2014 Year End Reminders

Year End 2014 Reminders
by Dee Siegferth

It seems like the beginning of 2014 was just a short time ago, and here it is the end of the year already.  How many of you feel the same way?   Now, we have to try to get things done before 2015 begins. As we prepare for the Holiday Season and New Year, I wanted to help you be prepared for 2015 with the following: Year End 2014 Reminders.

 #1 Check your Credit Report.   Once a year, you can get a free credit report through the big three nationwide consumer reporting companies – Equifax, Experian, and TransUnion. This is your opportunity to make sure your credit report is accurate.  Errors can negatively impact many financial transactions such as loan applications and credit card interest rates.  You can order your free report my mailing a report request to:  Annual Credit Report Request Service, PO Box 105283Atlanta, GA 30348-5283 or go to www. annualcreditreport.com

#2 Boost your Savings and Investments!  Before the year is over, boost your savings by consider applying some tax reducing strategies:  contribute to tax-deferred annuities, Retirement Accounts or Roth IRAs.    For information on Retirement Account Contribution Limits you may request a FREE 2014/2015 Tax Chart from our office.

 #3 Review your investment portfolio.  Even though you receive your statements from insurance, mutual fund companies, and financial institutions, you want to check how your investments have done this year. This has been a great year for most stocks, variable or mutual funds, but will it continue through 2015?  Consider your time table and your tolerance to risk.   Your investments need regular checkups and evaluations.

#4 Take a Required Minimum Distribution from your IRA account.  If you’ve turned 70 1/2 by the end of 2014, you’ll need to take a minimum distribution from your IRA account by the end of December in order to avoid taking two distributions in 2015. Please consult with your financial adviser or accountant regarding the amount you need to withdraw to fulfill the Required Minimum Distribution.

#5 Ensure that Your Estate is in Order.  (1) Have you completed your Will, Trust, Durable Power of Attorney, Health or Living Will? (2) Are your beneficiary designation forms up to date?  These forms are the most overlooked documents in your financial plan.  They need reviewed regularly. (3) Have you applied protection strategies to protect your home from losses due to medical catastrophes? (4) Have you checked your current life insurance coverage?   Are you underinsured? Are you over-insured?

To ensure that you are on the right track for 2015, call today to request your FREE Year End “Tune Up”!  Call our office at 330-644-0284 or email contact@themilestonecenter.com to request your Key Financial Data Chart for 2014 and 2015.  Dee Siegferth is a Charter member of Ed Slott’s Masters Elite IRA Advisor Group and we strive to keep you up to date with all NEW tax laws.