Winterizing Your Financial Plan!

Posted by Valley Financial Group & Billy Wolfe Jr.

The days are getting colder, darker and shorter, and as we slip into our winter boots in preparation for the next few months there is no better time to take a look at our financial plan as we approach the new year, a process we’ll refer to as “winterizing”. When looking at our fiscal situation, there are several key areas to look at before the year’s end to make sure everything is in order.

1.    Make sure you have withdrawn at least the minimum amount from the necessary retirement accounts so as to meet your required minimum distribution quota.

2.     Review your financial goals and objectives. (ie retirement, education, wedding, new beach home, car, etc..)  Check up on the status of your goals for this year, as well as setting new targets for the year to come.

3.     Review your insurance plans, including life, auto, home and healthcare, and look for any changes in coverage or premiums that might be included on your plan as we put this year to rest.

4.    Review your will and beneficiaries to make sure your loved ones are financially sound and secure should the need arise.

5.    Talk to your Certified Public Accountant about your tax loss selling situation in regards to your home and income.                                                                                                                                                                                                          

 Now that your financial plans have been winterized, enjoy the holiday season and the upcoming winter months, and make sure to continue your financial preparation for the year ahead.