Here we are in the last quarter of 2017! Reviewing your retirement accounts is essential, but do you realize the benefits of evaluating at the end of the year? Fall tends to be a time many people start thinking about next year and what they want to accomplish. The benefits of a fourth-quarter review https://www.forbes.com/sites/johnfitzsimons/2017/05/25/a-question-of-balance-how-reviewing-your-investments-can-dramatically-boost-your-returns/#437c7536106d are many:
Get on Top of Your Taxes- Your tax professional and financial advisor may suggest an extra contribution into pre-tax accounts by the end of this year. If you didn’t maximize contributions you still have time this quarter to make a one and lower your taxable income.
Make Your Bonus a Bonus- End of year bonuses can be deposited into your retirement account at your request as a pre-tax contribution.
If you receive a bonus with taxes already taken out, consider adding it to your other after-tax retirement accounts. Fourth quarter is when many companies announce end of year bonuses. If you didn’t plan on extra money, use it wisely to increase your retirement savings or reduce debt.
Plan for Next Year- Start the New Year strong with a financial plan in place after our review. You’re now in position to start your plan immediately next year. People with a written financial plan are more likely to follow and monitor their plan throughout the year.
Review This Year’s Performance- Reviewing fund and stock performance throughout this past year helps to make portfolio changes for next year. If your choices didn’t perform to our expectations, it’s time to re-evaluate.
Rebalance Yearly- Over the year portfolios may become unbalanced due to changes in the market value of your funds or stocks. By rebalancing in the fourth quarter of the year, you’re ready to start the New Year with your portfolio reflecting your investment strategy and tolerance to risk.
Give our Las Vegas office a call to set up your end of the year financial review to prepare your portfolio for 2018.
