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Finance To Do’s

2015 is coming to a close but before the ball drops here is a countdown of things to put on your financial to do list.

Number 5: check with a professional to see if your beneficiaries are in order.

“A lot of times when we set up life insurance policies or old 401K’s we may have beneficiaries that are no longer part of our lives. An example of that may be an ex spouse or a parent or guardian who’s passed. It’s important to go through the process of looking at the beneficiaries and making sure how you title those beneficiary forms match what you have established from your trust or will or any legal documents you have in place,” said Founder and CEO of 360 Financial Group, Jim Dischert.

A new year also brings in new laws, which is why number four is to be aware of the changes being made to social security.

“Social security changes are vast going into 2016 they’re removing some benefits that are going to effect those individuals that are preparing to file for social security benefits. So we need to make sure that the strategies you’ve had up until this point are still valid, you still have time until the end of the year to make those changes and be grandfathered in before the new changes come out,” said Dischert.

Number three, as we get into tax season it’s not only important to prep but also to plan.

“Tax preparation is a history lesson, tax planning is significantly different. And If you don’t have an advisor to help you on that tax planning portion it’s important to seek out advice from a professional, a CPA or an advisor who can help you through those processes,” said Dischert.

Coming in at number 2 is account review.

“This is going to be pretty detailed because you’re going to want to look at each of the accounts you have and measure the performance against what the expectation was because as we roll into 2016 you want to make sure your accounts are structured the way you anticipate and volatility in the marketplace doesn’t come as a surprise to you,” Dischert said.

Taking the top spot for our financial years end checklist is reviewing those goals you made at the beginning of 2015 to see if you met them.

“It’s goals revolving around your planning process, so understanding did you achieve your goals and if not what was the cause of not hitting the goals that you had,” he said.

 Naperville News 17’s Natalie Vitale Reports.


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