Is your financial house in order?

The end of the year is fast approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider: 

• If you're not retired, review your contributions to retirement accounts such as an IRA, 401(k), 403(b), etc.
• If you’re 70 ½ or older, make sure to take your annual Required Minimum Distributions (RMD) from your retirement account before Dec 31. We closely monitor the qualified accounts we manage where a RMD is necessary, but if you have other accounts subject to the RMD rules, make sure to take the distribution before Dec. 31. Otherwise, you could incur an additional 50% penalty tax.
• If itemizing deductions, make charitable contributions that you want to claim on this year’s tax forms.
• Compare this year's spending against your budget and make any necessary adjustments for next year.
• Do you expect to earn more next year? Based on the planning goals we’ve developed together, consider saving a part of your expected increase and also using some for current enjoyment.
• Take some time to define your family's financial goals and concerns for next year: 
  • Should we update your retirement goals? College? Legacy? Investment objectives?
  • Does a particular budget category consistently keep you awake? 
  • Any unusually large bills next year that we have not anticipated?

Taking the time to address these items now can help make next year a success.

Benchmark Financial Wealth Advisors is an independent advisory firm providing wealth guidance, investment management, financial planning and qualified retirement plan services. We counsel individuals, families and business owners on an ongoing basis. As a fiduciary, we serve as an advocate for our clients, providing objective advice and comprehensive guidance across all aspects of our clients’ financial lives.

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