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NEW YEAR FINANCIAL PLANNING CHECKLIST

Welcome to the New Year! Start the year 2018 with a complete understanding of where you stand financially, and begin to set goals for yourself. We have compiled a checklist to help you through this process.

Personal Finances

 List all assets, including accounts, real estate, savings, valuables, etc.

 List all debts including mortgage, student loans, credit cards, and any other loans.

 Identify and monitor your credit score.

Retirement Plans

 Determine whether a Roth or Traditional IRA is best for you.

 Rollover old 401(k) accounts from previous employers.

 Analyze your anticipated expenses in retirement and adjust your annual contributions accordingly.

Investments

 Analyze your level of risk aversion and make sure that your portfolio matches that level of risk.

 Make corrections to portfolio where market shifts occurred to realign diversification with investment strategy.

Tax Planning

 Create or revise an estate plan based upon current assets.

 Contribute to 529 College Savings Plan for family members.  Investigate and decide upon a strategy for capital gains taxes, such as reinvestment.

 Consider establishing a trust or making charitable donations.

Emergency Planning

 Build and maintain an emergency fund of three to six months’ worth of expenses.

 Consider investing in temporary disability insurance.

 Ensure that a proper agent is granted power of attorney.

Set Financial Goals

 Set realistic savings goals. o Cut out expenses that you don’t need.

o Channel paychecks directly into multiple accounts with direct deposit.

o Analyze your insurance coverage.

 Be Prepared. o What are the chances of needing to make a large purchase such as a car or college tuition this year? o Am I prepared to manage such costs? o Will I need to take on any debt?

 Remain Involved.

o Stay up to date on your financial situation through frequent monitoring and review.

o Conduct beneficiary reviews as major life events occur (marriage, children, etc.)