Other Retirement Facts:

We are continuing our conversation on money resolutions today. With only a few days left till Christmas, we hope you all have a wonderful holiday! If you haven’t listened to the first part of this series, make sure to go back and check it out. Today we’ll be discussing credit,

Check your credit – There are a lot of free resources out there to do this. If you aren’t as reliant on credit as you used to be, it still affects things. Credit even impacts your insurance.

Check your fees – This can mean your advisory or investment fees. You’ll also want to check your subscriptions services. These fees can add up! Look at your credit card statement and ask yourself whether you need everything you are paying for.

Share your knowledge – If you are working with a great advisor or hear some great advice, pass it on to your friends and family.

Look for more donation opportunities – Are you charitably inclined? This should be part of your overall plan. If you are donating make sure you take advantage of how that’s structured to get the most tax advantage.

Review your tax bracket – Look at your accounts, investments, and so forth. Make sure you know where your plan stands from a tax perspective.

Think about Roth conversations – Ask your advisor if this is right for you. This is the time of year to do it. We’ll look at your tax bracket and see what is the best move for you.

Update your paycheck withholdings – If you are already in retirement this will look a little different. You’ll want to see how much you’ve paid in and whether you have a balance due or not. Having a little refund back might be the best situation.

Rebalancing your portfolio – As with many of these resolutions, it’s going to come back to your plan. Determining what your risk and needs are will help you rebalance your plan accordingly.

Plan your retirement transition – This one is for our pre-retirees. What do you want retirement to look like? Do you want to work part-time or be completely retired?

Consolidate your accounts – If you have multiple 401(k)s and IRAs now might be the time to consolidate everything together. It can make your life a lot easier.

Listen to more episodes – Stay connected with Phil and expand your knowledge into the new year by listening to new episodes.

Listen to the entire episode or skip ahead using the timestamps below. 

[1:00] – Check your credit

[2:48] – Check your fees

[5:12] – Share your knowledge

[6:45] – Donation opportunities

[7:44] – Review your tax bracket

[8:14] – Think about Roth conversions

[11:11] – Update paycheck withholdings

[12:34] – Rebalancing your portfolio

[13:48] – Plan your retirement transition

[15:21] – Consolidate your accounts

[17:22] – Listen to more episodes!

A Quotable Moment:

“If you are donating make sure you take advantage of how that’s structured to get the most tax advantage.”

-Phil Putney