Time to Check Off Your Midyear To-Do's

Goal Planning

Time to Check Off Your Midyear To-Do's

'Tis the season to spring clean your finances, review your progress thus far and address any outstanding to-do's.

March 21, 2017

It's time for your semiannual checkup. Look back on your progress thus far and talk to your advisor about any outstanding to-do's. Plus, 'tis the season to spring clean your finances. Consider consolidating retirement accounts and requesting your credit report to see where you stand.

Spring 2017 Market Closures

Friday, April 14: Good Friday
Monday, May 29: Memorial Day

Planning To-Do's

Midyear checkup: 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.

Discuss 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: Homebuying season is heating up. Check your finances and pay close attention to interest rates if you’re considering buying or refinancing.

Consider an extension: Consult with your tax advisor to discuss the possibility of filing an extension with the IRS, particularly if you hold securities subject to income reallocation.

Spring clean your finances: Discuss your 401(k) or 403(b) plan options with a financial advisor if you plan to change companies or exit the workforce. You typically have four options (and may engage in a combination of these options): Leave the money in your former employer's plan, if permitted; roll over the assets to your new employer's plan, if permitted; roll over to an IRA; or cash out the account value.

Request your credit report: You can obtain a free copy from annualcreditreport.com to 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.

Speak with students: Have a conversation with your recent graduate about finances and how to budget. 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.

A Plan for All Seasons: Spring 2017

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members. 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.

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