Global View Investment Blog

Global View’s Year-End Financial Checklist

As a weird 2020 comes to an end, it’s important to review your financial position. Here are 2 steps to take:

Step 1: Review Your Plan


With a new year right around the corner, make sure to review your:

Social Security Statement to Make Sure Figures are Correct

According to The Motley Fool, many people simply aren’t looking at their statements anymore. For those who don’t, you’re missing the opportunity to make sure the figures are correct. If your earnings history is incorrect or if there are other errors that need to be fixed, and you never check your statements, you will never know. These figures will impact your benefits at retirement.

Taking Social Security benefits can be a complicated, yet very important decision.

It is important to have an experienced financial advisor walk you through your Social Security decisions – especially in times like now. At Global View, I, along with financial advisor Joey Hines, recently achieved the designation of Registered Social Security Analyst with the National Association of Registered Social Security Analysts.

If you have questions about these benefits, we’re ready to help.

You can create an account at ssa.gov if you don’t already have one.

Budget

Review your current budget and increase your resolve to stick to it. This will help decrease debt and increase savings for essential items.

Debt

Review your debt and pay off what you can. You can either follow a snowball method, in which you pay off the lowest bill first, or an avalanche approach, where you work on getting rid of the highest-interest-rate debt first to reduce future interest accruals and increase the principal being paid.

Savings

As far as your savings goes, there are 3 major areas to review:

RMDs

Remember, you are not required to take Required Minimum Distributions (RMDs) in 2020, and if you turned 70-½ after December 31, 2019, RMDs are not required until you turn 72.

Beneficiaries

At year’s end, it’s always wise to check life insurance and retirement account beneficiaries you have on file to make sure they are still relevant, and then update them, if necessary. You don’t want to leave your hard-earned money to the wrong people, such as ex-spouses, former business partners or deceased loved ones.

Life Insurance Policies

Major life changes will determine if you should add or drop a current insurance policy. Discuss your concerns with a fiduciary financial advisor to make sure your best interests are at heart.

 

Step 2: Set 2021 Goals and Adjust Savings or Debt Payments

As a new year approaches, it’s wise to review your current plan and make any necessary adjustments. But it’s also wise to address your future. Talk with a financial advisor to make sure you’re on the right path to reaching your goals.

At Global View, we will: 

  1. Sell positions for a tax loss, if it is right for your situation
  2. Help with distributions or savings as needed
  3. Help with updating beneficiaries on your accounts
  4. Help you review your life insurance policies
  5. If you are close to retirement, we can run Social Security analyses and retirement income/savings analyses for you and discuss your best options

Your financial future is too important to put off. Contact Global View for more on how we can help.

 

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Amanda Baize

Written by Amanda Baize

Amanda Baize is a Paraplanner with Global View. As an accountant, she provides in-house support for clients and develops tax strategies with our advisors. She also assists with financial planning, portfolio accounting, performance monitoring, and client reviews.

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