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Volume 2, Edition 1 | January 2017

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New Year, New Opportunities

MIKE_MCGRAW_S_N Michael McGraw | Articles

Read Time: 2:00 min

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As we settle into 2017, new opportunities present themselves to start the year on the right path to achieving your goals.

It’s Not Too Late

While the calendar has turned to 2017, there is still time to plan for 2016 retirement contributions with potential tax savings.  Traditional and Roth IRA contributions can be made up until your 2016 tax return is filed (as late as April 15th). There are income limitations and restrictions for these contributions, so be sure to confirm with your Advisor prior to making the contributions.

Resolution Time

012717_NY_ResolutionsAccording to a Marist Poll, “spend less money & save More”, comes in as the 4th most popular New Year’s Resolution for 2017.  Here are a few tips to consider that will allow you to focus on other resolutions and set you on a path to spend less and save more in 2017 and beyond:

Those in their early working years

Check-in with your Human Resources to confirm your current retirement plan savings amount. We recommend that folks try to increase this amount a little each year, with a goal of deferring at least 15% of your salary to your retirement plan.

  • Make sure that you are contributing a percentage (%) amount of pay if your plan allows for that. By deferring a percentage rather than a flat dollar amount, you are giving yourself a “raise for retirement” each time your compensation increases.

Those nearing retirement

Maximizing these contributions ($18,000 for 2017 with an additional $6,000 if you’re over the age of 50) will get you one step closer to achieving your retirement goals.

Those in retirement

You’ve done a great job saving to get here! To stay on course in achieving your 2017 goals, it will help to prepare an estimated budget, even more so if you have a big purchase planned this year (vacation, vehicle, etc.).

New Year, New Rates?

While everything remains in the proposal stage, the consensus remains that income tax reform is coming over the next few months by the new administration.  Whether this reform brings about changes to our current tax law will likely have minimal, if any, impact on achieving your 2017 financial goals. Sticking with a disciplined savings or spending plan has proven to always come out on top.

As always, Strategic is here to partner with you on creating this path for a successful 2017!

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About Strategic

Founded in 1979, Strategic is a leading investment and wealth management firm managing and advising on client assets over $1 billion.

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