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Financial Spring Cleaning 2018

Financial Spring Cleaning 2018

Mar 14, 2018 | Blog

As the snow melts away and the days get longer, the phrase “spring cleaning” works its way back into our vernacular. The annual ritual of window washing and basement decluttering begins anew.  We can’t help but embrace the spring cleaning idea in financial advising. Here are five things to review in your financial life:

  • If your employer offers a retirement plan such as a 401k or 403b, please review your contribution amounts as well as your company’s match if one exists. Make it a 2018 goal to contribute enough income to your company plan to at least get the full match if available. The contribution limit for 2018 was increased to $18,500, while individuals age 50 and older can contribute a maximum limit of $24,500.
  • The IRA limits were left unchanged for 2018. The contribution limit is $5,500, with individuals age 50 and older eligible to make a $6,500 contribution. However, the Roth IRA income limit did increase. Feel free to contact us to discuss how the Roth IRA income limit applies to your personal situation.
  • If you receive a tax refund in excess of $1,000, you may want to review your withholding elections with your payroll office. While some people like receiving a refund larger than $1,000, it will affect the efficiency of your financial plan as we are essentially giving the government an interest-free loan.
  • The Tax Cuts and Jobs Act is now in effect and will influence the decisions we make in 2018 and beyond. We are recommending that people be proactive in their planning as the legislation is far-reaching. We suggest meeting with your financial advisor to better understand how the law impacts your specific situation.
  • Analyze your debt situation to get a better handle on the interest you are paying as well as the effective term.  An area of debt management that is often overlooked is determining the duration of variable rate, revolving debt. For example, most people have no idea how long they will have to pay on their home equity loan before it is paid in full.  

This is a great time to take a fresh look at your financial plan for 2018.  A little effort in March will set your mind at ease for the busy summer months to come.

Walkner Condon Financial Advisors is a registered investment advisor with the SEC and the opinions expressed by Walkner Condon Financial Advisors and its advisors in this piece are their own. Registration with the SEC does not imply a certain level of skill or training. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented in this piece is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information in this piece does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Readers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.