New Year Financial Checklist for 2020

You’ve made it through the holidays, laid out your new year resolutions, and now it’s time to check in on your retirement plan. January presents another opportunity to get your finances in order and we have a checklist of items to look into for 2020.
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You’ve made it through the holidays, laid out your new year resolutions, and now it’s time to check in on your retirement plan. January presents another opportunity to get your finances in order and we have a checklist of items to look into for 2020.

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Confidence Corner

Every year gives us a fresh start and a great opportunity to check on our finances, but this year might be as important a time as ever.

The year 2020 is already off to a quick start with plenty of national and international headlines and we still have a presidential election to come. Everything seems to point towards a volatile year, which could cause you plenty of worry if your retirement plan isn’t in order.

Then there’s the new SECURE Act, which was passed at the end of 2019. It marks the first significant changes to retirement accounts in quite some time so you need to make sure you’re making adjustments as needed.

What about taxes? There’s a new W4 form that should that is easier to understand so it might be time to update your tax filings. Speaking of taxes, we’re only a few months away from the deadline so that’s another thing to start working on.

We’ll run through the entire list on this episode of The Financial Answer with Nathan O’Bryant. Let’s get off to a great start and make 2020 the best year yet.

Listen to the full episode with the audio player above or click on the timestamps below to hear a specific segment.

2:48 – Let’s talk about a checklist of items to be thinking about as the new year begins.  

3:34 – Figure out how the SECURE Act affects you.

5:53 – The Stretch IRA

7:55 – What else do you see from the SECURE Act that people need to be aware of?

8:31 – Another big change is annuities inside 401(k)s.

10:24 – What about the new W4 form?

11:28 – Any changes to contributions? This is the time of the year to be looking at these.

12:24 – It’s the time of the year to start getting all your tax info together.

14:01 – Really it’s just paying attention to your overall financial health.

 

A Point Of Wisdom:

Lots of opportunity this year for Roth conversions and over the next 10 years it’s going to make a big impact on how many of those that we do going forward for our clients. -Nathan O'Bryant
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Related Content:

PODCAST: Understanding the SECURE Act, Part 1

PODCAST: Understanding the SECURE Act, Part 2

PODCAST: Understanding the SECURE Act, Part 3

 

 

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YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

Facebook Linkedin Twitter Youtube

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

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This content is provided for informational purposes only. It is not intended to provide tax or legal advice. O’Bryant & Associates, Inc., is a registered investment advisory firm in Tennessee.

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