www.annexwealth.com
YOUR MONTHLY FINANCIAL GAME PLAN
DID YOUR FINANCES WORK FOR YOU IN 2015?
HERE’S HOW YOU CAN GET ON TRACK, MONTH BY MONTH:
JAN
GET ORGANIZED!
Gather all the pieces.
· Gather up all of your financial data.
· Review how much you saved last year: 15% is reasonable target
· Retired? Review 2015 spending & budget.
Locate the best returns on your investments
· Are you putting your money into opportunities that get you the best risk adjusted return?
· Are you paying down debt with highest interest rate first?
· Do you have too much money in a banking account that isn’t earning anything?
Match Contributions rates to limits of retirement plans:
· Same as 2015: $18,000 can be put away for investors under 50 years old
· 50 and over? You can put away $24,000
· Consider 529 plans savings & auto debit from a savings account into a taxable
brokerage account
DEADLINE FOR PAYING QUARTERLY ESTIMATED TAXES: January 15, 2016.
FEB
EARLY TAX PREP
Gather documentation on deductions.
· Put receipts for charities, medical, mortgage interest, tax refunds in one place
· Double check your 1099s and W-2s
· Did your capital gains surprise you in 2015? Work with a financial professional to determine amount
of gain that works best for your tax situation in 2016
· Remember, you will NOT receive a form 1099 for the following:
dividends, interest or income under $10, an IRA not in distribution, C-Corporation account or foreign account
MAKE A RESOLUTION TO LOOK AT PAPER OR ONLINE STATEMENTS
OF INVESTMENTS AND EARNINGS MONTHLY
MARCH
DON’T SCRAMBLE!
Get your IRA contribution set so you aren’t scrambling.
· Same as 2015: $5,500 can be put away for investors under 50 years old
· 50 and over? You can put away $6,500
· Earn too much to contribute to a ROTH? Look into if contributing to a traditional IRA, then
converting to a ROTH would be right for you
Fund your HSA (Health Savings Account)
· Deadline is April 18th for it to count for 2015. Don’t forget if you are over 50 you can
contribute extra $1,000
APRIL
CLEAN UP PAPERWORK
Go paperless.
· · Make sure your computer security is up to par
· Sign up for paperless options for brokerages, banks
· Sign up for paperless bill pay: The Better Business Bureau said in a 2010 study that identity theft is more
prevalent offline with paper than online! They found an average $551 in losses when detected online vs. average
$4,543 when detected from paper statements
Know what to shred
Keep
· all investment trade statements that show a cost basis
· year-end statements that give market values
Shred
· any paid bills or cancelled checks that are unrelated to the tax year
· credit card offers with your name preprinted
Recycle any prospectuses and annual reports – after you read them, of course!
DEADLINE FOR PAYING TAXES: April 18, 2016.
MAY
PREPARE FOR THE UNEXPECTED
Make a Master List
On one sheet, gather all of your information
· Financial accounts, provider name, account numbers for banking and investment accounts
· Life insurance information and contact number
· Names & phone numbers of all professionals you work with
· Name & phone number for your company’s HR and boss
· URLs for all online sites, user names and passwords
· List autopay for any bills
· Call tree of who should be contacted in case of emergency (parent, friend, family)
· List all healthcare professionals and contact info (doctors, specialists, etc)
Put the list in an envelope with I.C.E. on it (In case of Emergency).
Place one in spot where a loved one would look, and another copy in your safety deposit box as
long as your executor knows where the key is.
JUNE
ENVISION YOUR RETIREMENT
Have a Heart to Heart
Engage in an honest discussion about how you see your retirement – with your partner and yourself
· Where will you be?
· What will you be doing?
· How much money will you need to meet your needs and be comfortable?
Review your goals with your trusted advisor
· Do you have a written financial plan to help you get there?
· Engage a Certified Financial Planner (CFP); a fiduciary who will take your best interests at heart
DEADLINE FOR PAYING QUARTERLY ESTIMATED TAXES: JUNE 15, 2016.
JULY
MID-YEAR CHECK UP
Evaluate Viability of your Portfolio
· Check your budget and spending – are you on track?
· Are your investments keeping up with their benchmarks?
Evaluate Costs involved with your investments
· Understand the transactions fees, management fees, and internal expenses that sometimes
are harder to see in a statement
· Ask your advisor about the use of exchange traded funds or lower cost funds for smaller
positions in your portfolio
AUG
BACK TO SCHOOL
Do a check on college savings
· Run a check on college costs for children or grandchildren
· Take a look at local, state run programs, like Edvest in Wisconsin, that allow you to put away
for college and take a state income tax deduction.
· Consider any gifting that would be done for grandkids into an education plan
SEPT
GET YOUR ESTATE IN ORDER
Craft or revisit your Estate Plan
· Have a trusted advisor review your estate plan if it has not been done in the last several
years, or if there have been any life changes since you created one…or…get it created now.
Make sure you have the following:
· Will or trust
· Living will for healthcare
· Power of attorney for healthcare
· Financial Power of Attorney
· Guardian named for minor children or dependents
Review your Beneficiary designations
· Make sure titling of your assets is the way you want it
· Life insurance
· Retirement accounts
· If you have a trust, which of your assets need to be titled to it?
Make a list of those precious items (jewelry, antiques) and who you want to get them, and add
the list as a codicil to your will or trust
Have a plan for your digital estate: don’t keep your Facebook page out there years after you
aren’t around
DEADLINE FOR PAYING QUARTERLY ESTIMATED TAXES: SEPTEMBER 15, 2016.
OCT
PLANNING FOR LONGEVITY
Review long-term care plan
· How would you pay for health care expenses in your elder years? Are you self-insuring with
investments or do you have an insurance plan for long term care?
· Have an advisor take a look at what plans might work for you, so you can be informed
If in retirement:
· Are you able to stay where you are as you age?
· Have an open discussion with family about your “no-go” years while you are still in your
“go-go or slow-go” years.
NOV
YEAR-END PLANNING
Review which assets will distribute taxable capital gains
· Mutual funds usually distribute early December
· Avoid buying a fund just before its distribution
Put investment losses in taxable portfolios to work for you
· Offset capital gains with losses, but wait at least 30 days before buying back a substantially
same investment
Open enrollment choices
· Still working? Most employers offer open enrollment for health insurance and other benefits
so it’s time to evaluate what is best for you and your family
DEC
BE GENEROUS
Pay Yourself First
· December 31st is your deadline for 401(k) contributions – are you saving enough?
· If you are required to take one, be sure your required minimum distribution if taken by
year-end
· You might be able to lower your tax burden by making a charitable contribution: donations
of cash or an appreciated investment asset
Gifting
· Each individual can gift up to $14,000 per person per year
W E A L T H
M A N A G E M E N T
Investment Advisory Services offered through Annex Wealth Management, LLC®. Securitied offered through
H. Beck Inc., member FINRA & SIPC. Annex Wealth Management® and H. Beck. Inc. are unaffiliated.