I can hear you uttering John McEnroe’s famous meltdown quote, “You can’t be serious.” Make no mistake; I am dead serious. Perhaps the immortal words of Dr. Phil are more appropriate: “It simply ain’t gonna happen.” I get it, as this exercise is probably as exciting as rearranging your sock drawer.
Nevertheless, I proclaim that there are two types of pain: the pain of discipline or the pain of regret, and without question the pain of regret is often far more excruciating! Therefore, just do the work and get it done … now! Yes, you. Yes, right now. I’ll wait …
Tax planning
• Have you reviewed your realized gains and losses?
• Have you determined your loss carry-forward?
• Have you considered a tax loss harvesting strategy?
• Have you determined your tax deduction/credits?
• Have you identified ways to improve your tax situation?
• Have you determined your net investment income?
• Have you located missing cost-basis information?
• Have you scheduled a strategy meeting with your CPA?
Estate planning
• Will your estate avoid probate upon your demise?
• Are your beneficiary designations correct?
• Do you have a will? Should it be updated?
• Do you have a durable power of attorney? Should it be updated?
• What is in your safe deposit box? If stocks or bonds, deposit with your advisory firm.
• Who has access to your safe deposit box now and after death?
• Do you have assets held with transfer agents? If so, deposit with your advisory firm.
• Do you have assets titled only in your name? If so, do you know the potential problems?
• Do you have assets titled with children? If so, do you know the potential problems?
• Have you considered rolling over old employer retirement plans to your traditional IRA?
Investment planning
• Have you confirmed that your investment strategy is prudent?
• Do you know your investment performance for 2014?
• Is your asset allocation prudent?
• Have you determined your income needs for next year?
• Have you contributed to your retirement accounts?
• Do you know the overall expense of your investment portfolio?
• Are you receiving value for what you are paying for?
• Do you own annuities with riders? If so, do you understand their benefits and cost?
Insurance planning
• Are you adequately insured for death?
• Do you have a comprehensive “umbrella” liability policy?
• Have you requested an in-force life insurance illustration (does not apply to term insurance)?
• Are your premiums sufficient to keep your policy in force?
• Should your cash value pay your premiums?
• Have you reviewed your health insurance coverage?
• Should you consider a long-term care insurance policy?
• Is your “estate” the beneficiary? If so, do you understand the consequences?
Retirement planning
• Have you maxed your 401(k) contribution limit?
• Have you maxed your IRA contribution limit?
• Have you rebalanced your 401(k) (if applicable)?
• Have you determined if a Roth conversion is in your best interest?
• Have you taken your required minimum distribution (RMD) from your IRA?
• Have you created a retirement plan (self-employed)?
• Have you considered a health savings account (HSA)?
Real estate planning
• Is your real estate titled properly?
• Is your real estate subject to probate upon death?
• Should you refinance your mortgage?
• Do you have a home equity line of credit (HELOC) for emergency funds?
• Should you eliminate or pay down your mortgage?
Identity theft planning
• Did you establish a credit freeze?
• Did you set privacy settings on your social media sites?
• Did you put security codes on your smartphone/tablets/device?
• Did you install your “locate my phone” application on your smartphone/tablet device?
• Did you shred papers with personal information?
• Did you review your credit report?
Important age indicators
Are you aware at age …
• 50: you can make catch-up contribution to IRA and 401k?
• 55: you can take money from 401k without penalty if retired?
• 59 ½: you can take money from IRA without penalty?
• 62-70: you should consider applying for Social Security benefits?
• 65: you should apply for Medicare?
• 70 ½: you must begin taking RMD from your IRA?
Nickel and dime planning
• Are you charged for your checking account? If so, identify ways to eliminate the fee.
• Does an advisory firm levy annual administrative or IRA fee? If so, identify ways to eliminate the fee.
• Have you called your cell phone provider to discuss a potentially more cost-effective plan?
• Have you considered the cost savings/convenience of online banking?
Harry Pappas Jr. CFP®
Managing Director-Investments
Master of Science Degree Personal Financial Planning
Certified Estate & Trust Specialist ™
Certified Divorce Financial Analyst™
Pappas Wealth Management Group of Wells Fargo Advisors
818 North Highway A1A, Ste 200
Ponte Vedra, Florida 32082
904-273-7955
harry.pappas@wellsfargoadvisors.com
The use of the CDFA™ designation does not permit Wells Fargo Advisors or its Financial Advisors to provide legal advice, nor is it meant to imply that the firm or its associates are acting as experts in this field.
Past performance is not a guarantee of future results.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a Registered Broker-Dealer and a non-bank affiliate of Wells Fargo & Company.
This and/or the accompanying statistical information was prepared by or obtained from sources that Wells Fargo Advisors believes to be reliable, but its accuracy is not guaranteed. The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Investment and Insurance Products:
NOT FDIC-Insured/NO Bank Guarantee/
MAY Lose Value
Investment and Insurance Products:
NOT FDIC-Insured NO Bank Guarantee MAY Lose Value
