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It is still January, Take Control of Your Money with Financial Resolutions


It is still January, Take Control of Your Money with Financial Resolutions

There are certain financial to-do’s that need to be done once a year, while others need to be addressed once, and then you’re done with them for a long, long while. According to the Palm Beach Post’s, “6 money resolutions you can actually keep,” taking care of these basic tasks will get your year started out on the right foot. What feels better than knowing you’ve taken care to protect your family and your finances?

  1. Consolidate retirement accounts. This makes it easier for you to watch investments and can save money. Investment choices in 401(k)s typically cost much less than those available outside of the plans, and many large-company 401(k)s offer very inexpensive funds that are not available to retail investors. If you have a good 401(k), ask your employer if you can transfer your old retirement accounts into it. Otherwise, look at rolling old accounts into a single IRA at a discount brokerage. There are also low-cost target-date retirement funds that eliminate the ongoing need to rebalance your accounts.
  2. Purchase life insurance. Not everyone needs life insurance, but if you do, you may need a good-sized chunk. If you have others depending on your paycheck or your child-rearing services, you should figure out your future obligations and subtract your current resources to see how much insurance to purchase. Get quotes from several carriers. Most people select term insurance, which is much less expensive than permanent insurance, which has an investment component, like whole life.
  3. Set up savings categories. You can avoid having to scramble to pay a big bill like property taxes, if you set up savings accounts for specific costs. For each goal, calculate how much you'll need to pay the bill when it's due, and divide by the number of paychecks you'll get between now and then. Set up an automatic transfer for that amount, and the cash will be there when you need it.
  4. Refinance student loans. If you have good credit, you may be able to lower the interest rates on your student loans. Refinancing to a lower rate is a slam dunk for private student loans, but with federal student loans, you'd be giving up some pretty important protections, like income-based repayment plans and more generous forbearance and deferment options. It might be worthwhile if you have a good job and can pay off the loans quickly. Otherwise, refinance private loans separately and apply the amount you save to your federal loan bills to help pay them off more quickly.
  5. Create or review your will. An experienced estate planning attorney can help you create a will that expresses your wishes for your assets at death. If you haven’t reviewed your will in the last four or five years, you should review it to make sure it still fulfills your wishes. Laws change over time, and there may be new opportunities for tax saving strategies as well.
  6. Check on beneficiaries. Review your beneficiary designations and most of the other tasks on this list, after any major life change, such as a birth, adoption, marriage, divorce or death.

Once you’ve checked these six items off your list, congratulate yourself as resolutions that you did manage to keep for 2017!

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida and want to check these off or your list? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: Palm Beach (FL) Post (December 26, 2016) “6 money resolutions you can actually keep”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.