With summer winding down, now is the time to revisit your long term financial plan and to review them for any necessary adjustments. Touch base with your financial advisor and make sure you’re on the right track to meeting your financial goals.
1. Re-evaluate income and cash flow. Raises, job changes and unexpected home costs are just a few of the factors that impact your income and cash flow. Re-evaluate current income to plan monthly expenses and savings as well as making the most advantageous retirement savings decisions. Monitor your spending patterns and current budgeting practices within the scope of your long- term savings strategy.
2. Family Security. This is one of the most important decisions you can make to invest in your family’s financial security. Examples may include proper insurance coverage and polices in place to reduce or eliminate financial risks when faced with sudden or unexpected loss. Security may also include starting or re-evaluating college savings plans (planning ahead for your kid’s futures relieves some of the financial burdens and gives them a head start entering college or the workforce.)
3. Proactive tax planning. With the Tax Cuts and Jobs Act of 2017, you may need to adjust your tax projections. By remaining proactive about your tax planning, you will determine how much money you’ll need for upcoming tax payments. Taxes are such a significant annual expense, it’s important to understand the best strategies to reduce your taxes and avoid expensive mistakes that could cost you. Effective tax planning allows you to make smarter financial investments, helping save you money in the long run.
Financial planning is ongoing, and we’re here to help!