Broker Check


| February 03, 2020

The beginning of a new decade presents a unique opportunity for reflection and planning. Here are a few ways in which you can partner with your financial professional to help pursue a financially healthy new year and begin the new decade on sound financial footing.

1. Review/Reevaluate your goals.

So, how did you do this decade? Are your investments still on track? Are you saving tax-efficiently (more on this later)? If any aspect of your personal and/or financial situation has changed, proper adjustments may need to be made. On your own, or with your financial professional, take some time to look at your goals and compare them to your current financial health and portfolio. Remember, it’s important to be honest and strategic during this time of reflection to maximize your chances of success.

2. Meet with your financial professional to review and/or update your plan.

Eyeing a new vacation home in Boca Raton? Or maybe perhaps you welcomed a new grandchild into the family, and you want to help pay for their college later. Whatever changes may have happened, make sure you enlighten your financial professional to the changes so that they can ensure your financial plans are up to date. What they don’t know can hurt you.

3. Don’t have a plan?

Resolve to put one in place. According to a Harvard Business study, 83% of the population does not have goals, while 14% have goals in mind, but haven’t written them down, and only 3% have goals and have them written down. The 14% of the population that have goals – even just in their heads – are 10 times more successful at achieving their goals than the those without any. Furthermore, the 3% with written goals are three times more successful than the 14% who did not write them down.1 If these statistics don’t highlight the value of goal setting and planning, we’re not sure what will! As in life, when working with your financial professional, defining and committing to clearly written goals can greatly increase your odds of achieving them.

4. Review estate planning documents and update beneficiaries.

It’s recommended that estate plans should be reviewed at least every three to five years or when a notable life event has occurred. **Major life events can include the birth of a grandchild, grandchildren reaching adulthood, death, retirement, the purchase or sale of a large asset, changes in federal or state tax and investment laws, and more. When revisiting your plan, it’s also important to ensure your beneficiary designations are in step with your current wishes and situation. These tasks ensure that you and your loved ones are protected in an all circumstances.

5. Take steps to reduce your tax exposure.

As you approach retirement, tax planning can become increasingly filled with details and multiple considerations. You’ll need to think more about things such as working income, 401(k)s, Roth conversions and more. Even the savviest investors may need a second opinion. Make sure you are working with your financial professional to incorporate smart tax planning to ensure your savings are as tax efficient as possible. This checklist can help frame how you think about the progress you’ve made, how you’re currently doing and how you want to enter the next 10 years. If you have not done so already, contact the office and schedule an appointment so that you can start the new decade off on sound financial footing.