Broker Check

Mid-Year Reviews Pay Off at Year-End

| June 05, 2018
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The middle of each calendar year marks an excellent time to review the health of your current financial plan. Life events, taxes and market conditions can all dramatically affect your financial security. A review of your personal finances is a wise investment in your financial well-being.

 Think about your personal situation over the past six months. How has it changed? Has there been a marriage, a new baby, divorce, changes in wages, capital gain transactions, refinancing of a mortgage, or the sale or purchase of a home?

 If you’re like most people, you think about your taxes twice a year – at the end of the year and right before the April 15 deadline. But if you want to get the most out of your investments and your financial plan, you should evaluate your tax situation again at mid-year.

 Similarly, your retirement contributions and other investments are affecting the future of your financial goals as we speak. Have you considered the effect of inflation? If your long-term savings plan fails to keep pace with inflation, you may be unable to maintain your current standard of living in the years ahead. Now is the time to look at your investments to determine whether market movements may be an indicator that it’s time to increase your contributions or reallocate your dollars.

 Don’t forget to consider establishing or altering your will and estate plan if there have been changes in your situation. Reviewing your insurance coverage now will also help you protect your assets. A disability or untimely death can cause financial hardship for your family.

 All of these life events should prompt you to consult with a financial advisor, beforethe fact, to ensure you are prepared for any changes or to take advantage of the tax implications these changes might bring. A mid-year review can help bring your overall financial goals into focus. Taking the time to periodically monitor, and if necessary alter, your plans will leave you in a better position to build financial security. While I do not provide legal or tax advice, I can work closely with your attorney and accountant to help ensure a well-rounded plan.

 Securities America and its advisors do not provide tax or legal advice. Please consult with your tax or legal professional regarding your individual situation. Written by Securities America for distribution by William O’Donnell and Spencer Corzine.

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