Your Financial New Year’s Resolution
Your Financial New Year’s Resolution
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.
Related Topics
Disclosures: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Concord Wealth Partners, or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Concord Wealth Partners. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Concord Wealth Partners is neither a law firm, nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice. A copy of Concord Wealth Partners’ current written disclosure Brochure discussing our advisory services and fees is available upon request or on our website. Please Note: If you are a Concord Wealth Partners client, please remember to contact Concord Wealth Partners, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, and/or revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Concord Wealth Partners shall continue to rely on the accuracy of information that you have provided. Please Note: If you are a Concord Wealth Partners client, please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
