Start the year right by reviewing and revamping your financial plan. \tInstead of hauling out those familiar New Year\u2019s resolutions about keeping a journal or drinking more water, how about focusing on your financial well-being? Here\u2019s a set of resolutions that can help ensure your long-term financial confidence. Update your beneficiaries \t<\/p>\n
If you don\u2019t correctly document your beneficiary designations, who gets what may be determined by federal or state law, or by the default plan document used in your retirement accounts. When did you last update your designations? Have life changes (divorce, remarriage, births, deaths, state of residence) occurred since then? \tUpdate your beneficiary listings on wills, life insurance, annuities, IRAs, 401(k)s, qualified plans and anything else that\u2019d affect your heirs. If you\u2019ve named a trust, have any relevant tax laws changed? Have you provided for the possibility that your primary beneficiary may die before you? Does your plan address the simultaneous death of you and your spouse? An estate attorney can help walk you through these various scenarios. Create flexible liquidity \tCash has inflation and opportunity tradeoffs, but a lack of access can cause greater problems if you find yourself needing to draw from your investments. Finding a balance in line with your life and goals is important to avoid disrupting your long-term plans. \t<\/p>\n
The right liquidity strategy will be different for every investor and could incorporate cash reserves, cash alternatives, highly liquid securities, lines of credit, margin loans or even structured lending. Multiple institutions and account owners can be used to hold more than $250,000 with FDIC guarantees.* What changes are needed given your current lifestyle and the market environment? Don\u2019t fixate solely on your assets\u2019 value \u2013 instead, drill down into what types of securities you hold, your expected cash flows, your contingency plans, your assumed rate of return, inflation rates and how long you\u2019re planning for. Retirement plans have many moving parts that must be monitored on an ongoing basis. <\/p>\n Review your account titling \t<\/strong><\/p>\n Haphazard account titling can create problems down the line. If one partner dies and an account is titled only in their name, those assets can\u2019t be readily accessed by the survivor. The solution may be creating joint accounts, but it\u2019s not always that simple. Titling has implications across a range of estate planning issues, as well as other situations such as Medicaid eligibility and borrowing power, too. <\/p>\n Develop a charitable strategy \t<\/strong><\/p>\n Giving comes from the heart, but you can also do well when doing good. For example, consider whether or not it\u2019d make sense to donate low-basis stocks in lieu of cash, or learn about establishing a donor advised fund to take an upfront deduction for contributions made over the next several years. Give, but do so with an eye toward reducing your tax liability. <\/p>\n Spark a family conversation <\/strong>\t<\/p>\n Sustaining the benefits of wealth for generations is nearly impossible without a mutual understanding among family members. Consider creating a family mission statement that outlines the shared vision for your wealth and legacy. This should include nonfinancial topics, too, like your values, expectations and important life lessons. <\/p>\n You likely receive emails, letters reports and updates from multiple accounts. Consider going paperless and centralizing important files in one place to reduce frustration and ensure easy access when needed. Your advisor may have access to secure storage tools that can help. <\/p>\n Invest with your values<\/strong> \t<\/p>\n Aligning your wealth and values is a deeply personal journey, and your portfolio can be tailored to reflect your beliefs, preferences and goals. Through a deeper understanding of what matters to you, a trusted advisor can help you identify your priorities. <\/p>\n Check in with your advisor<\/strong> \t<\/p>\n A trusted advisor can offer specialized tools, impartiality and experience earned by dealing with many market cycles and client situations. Communicate openly about what\u2019s happening in your life today and what may happen in the future. It\u2019s difficult to manage what they aren\u2019t aware of, so err on the side of over-communicating and establish a regular check-in schedule for the year ahead. \t<\/p>\n These suggestions are a helpful starting point, but no two long-term plans are identical \u2013 so reach out to your advisor for more specific guidance about progressing toward your goals in 2026. *FDIC standard deposit insurance coverage is up to $250,000 per depositor, per insured bank, for each account ownership category. Please visit FDIC.gov for more information. Raymond James does not provide tax or legal advice. Please discuss these matters with the appropriate professional.<\/p>\n","protected":false},"excerpt":{"rendered":" Start the year right by reviewing and revamping your financial plan. 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\nEvaluate your retirement progress \t<\/strong><\/p>\n
\nDigitize your record keeping<\/strong> \t<\/p>\n