By Ascendant Financial Solutions, Inc.
By Ascendant Financial Solutions, Inc.
Autumn is a time for change as the season reminds us of the importance of tying up loose ends. Don’t let the changing of the weather or falling leaves slow you down as nature begins to prepare for hibernation mode.
To move forward with confidence, it’s time to let go of the things (or habits) that no longer serve you, in order to manifest a healthy retirement.
Financial planning should not be one of your downfalls after using a checklist as a quick guide. This material will help you review the important things related to:
Financially planning for the future ensures that all of your ducks are in a row before year’s end. This effort can help you avoid or reduce financial stress over the holidays.
October 15 through December 7, Medicare open enrollment is a critical time to review your medical coverage and plan if it applies to you. This federally funded health insurance is for individuals 65 and older, some younger individuals with disabilities, and people with end-stage renal disease.
Do your homework before selecting a plan. It’s important to know that the different Medicare options cover specific areas of service, which can be confusing, so ask for help when adding Medicare coverage into your comprehensive financial plan.
You’ll need to decide how to get your Medicare coverage once you enroll: Original or Advantage. Ask us for help with health insurance planning in Phoenix to save money in the arena of your well-being.
We hope you have been tax planning all year and that it’s become a healthy habit with the aid of a financial advisor in Flagstaff or Phoenix. Of course if you have not, it’s our job to help you steer clear of financial stress.
Tax-loss harvesting, however, helps investors reduce their tax bills by offsetting what they must claim. Cutting your tax bill looks like this:
Be sure to consult your financial advisor and tax professional to implement a strategy that works for your situation. End-of-year tax planning in Phoenix or Flagstaff should not feel stressful and confusing. Allow our team at Ascendant Financial Solutions to help you shift your mindset by proving the power of tax loss harvesting.
The bottom line is that tax harvesting can help keep your portfolio in balance.
If the goal of obtaining a higher education is on the table for your children or grandchildren, consider getting a 529 plan. It allows you to save for their future college education, and the best part is that the funds in these accounts grow tax-free. Here are the many benefits of a 529 plan:
Have you determined who will receive money from your estate when you pass? A beneficiary may receive any type of asset, such as cash in a savings account, property titles, stock in a company, etc. If there is more than one beneficiary for an account, the assets are distributed according to the terms of the will or trust document.
A beneficiary form will allow you to designate who will receive proceeds from any life insurance policy if you die while it’s still active. You may also designate beneficiaries through a financial advisory team before transferring funds into an annuity contract with them. This information will later be used when distributing funds upon death or moving them into another financial product.
Reviewing your estate plan is vital to ensure your financial future is managed correctly. Knowing that you have a set of documents that allows you to provide for yourself and loved ones in the event you become incapacitated or if you pass unexpectedly can help you feel more at peace. This may include:
Many people go over their estate plan when they review their comprehensive financial plan. Discussing with your financial advisor for retirement planning in Phoenix can help you determine when this should be done: annually, semi-annually, or quarterly. The general recommendation for estate planning is at least every three to five years or when a life event can alter your plan.
As a good rule of thumb, it helps to review your life, disability, and health insurance policies. This can help ensure that the coverage matches your needs as life changes. If not, make appropriate adjustments to ensure the correct coverage amounts.
Personal life changes are a great reason to review and update your policies:
If you’re unsure of coverage amounts, we have professionals that offer health insurance planning in Phoenix. We are happy to go over the policies protecting your vehicles, home, family members, and other valuables. To review your insurance coverages, enlist the help of an experienced financial advisor in Phoenix or Flagstaff at AFS.
Some policies can be combined into a single plan with more comprehensive benefits at a lower cost. Tapping into our expertise and knowledge could be a financial game-changer for you and your family. Let us know if this is something you need help with.
Credit is not something you want to learn the hard way. Whether you have a good or poor credit score, checking your credit report (a record of your credit history) can help you know where you stand with what you owe. Your credit report lists all current and past credit accounts, loans, and other lines of credit that have been opened in your name.
The three major U.S. credit bureaus — Equifax, Experian, and TransUnion — maintain a copy of your report at each bureau. The law requires that you be given access to this information upon request to review it for accuracy. You don’t want an unpaid medical bill to bring your score down!
There are many outlets on which to monitor your credit that are free. Ask us about how to best track your credit, how to repair your credit, or how to build credit.
Completing tasks and checking off a fall financial list is helpful before the year’s end, as it can provide a sense of accomplishment and organization that can carry you into the new year. Use this financial fitness checklist to help clean up loose ends and ask about wealth management for retirement planning.
Don’t forget to reassess the risk in your investment portfolio and rebalance if needed; it is vital for retirement. Read: When And Why Does My Risk Tolerance Change?
And if you have tapped into your emergency savings without refilling those funds, make that a top priority.
Even though autumn can feel a bit sluggish in terms of financial activity, it should be considered an ideal time to execute your annual financial health checkup. This checklist will help you ensure you are on top of everything and prepared for whatever comes next. And a financial advisor in Phoenix or Flagstaff can help you in doing so.
Ascendant Financial Solutions, Inc. is an independent SEC Registered Investment Advisory firm serving clients in the Flagstaff and Phoenix, Arizona areas. With more than thirty years of experience in the financial industry, we partner with families, business owners, and retirees to ascend to greater financial heights on their journey to financial freedom. No matter how complex your financial goals are, our team will rise to the challenge to help you meet your goal.