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Are You Focusing on Financials in the New Year 2018?

Estimated reading time: 2 minutes, 30 seconds

With the new year just days away, some of us are likely beginning to consider our new year’s resolutions. Have you considered adding some financial to-dos to that list?

Consider starting off the new year with a focus on shoring up your understanding of your financial situation, particularly your retirement savings.

New YearFirst, ensure that your ducks are in a row with your current retirement account! If you must provide a fair market valuation (FMV) to Kingdom Trust for certain assets held in your account, the due date is coming up. All December 31 year-end values must be submitted to Kingdom Trust by January 8, 2018.

Are you eligible for a required minimum distribution (RMD)? Kingdom Trust will soon send out RMD reminders for all eligible account holders 70 ½ or older. Excluding those who’ve yet to take their first RMD, those eligible must take these distributions by December 31 each year. If you don’t take the RMD by the deadline, the amount not withdrawn is taxed 50%.

But what if you’re not a current account holder but strive to have a better handle on your finances? Like many, you may resolve to save more/spend less of your hard-earned cash!

Did you know that one of the best ways to save is via a tax-advantaged retirement account?

By maximizing your contributions to an IRA, you could put back $5,500 solely for retirement investing. If you’re 50 or older, you could put back $6,500. Contributions may be tax-deductible, and in some cases, investment gains could be tax-free!

And if you’re unable to contribute up to the limit by year’s end, never fear! The deadline to make contributions to an IRA is actually Tax Day of the following year. So, even when 2017 is behind us, you’ll still have time to contribute under 2017 limits.

Also, consult your advisor and team of professionals to ensure you’re on track for retirement. If you’re not on track, find out how to get there! Determine what changes may be needed to improve your retirement plan. Take a look at your investments and make sure they’re performing as you want and expect. Make any necessary changes to help you meet your retirement goals.

Of course, if you’re new to investing and/or don’t have an IRA, consider opening a Kingdom Trust account today.

Perhaps you just entered the workforce and simply don’t know your options regarding investing using retirement funds. Consider putting yourself on a firmer foundation by investing with a Traditional or Roth IRA. Or maybe you’re a small business owner and are frustrated with 401(k) fees and paperwork; a SEP or SIMPLE from Kingdom Trust may be a better option.

Already have a retirement plan at work? Did you know you can still open an IRA and have the same contribution limit as those without a workplace plan?

If your new year’s resolutions include better managing your finances, it’s important to look beyond the generalizations of “spending less” and “saving more.” So, however you plan to better your financial standing in 2018, always keep in mind how retirement savings could help!

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