Your Financial New Year’s Resolution

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Concord Wealth Partners December 5th, 2022

The end of each calendar year marks an excellent time to review the health of your current financial strategy. Life events, taxes and market conditions can all dramatically affect your financial confidence. A review of your finances is a wise investment in your financial well-being.

Think about your personal situation over the last 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/purchase of a home?

If you’re like most people, you think of your taxes once a year – right before the April 15th deadline. But if you want to get the most out of your investments and your financial strategy, you should evaluate your tax situation before the end of the year while there’s still time to make changes.

Similarly, your retirement contributions and other investments can potentially affect the future of your financial goals. Have you considered the effect of inflation? If your long-term savings portfolio 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 see how 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 estate plan if there have been changes in your situation. Reviewing your insurance coverage now may also help you protect your assets. A disability or untimely death can cause financial hardship for your family.

Life events should prompt you to consult with your financial professional, before the fact, to ensure you are prepared for any changes or to take advantage of the tax implications these changes might bring.

To help you get started, here’s our End-of-Year Financial Planning Checklist.

Contact your advisor to discuss your 2023 financial goals. We look forward to hearing from you soon.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. Investment advisory services are offered through Concord Wealth Partners, an SEC Registered Investment Advisor.

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