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Howe & Rusling Wealth Management

Financial Wellness Checklist

by Nancy Sutton, Senior Client Service Manager

2022 Tax Guide for Gifting

Financial Wellness Checklist

 

CHECK PORTFOLIO ASSET ALLOCATION

Make sure your target mix of assets is still in line with your risk profile and time horizon; rebalance your portfolio if necessary.

UPDATE & AUTOMATE SAVINGS & INVESTMENT CONTRIBUTIONS

Update your workplace retirement plan contribution to contribute the maximum. If you’re at least 50 or will turn 50 this year, consider making catch-up contributions (up to $6,500 in 2022 for 401(k) and 403(b) plans). Outside of retirement plans, saving automatically is the easiest way to add to your investment account, and once you set it up, you probably won’t even miss the money!

STILL TIME TO MAKE IRA CONTRIBUTIONS FOR 2021

If you haven’t reached your IRA contribution 2021 tax limit of $6,000 (or $7,000 if over age 50) you can still make contributions until tax day 2022–Monday, April 18th.

CONFIRM YOUR BENEFICIARIES

Look at your 401(k) plan, your IRA, and your brokerage account. Make sure that your accounts will be distributed the way you wish by assigning beneficiaries. Consider adding a “Transfer On Death” status to your taxable assets.

REVIEW YOUR SPENDING HABITS

Start by reviewing unnecessary subscriptions that you may still be paying but not actively using and cancel those subscriptions. If your spending habits consistently align with a brand or activity, consider opening a branded credit card to earn reward points in those areas (if you have the capacity to take on new, healthy credit without overextending).

REVIEW YOUR WILL

Make sure your will reflects your current wishes and any changes that may have occurred over the last year.

We’d love to hear
from you.

[email protected]

(585) 325 4140

120 East Avenue, Rochester, New York 14604