Create a system to simplify your income and expenses, track your assets and liabilities, and develop a disciplined debt repayment strategy.
Right-size your emergency fund and review risk mitigation tools such as life, disability, health, long-term care, property, and liability insurance to appropriately align them with your personal financial risks – without being sold products.
Understand the true benefits of your employment beyond compensation, including a full review of your employee benefits package, qualified retirement plans, deferred compensation, and group insurance options.
Align your investments with intention and view your accounts as part of a ‘total portfolio.’ Asset allocation, risk and return measures, investment costs, risk capacity, risk tolerance, and the investment time horizon for your savings objectives are considered in detail.
Develop a personalized order of operations for your tax-efficient accumulation and income distribution strategies, including plans for financial independence before age 59 ½. Understand the roles of complex government programs such as Social Security and Medicare.
Reveal forward-looking, tax-efficient opportunities within your financial ecosystem, including Roth conversion strategies, tax gain and loss harvesting, deductions and credits, taxable income control, and asset location.
Major Lifestyle Decisions
Look around the corner and plan ahead for career transitions, major purchases, financing, gifting and inheritance, marriage, new children, and aging parents. As life happens, it is important to be proactive rather than reactive.
Make an intentional plan to protect your family now and direct your assets later by reviewing your account titling, beneficiary designations, last wills, trusts, appointed guardians, and powers of attorney. Create a legacy plan that provides support for your spouse (if any) in the event of a family emergency, with access to a trusted contact.
Copyright 2023 Jason M. Gilbert, CPA/PFS, CFF, CGMA