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Wambolt Summer Checklist

July 2017 Newsletter

July 2017 NewsletterSummer is a time for family vacations, trips to the mountains and simply enjoying life. As things slow down, it is an ideal time to do a quick, mid-year financial check-up as we move into the second half of the year. Here are 5 quick items that should only take a few minutes for you to think about:

Insurance Policies – When was the last time you reviewed your life insurance policies or heard from your agent? If it has been more than 5 years since you purchased a policy, you might be able to save money, increase your benefit or even both! Over the last several years there have been significant changes in the insurance industry that could benefit you – please let us know if you would like a policy review.

Check Your Investments – Have changes occurred in the first half of the year that may require you to make adjustments? To quote Peter Lynch, “Know what you own and why you own it.” Review your allocations and make sure that all of your investments are working together to meet your financial goals.

Review Your Beneficiaries – This is an ideal time to check the beneficiaries listed on your accounts and how each account is titled.

Tax Planning – Are you reducing your tax liability by contributing to a tax-advantaged retirement account? This year you can contribute $18,000 of pre-tax dollars to a 401(k) or 403(b). If you are over 50, there is a catch-up provision that will allow you to put in an additional $6,000 for a total of $24,000. You can contribute $5,500 to IRAs and Roth IRAs with a $1,000 catch-up provision. If you are self-employed or have a side business, we recommend that you consult with a CPA to see if a Simplified Employee Pension (SEP) is an option you should consider.

Review Important Documents – How long has it been since you reviewed your Estate Plan, Will, and other important documents? If you or immediate members of your family had a marriage, divorce, death or birth, chances are you need to make some updates.

While these five key points might be a bit overwhelming, remember that our team is here to help! We can take these items off your plate and allow you to truly enjoy your summer. Our team has experience in Financial Planning, Asset Management, Insurance Design, Tax Planning and Preparation, Estate Planning and Legal Counsel. If you feel that you need to address one or more of these points, we encourage you to contact us so we can help address your concerns.

Enjoy the rest of your Summer!

The Wambolt & Associates Team

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