MFS Monthly Tip: A Financially Healthy New Year


Guest Blogger: Andrew Horowitz, CFP, Horowitz & Company, Inc.

As we move into a new era within the political landscape, monetary and fiscal policy may begin shifting. What financial, business, or life priorities do you need to address for 2017 – and beyond? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives. Some year-end financial moves may help you pursue those goals as well.

If all goes as planned, tax reform may be in our near future. For now, before 2016 ends, we will still need to work with the current tax code.  Here are a few things you can do to potentially help lower the tax bill for the upcoming year:

  • Charitable gifting
  • Max out your retirement plan or participate in a qualified retirement
  • Tax Loss Harvesting
  • Review your withholding

Some other items to consider prior to year-end in order to increase your financial wellness:

  • Are you older than 70 ½? If so, you are required to take minimum distributions from some of your IRA accounts.
  • Review Your
  • Set goals to pay down credit card debt
  • Set up automated contributions

Making some of these financial changes to your life can help secure your future. Financial wellness can be similar to going on a diet where the only solution is to eat less and exercise more but in this case, it is spend less, pay down debts, educate yourself and save more.

Source: Mission Financial Solutions

Mission Financial Solutions provides articles, interactive tools and even personalized answers to your financial questions free and exclusive to Compass Rose Benefits Group members. For a limited time, anyone can explore this financial resource on the Compass Rose website.

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