Financial Spring Cleaning

Financial Spring Cleaning

Financial Goals

As the summer skies clear and you begin your annual cleaning, you might also want to consider taking the same approach and take a fresh look at your financial situation.  This time of year presents a great opportunity to formulate retirement goals in hopes of making your financial life easier.  Make it a priority to: consolidate your accounts, take advantage of tax-savings programs offered by your employer, review your list of beneficiaries and reach out to our experienced financial advisors registered through CUSO Financial Services, L.P. (CFS)1.

Consolidate Your Accounts

Consolidating multiple retirement accounts into one or two may offer several benefits, such as convenience, and fewer fees.  Moving money to one or two financial services providers may help to make it easier to proactively manage your portfolio. Another benefit of consolidation is the possibility of uncovering old accounts.  Often older accounts are left unattended, even though they may contain investments that are no longer appropriate. 

Individual Retirement Plans

If you felt the distress of unexpected taxes due, now is a great time to take steps to ease next year’s burden.  While the sting is still in your mind, consider investing in a tax advantaged account, such as a Traditional Individual Retirement Account (IRA) or 401(k) plan.  Even if you’re already contributing to an employer-sponsored plan, you may be eligible to deduct all or a portion of your Traditional IRA contributions depending on your adjusted gross income.    

Beneficiary Designation

One critical piece of planning includes making sure you are properly set to transfer your retirement assets to your intended beneficiaries.  Changes in your family situation, which may include a marriage, divorce or birth of a child, make the review of your
beneficiary designations a necessity.  Conducting a periodic beneficiary review may give you the peace of mind that comes from knowing that assets will go to your intended loved ones. 

Reaching out to the Financial Professionals at your credit union

As you prepare to review where you stand financially it may be helpful to consult with a professional who can aid in making those informed decisions.  Talk to your financial professional about the different types of tax advantaged accounts.  He or she may be able to assist you in determining which of these plans fit your unique situation without reducing your financial goals.  Our representatives specialize in helping people maintain a healthy financial balance and discover smart money strategies. Contact us to set an appointment to review your investment objectives, and to discuss any questions you might have. We look forward to speaking with you!  Call:  (800) 848-5654 or visit the Investment & Insurance Department webpage.

 

 


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