Taking Care of your Finances

New Year’s resolutions plus tax season; the perfect time to take care of your finances

By Mark Ziety, CFP®, AIF® – Senior Advisor, WisMed Financial  

If you are resolved to take the best possible care of your personal finances, there’s no better time than right now.

Here are some simple steps you can take to get started.

  1. Get organized Whether you create a formal net worth statement or jot down a summary for yourself, now is the time to figure out what you own and what you owe. Not only will this give you a starting point, it also helps with tax preparation since you will have a list of accounts to quickly identify if you are missing a tax form.
  2. Focus Based on where you are and where you want to go, determine where to focus in 2021.  Are you striving to pay off debt? Do you need to beef up your emergency fund, retirement accounts, or kids’ college savings? Have you been putting off purchasing insurance or drafting your will? By focusing on one item at a time, you won’t be overwhelmed and you’ll see progress faster than trying to do everything at once.
  3. Never go it alone Check in with your advisors; an annual checkup is worthwhile and may be required in some cases. For instance, annually recertifying your income with your student loan servicer is required for income driven repayment plans. It is a good idea to meet with your financial planner and insurance advisor especially if you had a change in income, family size, or finances.
  4. Make tax adjustments If you have a big refund or big tax bill, adjust your withholding. If you will be in a higher tax bracket in 2021, make pretax 401(k)/403(b) contributions otherwise make Roth 401(k)/403(b) contributions.

Remember, WisMed Financial is part of the Wisconsin Medical Society. We are here to help members save and invest for their future, eliminate debt, manage taxes, obtain and update legal documents, utilize charitable strategies, and other personal financial matters. 

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