Is this your year to get your financial goals in gear? What are you doing to make it happen? Find out what you should be doing this quarter to keep on track with your financial goals.
Click on the timestamps below to jump to specific topics.
We’re back for the new year and ready to embrace the new possibilities ahead, while still having realistic expectations. Since financial resolutions are among the top resolutions declared each year, let’s talk about how you can make it happen this year.
What should you start with? Have a working knowledge of what’s going on with the legislation, from stimulus packages to taxes. You don’t have to be the expert on it, just be familiar and aware enough to ask the right questions with your advisor and accountant. Before COVID hit, the SECURE Act really changed things, did you plan adjust for it as needed?
As we crossed into the new year, we’re reminded that tax time is just around the corner. If you have an investment account that’s not an IRA or Roth IRA and have a non-qualified investment account, don’t file too early. Sometimes there are changes that come out the first week of March. Also, make sure to keep it organized with a folder or designated place for all tax documents.
Did your income change? From cost of living increases to getting a promotion, you might be adjusting to a new income. Have you set your budget accordingly, whether your income went up or down? 2020 caused some businesses to furlough employees or give a bonus later on or decide to hold off on typical bonuses with all of the uncertainty of the future.
Lastly, what do you want your retirement to look like? Having a healthy plan means continuing to review it and ensure your goals are on track. Have you met with your advisor lately?
Do you have a financial resolution? Listen to the entire episode or click on the timestamps below to skip ahead.
2:12 – What are Nathan’s resolutions?
2:46 – What are most typical resolutions?
3:29 – What can you do in the first quarter of 2021?
5:25 – Do you remember the SECURE Act?
8:21 – It’s almost tax time again!
11:27 – Did your income change?
14:35 – Assess your overall retirement health.
A Point Of Wisdom:
“That’s why it’s planning, not a plan: it’s something you do over time. You’ve got to continue doing that and meeting with your advisor, reviewing your plan, making sure that things are on track.“
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