Spring Clean Your Finances - Adviser Investments

Spring Clean Your Finances

Spring Clean Your Finances
Spring cleaning makes your home feel lighter and brighter heading into the summer. But why stop there? We can lighten your emotional load by putting your finances in order, freeing you up to focus on sunscreen and summer travel.

Let’s start with these simple spring cleaning finance suggestions.

  • Organize your income and expenses. Spending patterns shifted for all of us during the pandemic. Your income may have changed over the last few years due to a new job or a salary adjustment, too. With travel and entertainment back to pre-pandemic levels, now is a great moment to scrub your budget. We can look at your income and expenses to make sure your personal balance sheet is on track.
  • Straighten out beneficiaries. Did you know that the beneficiaries listed on your retirement plans, life insurance policies, annuities and other accounts supersede what’s specified in your will? It takes only a few minutes to make sure your beneficiaries are correct on your accounts—and we’re happy to help. While we’re at it, let’s make sure your contingent beneficiaries are updated as well. This is the type of thing that will help give you and your family peace of mind.
  • Spruce up insurance coverage. If it’s been a few years since you’ve looked at your insurance coverage, it may be time to think about a refresh. Our advisors can review the basics with you: Life, disability, home and auto, and umbrella liability. Insurance needs change when milestones come along, whether that means getting married, buying a new home or selling your business. Each of these life events is a catalyst for reviewing your insurance to make sure you’re sufficiently covered.
  • Refresh tax withholdings. Tax season is in its eleventh hour, making now an ideal time to scrutinize your withholdings. While it feels nice to get a refund check from the IRS, this isn’t always the most efficient way to manage your cash flow—and the government thanks you for your interest-free loan! If you suspect you may be withholding too much or too little, let’s check in. Or you can use the IRS’ online tax withholding estimator. We recommend the $500 rule of thumb: If you owe or are refunded more than that, it’s time to tweak your withholding.
  • Clean up your accounts. Odds are you haven’t spent your entire career with one employer—meaning you may have retirement funds stashed in several 401(k)s or other accounts. Leaving funds forgotten in ancient accounts often means they’re part of a stale investment strategy that’s no longer suitable for your goals. In some cases, rolling the funds into an IRA might lower your costs and improve your returns; in others, it may be preferable to consolidate into one 401(k). We can help you with all of this.

Once you’ve run through this list, your financial picture will be in even sunnier shape. But these items just scratch the surface of what Adviser can do for you, so let’s connect if you have any questions or would like to review your financial goals or investment portfolio. We’d be happy to help.

This material is distributed for informational purposes only. The investment ideas and opinions contained herein should not be viewed as recommendations or personal investment advice or considered an offer to buy or sell specific securities. Data and statistics contained in this report are obtained from what we believe to be reliable sources; however, their accuracy, completeness or reliability cannot be guaranteed.

Our statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio. You may request a free copy of the firm’s Form ADV Part 2, which describes, among other items, risk factors, strategies, affiliations, services offered and fees charged.

Past performance is not an indication of future returns. Tax, legal and insurance information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. Personalized tax advice and tax return preparation is available through a separate, written engagement agreement with Adviser Investments Tax Solutions. We do not provide legal advice, nor sell insurance products. Always consult a licensed attorney, tax professional or licensed insurance professional regarding your specific legal or tax situation, or insurance needs.

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