Retirement Planning Albany NY | 401k Plans Albany NY | Mid-Year Financial Checkup
andydlgwm
2012-07-17
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www.dlgwealthmanagement.com?=retirementplanningalbanyny
As we are halfway through 2012, financial advisors at DLG Wealth Management in Saratoga, NY stress the importance of having a mid-year financial check-up.
Below are the steps to take when having a mid-year financial checkup. Make sure you are taking care of your retirement accounts, especially for those who are 40 years or younger. Retirement and Pension Plans as we now know are going to be a thing of the past. So it’s important to make sure you are paying close attention to your retirement accounts.
First, a mid-year check-up should take a look at your tax deductions. How many deductions have you taken out of your payroll? Check your last year’s percentages and make sure you’re not taking out too much or too little from your paycheck. Many prefer to have too much taken out because they like receiving government check when they file. The catch is that the government doesn’t pay any interest on that money, so rather than take out too much money for taxes, use that extra money and put it in an interest bearing account and make some money on it.
Second, if possible start an IRA now rather than at the end of the year. Doing this will let you start earning tax deferred income.
Third, rebalance your portfolio. You have an asset allocation, which means you have stocks, bonds, and cash in your portfolio. Rebalancing allows you to make sure none of those are over weighted. You never want to be over weighted in any asset class because if that asset class takes a hit, then you can take a major hit to your IRA, 401k or brokerage account. For example, people should not be over weighted in bonds because bonds have a high level of risk to them right now. Rebalancing your portfolio can lessen your risk and increase your return.
Overall, don’t just let your retirement accounts sit there. Make sure to check-up on them and speak with your financial advisor regarding your accounts. Doing this will keep you educated and current on your retirement plan.
For more information on retirement planning, portfolio management or for other financial advice, speak with an investment advisor at DLG Wealth Management today, located in Albany, Saratoga or Utica NY. www.dlgwealthmanagement.com.
www.dlgwealthmanagement.com?=retirementplanningalbanyny
As we are halfway through 2012, financial advisors at DLG Wealth Management in Saratoga, NY stress the importance of having a mid-year financial check-up.
Below are the steps to take when having a mid-year financial checkup. Make sure you are taking care of your retirement accounts, especially for those who are 40 years or younger. Retirement and Pension Plans as we now know are going to be a thing of the past. So it’s important to make sure you are paying close attention to your retirement accounts.
First, a mid-year check-up should take a look at your tax deductions. How many deductions have you taken out of your payroll? Check your last year’s percentages and make sure you’re not taking out too much or too little from your paycheck. Many prefer to have too much taken out because they like receiving government check when they file. The catch is that the government doesn’t pay any interest on that money, so rather than take out too much money for taxes, use that extra money and put it in an interest bearing account and make some money on it.
Second, if possible start an IRA now rather than at the end of the year. Doing this will let you start earning tax deferred income.
Third, rebalance your portfolio. You have an asset allocation, which means you have stocks, bonds, and cash in your portfolio. Rebalancing allows you to make sure none of those are over weighted. You never want to be over weighted in any asset class because if that asset class takes a hit, then you can take a major hit to your IRA, 401k or brokerage account. For example, people should not be over weighted in bonds because bonds have a high level of risk to them right now. Rebalancing your portfolio can lessen your risk and increase your return.
Overall, don’t just let your retirement accounts sit there. Make sure to check-up on them and speak with your financial advisor regarding your accounts. Doing this will keep you educated and current on your retirement plan.
For more information on retirement planning, portfolio management or for other financial advice, speak with an investment advisor at DLG Wealth Management today, located in Albany, Saratoga or Utica NY. www.dlgwealthmanagement.com.
www.dlgwealthmanagement.com?=retirementplanningalbanyny
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