Fall Financial Planning

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While you’ve probably already begun to enjoy pumpkin spice lattes, several types of pumpkin flavored beer, and most importantly – the start of football season, next week officially marks the first day of fall. As the calendar changes season and we get closer to the end of the year, now is a great time to get a head start on end of year planning. Here are a few of things to keep in mind to get your financial plan in shape as we enter my favorite season of the year:

  1. Flexible Spending Account. Remember, your flexible spending account is a use it or lose it account. If you’ve built up a decent sized balance, consider getting your annual physical, going to the dentist, seeing that specialist you’ve been putting off, or upgrading your prescription glasses. If you’re having trouble using your funds, determine whether or not it makes sense to reduce your contributions for 2016 based on your health history and expected medical needs.
  2. Risk Management Planning. When’s the last time you’ve had your insurance policies reviewed? Or maybe you’ve been putting off getting an insurance quote. It’s good practice to review your policies as your situation changes, and now is the perfect time to address your needs before the end of the year. Our Risk Management Advisor would be happy to review your policies to ensure you are adequately covered.
  3. Holiday Planning. Begin thinking about where you will be spending the holidays and make the necessary travel plans. Holiday shopping season will be here before we know it, so also start to develop your gift budget and begin setting aside money for holiday gifts.
  4. Unpack the Cold Weather Clothing. You’ve probably noticed the cooler evenings and less of a need for air conditioning lately. Now is the perfect time to pack up your summer clothing and get the cold weather clothing out of storage. While you’re at it, donate those clothes that don’t fit or you didn’t wear at all during the summer. Before you drop off at your favorite charity, be sure to make a list of what you’ve donated and get a receipt; your accountant will thank you next spring!
  5. Meet with your Wealth Advisor. Get a head start on your end of year planning by meeting with your advisor. Be sure to provide him or her with updates on your situation, including your expected retirement date, income needs, and any other family situations that may affect your financial plan.

All of these suggestions are easy to implement and will put you in great shape for the end of the year!

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