As we move into the 2nd quarter of 2022 we often find that it’s a nice time of the year to ‘get organized’. One of the first items that might come to mind is to do some spring cleaning within your home (the infamous junk drawer) or even sitting down to organize plans for a summer family vacation. Both are productive and give you peace of mind as well as a feeling of accomplishment!
We suggest you consider tackling personal organization through financial wellness as well! Below are some idea and strategies to organize and better your “Financial Wellness” this spring:
- Do you have all your usernames and passwords for important sites stored securely in a way that only you, your spouse or family can access?
- Have you created a master personal financial statement that includes all investment
accounts, life and/or umbrella insurance policies, long term care policies, real estate
holdings and personal valuables?
- Are important documents such as Passports, Birth Certificates, Trusts, Wills, Health Care Surrogate and Power of Attorneys stored together electronically or in a secure location?
- Have you locked your credit on the 3 reporting bureau’s or are you monitoring your credit report on a regular basis?
These are just a few items that can go a long way in providing financial wellness as well as peace of mind that your affairs are organized and secure.
If you can’t answer “yes” to these questions yet, the good news is we can help! If you would like to have a single and secure portal for all of your financial affairs please call us. It will be incredibly valuable for you!
Did you know April 28th is National Teach Your Child to
The American Bankers Association started this as a way to have children be exposed at an early age on the importance of saving. Creating a habit of saving at a young age has valuable long term benefits as you know. We would welcome the opportunity to discuss with any of your children or grandchildren the power of saving and investing. We can provide education on how they could best save for themselves whether that be adolescence savings accounts or beginning 401k contributions. We are happy to help so please call us if we can be of further assistance!
Finally, as you plan out your “Financial Year” below are some key data points to remember.
Key Financial Data for 2022
- Gift Tax Exclusion Amount – $16,000
- Annual 401(k) Contribution Limits – $20,500. Catch up over 50 years old is $6,500 for a total of $27,000
- Annual IRA Contribution Limits – $6,000. Catch-up $1,000 over 50 years old for a
total of $7,000
- IRA Required Minimum Distribution (RMD) age begins at 72
- Always remember to gift appreciated stock for charitable contributions….or your RMD if iit is not needed for income purposes so you can avoid paying income tax on the distribution
Looking ahead to the future, we’re excited to have more information to share in the coming months as we are currently rolling out enhanced Online Account Access and an updated Team Website this year. Keep an eye out for more details coming on these as we move into the summer!
Content in this material is for general information only and not intended to provide specific investment, tax or legal advice or recommendations for any individual.