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Financial Checkup

ANNUAL FINANCIAL CHECKUP

 

Please review the following annual financial checkup items that might pertain to you.

Evaluate how well you are doing financially and feel free to consult with us and how we can assist you in achieving your individual financial goals.

Please list on the attached sheet those areas of most importance to you so we can address those areas during our tax meeting and assist you in implementing a sound financial plan immediately thereafter.

  • Employment income 

 Evaluation of insurance needs

  • Retirement income
  • Evaluation of investment strategies
  • Investment income
  • Transferring of assets
  • Review of annual living expenses
  • Annual savings
  • Review of accumulated debt

EMPLOYMENT INCOME

Does your current employment provide you with income stability, income growth, and provide for your retirement ?

  • How many years at current employer
  • Planning to change positions
  • Income stability
  • Income growth
  • Employer retirement plans
  • Shareholder / partnership agreements (if applicable)
  • Buy - sell agreements (if applicable)

RETIREMENT INCOME

Does your retirement income provide you with the income you need during your retirement?

  • Pension income
  • Deferred income distributions
  • Social security

INVESTMENT INCOME

Is your investment income providing you a fair rate of return?

  • Interest income
  • Dividend income
  • Capital gains
  • Rental income
  • Annuity income

REVIEW OF ANNUAL LIVING EXPENSES

Have you evaluated your annual living expenses by actually sitting down and creating a budget ? By creating a budget you will create discipline in your overall financial plan.

- Do you have a budget of monthly expenses

  • Housing costs - Mortgage, real estate taxes, utilities, repairs
  • Taxes
  • Automobile expense
  • Insurance
  • Savings
  • Charges to credit cards

SAVINGS

Are you saving for tomorrow?

Rule of thumb - you should have at least 3 months of living expense in liquid (cash) savings.

  • Discretionary income
  • Forced savings
  • Education savings
  • Retirement savings

REVIEW OF ACCUMULATED DEBT

How much debt do you have?

How much of your income goes to pay off debt?

  • Mortgage - Automobile loans / leases
  • Home Equity - Credit cards
  • School Loans

EVALUTION OF INSURANCE NEEDS

Insurance is just that, protecting you for some event in the future and replacing what you lost. Whether it is property or income are you properly insured for that possible event in the future ?

  • Life insurance
  • Automobile
  • Disability - Umbrella
  • Health
  • Key man insurance
  • Property
  • Long - term care

EVALUATION OF INVESTMENT STATEGIES

During 2015 interest on C.D.'s were less than 2%, New York State municipals were approximately 4%, and the stock market has experienced up and down volatility. 

Based upon the above how are your investments doing? Does your investment strategy meet your risk tolerance and anticipated rate of return? Do you need current income from your investments or are you looking for long term growth?

 

TRANSFERRING OF ASSETS

If you know when you are going to die or if and when you will be disabled, a perfect estate plan can be implemented. However we know someday it will happen we just don't know when it will happen. We can assist you in setting forth a plan that meets your need to have enough income while you are alive, and your desire to have your heirs and not the government inherit your hard work.

 

  • Do you have a taxable estate (in excess $5.430,000 - federal, $5,250,000 -NYS, $675,000 - NJ, $2,000,000)
  • Annual gifting ($14,000 to each recipient)
  • Creation of trusts
  • The need for insurance for estate taxes
  • Evaluate individual acceptable level of risk
  • Evaluate risk and rate of return
  • Do you require annual income
  • Are you looking for long term growth

Please print out the financial response sheet and high light those financial areas which you would like to follow up on.

-Financial response