Add These 10 Tasks to Your 2012 To
Do List
What does 2012 have in store for you? Alongside the
anniversaries, birthdays, vacations and other big dates looming in the year
ahead, here are 10 key dates that financial planning experts suggest you ci=
rcle
on your calendar (or in your smartphone calendar app). Let’s count th=
em
down:
10. Open a 2012 tax folder. Here’s the
place to put all your tax documents for the coming tax year, from receipts =
for
business expenses and charitable donations to investment statements and mor=
e.
Keeping it together from the get-go will make life much easier come tax
preparation time.
9. Check yo=
ur
credit score. From the rate you pay on a loan or a credit card to your
ability to get a job or a mortgage, your credit score matters. At least once a
year, request a free credit re=
port
from www.annualcreditreport.c=
om
(1-877-322-8228) and review the report for inconsistencies and other issues
that need addressing. Then request your credit score from at least one of t=
he
major credit bureaus: Experian=
(www.experian.com; 1-888-397-3742), Equifax (www.equifax.com; 1-800-685-1111) and
8. Assess debt. Set aside an hour or two to take stock of what you
owe on credit cards and other debts, and the extent to which you’re
making progress paying down those debts. Having trouble managing debt? Cons=
ult
a financial planner about a debt-reduction plan. To find a planner in your
area, check out the Financial Planning Association’s online database =
at www.fpanet.=
org/PlannerSearch/PlannerSearch.
7. Take time to tax-plan. Sometime in the early fall, meet with a tax adviser to plan your tax
strategy for the remainder of the current tax year and the one to follow. “The fall is a good time to tax-plan, so you can start the new year with a strategy in place,” said Mark O.
Flaherty, a certified financial planning professional with Virginia Asset
Management in Norfolk, Va.
6. Take stock of investments. Sit down with a
financial planner or investment adviser once a year to assess the performan=
ce
of your investments relative to your needs and goals. Then, in light of that
assessment, determine how best to allocate those assets to keep you on track
toward meeting those needs and goals.
5. Make time for a mid-year financial update. Sometime in June or July, meet with a financial planner for a big-pict=
ure,
“how are we doing” midpoint assessment of your financial situat=
ion:
investments, insurance, retirement and education savings, etc. If you
don’t currently have a relationship with a financial planner, use the=
FPA
online database referenced above to find one.
4. Be proactive during open enrollment. Don’t let the employee benefits open enrollment period (typicall=
y a
several-week window during the fourth quarter of the year) pass without sei=
zing
the opportunity to revisit and, if necessary, revise your benefits package =
so
it best fits your needs.
3. Review your estate plan and/or will and update them as needed. Your will is a legal document specifying your wishes for the handling =
of
your affairs including children, financial assets, etc. upon your death. It=
may
be part of a broader strategy known as an estate plan. As your circumstances
change, your will and estate plan should change, too. Once a year, visit wi=
th
an estate attorney or financial planner to see if your will/estate plan
requires updating.
2. File your tax returns on time. Most people are
obligated by law to file both federal and state returns. This year the fili=
ng
deadline for 2011 federal and state returns is April 17, 2012.
1. Review your financial plan (or get a plan if you don’t have one
already). You need a financial roadmap to get where you want=
to
go in life. A financial plan functions as that roadmap, integrating most of=
the
aforementioned issues and considerations into a single plan. To be sure
you’re still on course, meet with a financial planner at least once a
year.
T=
his
column is provided by the Financial Planning Association® (F=
PA®)
of Nevada, the leadership and advocacy organization connecting those who
provide, support and benefit from professional financial planning. FPA is the community that fosters =
the
value of financial planning and advances the financial planning profession =
and
its members demonstrate and support a professional commitment to education =
and
a client-centered financial planning process. Please credit=
FPA
of Nevada if you use this column in whole or in part.
<=
br>
The Financial Planning Association is the owner of trademark, service mark =
and
collective membership mark rights in: FPA, FPA/Logo and FINANCIAL PLANNING
ASSOCIATION. The marks may no=
t be
used without written permission from the Financial Planning Association.
Contact: Dennis Filangeri
702-473-1153
jfilangeri@cbe-usa.net
1930 Village Ctr Cir #3-396
Las Vegas NV 89134
Reno Contact: Greg Crawford= , CFPÒ
775-297-4682
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