Now that spring has sprung, it’s time to look back on your progress this year and discuss any outstanding to-do’s with your advisor. Consider consolidating retirement accounts and requesting your credit report to see where you stand.
Monday, May 28: Memorial Day
Midyear monitoring: Look back on your to-do list progress, follow up on your taxes, make sure your retirement plan is on track, determine if your emergency fund is adequate, and establish a regular savings plan that you can stick to each month.
Don’t delay distributions: If over 70½, take required minimum distributions (RMDs) from your IRAs. You must begin RMDs by April 1 the year after you turn 70½. After the first distribution, IRA holders must take distributions by December 31 of each year.
Mind your mortgage: It’s homebuying season. If you’re considering buying or refinancing a home, check your finances and pay close attention to interest rates.
Consider an extension: If applicable – particularly if you hold securities subject to income reallocation – ask your tax advisor if filing an extension with the IRS would be beneficial.
Freshen up your finances: If you have retirement accounts with former employers, talk to your advisor about your options to consolidate your 401(k) or 403(b) plans.
Request your credit report: Obtain a free copy of your credit report and conduct a midyear review.
Save for school: Talk to your advisor about establishing or contributing to a 529 education savings plan for your child or grandchild.
Sow financial seeds: Have a conversation about finances and budgeting with a student or recent graduate in your life. Consider introducing him or her to your financial advisor to learn the basics of saving and investing.
Download the complete checklist below and talk to your advisor to make sure you don’t miss any important financial planning dates this spring season.
Raymond James financial advisors do not render legal or tax advice. Please consult a qualified professional regarding legal or tax advice. RMDs are generally subject to federal income tax and may be subject to state taxes.