By Senior Advisor Jennifer Smiljanich, CFP® & Associate Advisor Austin Grizzell, CFP®.
The ending of one year and the transition to a new year offers an opportunity for reflection on past events, and a look forward to a new beginning. To that end, we have some suggestions for concrete actions to start your new year on the right foot, financially.
Review Retirement Contributions
In 2023, the IRS is boosting retirement contribution limits to new highs - who knew there was a silver lining to inflation? The new amounts allow those of us with earned income to save more for retirement. Please review your 2022 contributions vs. the new 2023 limits for retirement plans and IRAs if you are inclined to maximize those contributions.
2023 Selected Retirement Plan Contribution Limits
Source: “Retirement Topics - Contributions“. IRS, irs.gov.
Consider Gifting Goals
Like retirement plan contributions limits, the IRS also increased the amount you may gift to an individual recipient to $17,000 in 2023, without affecting lifetime gift tax exemptions.
Keep SJS Apprised Of Trusted Advisor Changes
We want to keep up with changes affecting your family, including changes to your attorneys, accountants, or bankers. Please let us know if you have made changes to the professionals you work with. Tax season is fast approaching, and we want to ensure we are sharing tax documents with your current accountant and contacting the correct attorney on any strategy updates. Likewise, if you have changed banking relationships, we would like to be sure we have instructions on file to send funds to you in a timely manner when you need them.
Update Your Estate Plan
Over time, family dynamics change. It is a good practice to regularly review your beneficiary designations. They should match your current wishes and align with your estate planning documents. Reviewing your estate planning documents periodically is also recommended, at least every five years or when there is a major change in your life situation.
Take Inventory
As we move through different phases of our financial lifecycle, we often accumulate assets and move on to the next thing. Is there a reason to keep a retirement plan in place from a former employer? Am I really monitoring my "play stock" portfolio? Can I simplify my portfolio? Your SJS advisor can help you evaluate whether these investments align with how you view risk and investing today, and whether they are supporting your goals!
Keep Your Wealth Protected
We focus many of our interactions around market outlooks, how your portfolio is doing, and how it supports what matters to you. Wealth accumulation is only part of the equation, the other piece is wealth protection. We strive to help keep your personal data safe, including avoiding sending personal information via email and reaching out to you to confirm that requests we receive from you are legitimate. Taking additional steps like changing passwords periodically and adding two-factor authentication can help to keep your information safe.
As always, we are here to help you put your best foot forward. We are glad to meet with you to help keep you on track!
Important Disclosure Information & Sources:
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal professional or tax professional for specific advice.
Hyperlinks to third-party information are provided as a convenience.
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