Start your New Year out right by focusing on these financial planning areas.
Get your balance sheet in order
You can’t expect to reach a goal without knowing where you’re starting from. Using December 31 as the effective date, update your personal balance sheet; assets minus liabilities equals your net worth. Based on this information, make attainable goals to increase your assets and decrease your liabilities.
Review your account titling
Account titling often occurs haphazardly, which can create problems down the line. Titling has implications across a range of estate planning issues, as well as other situations, such as borrowing power. Review your account titling and discuss this with your team of tax, estate and financial professionals.
Designate and update your beneficiaries
Review your beneficiary listings on wills, life insurance, annuities, IRAs, 401(k)s, qualified plans and anything else that could affect your heirs. If you are planning on a life event this year, mark your calendar to make beneficiary changes when the time comes.
Review your Social Security statement
If you are not yet retired, go online and establish an account with the Social Security Administration (SSA) at ssa.gov. The SSA doesn’t mail out individual statements of accrued benefits anymore. Review your statement and be sure all your earnings over the years have been recorded correctly.
Call TFCU Financial Advisors to start a financial plan for retirement
If you don’t have a financial plan in place for retirement, call the professionals at TFCU Financial Advisors to get started on a complimentary, no obligation plan. Make this the year to start your retirement plan.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC
(405) 737-0006
TFCUFinancialAdvisors.org