaries up to date? Review costs, beneficiaries, and any and all life changes that may affect your insurance needs.
6) Personal/Life Changes – This year did you...Get married or divorced? Move or change jobs? Buy a home or business? Have or adopt a child? Receive an inheritance gift? See
a severe illness or ailment affect
a family member? Lose a family member? Discover that a loved one may need assisted living?
7) Birthday Milestones – Did you turn 70 this year? If so, you must now take required minimum
distributions from your IRA account. Did you turn 65 this year? If so, it’s time to apply for Medicare. Did you turn 62 this year? If so, you are now eligible for social security benefits. Did you turn 59 this year? If so,
you may take IRA distributions or rollover your 401(k) without penalty. Did you turn 55 this year? If so, and you are retiring during this year, you may now take distributions from your 401(k) account without penalty. Did you turn 50 this year?
If so, “catch up” contributions can
now be made to your IRA account. When was the last time you had a full financial check up? We all have
changes in life that come about
and require updating our financial
life, whether it is updating a trust, beneficiaries, taxes or simply making sure you are on the right track to enjoy a successful retirement. Now that the holidays have passed and life has settled down, January is a great time of year to make sure your financial house is in good order.
58 SOUTH MISSISSIPPI Living • January 2016
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