In Investments, Perspectives, Wealth Planning

At the beginning of each year, individuals set personal, professional, or financial goals for themselves. How often do you revisit these goals, and what have you accomplished thus far? As we approach the second half of the year, we urge you to revisit your goals and all that you hoped to accomplish for 2023. While we may not be able to guide you with your personal goals, we can help accelerate your 2023 financial goals across the finish line.

Financial Plan: Are you on track?

Goal Review: Over time, plans may change. It is important to review your goals regularly to ensure you are still on track for your short-term and long-term objectives. Has a life-changing event occurred? Is retirement around the corner? Reevaluating what is important to you and discussing how this impacts the next 2, 5, or 10+ years is crucial. While these are evolving conversations, it is essential to make sure your financial plan accurately depicts your idea and vision of the future!

Commitments to Saving & Investments: Have you followed your plan?

Retirement Contributions: Make sure that you have adjusted your contributions to maximize your savings for 2023. The maximum amount you can contribute to your 401k in 2023 is $22,500 (plus an additional $7,500 if you are 50 or older by the end of the year). If you do not have a 401k, we can help evaluate your options for saving toward retirement.

Monthly Savings: Periodic additions to investment accounts are a great way to compound growth and take advantage of investment opportunities as they arise. Stay committed to saving above and beyond contributions to retirement accounts. This will help grow your portfolio when you need it most. Whether it is following a monthly budget or setting up an automatic transfer to your investment accounts, putting aside any amount is beneficial.

Debt Repayment: Are there changes to be made?

Given the current interest rate environment, now is the time to review your goals for paying down any outstanding debt or other liabilities. While we are uncertain of where rates will go in the future, the recent increase has affected cash flow for many individuals with fluctuating lines of credit, margin balances, or adjustable-rate mortgages. Talk to us about your perspective on maintaining a debt balance, and let’s develop a plan to pay off your liabilities strategically.

Charitable Goals: What are your intentions?

Many people have goals of gifting to charities annually. Rather than waiting until the end of the year and rushing to make gifts, consider a monthly or quarterly donation to causes you feel most passionate about. What is your tax picture for the year? Consider your intentions for gifting and review what you have accomplished. We can help you decide how to gift and what assets are most appropriate to gift.

Items to Review: What is on the back burner?

Now that the 2022 tax season is behind you, please send us a PDF copy of your 2022 tax return. With a copy of your tax return, we may identify tax planning opportunities and help facilitate conversations with your tax preparer.

If it has been a while since you last reviewed your estate plan, there may be outdated items that should be revised. Ensure that the named individuals in your estate plan are still the most appropriate choices (ex. Healthcare Proxies, Powers of Attorney, or Trustees). We can help review your current plan, identify areas of shortfall, and make changes to titling or beneficiaries as directed.

Review your insurance coverage and consider any changes that are needed. If you have policies that have not been reviewed for many years or that may need to be adjusted, we can connect you with an agent who can provide comparisons to other policies, review any shortfalls in your current coverage, and evaluate the cost-efficiency of making a change.

Improve your odds for a successful year! The first step is evaluating the goals which you set to accomplish in 2023. The second step is to let Crestwood help you! Let’s end 2023 with a bang and accomplish all that you set out to complete! Your team is here to help.

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