The Changing World of Retirement Planningtm
Social Security, Retirement, 401K Retirement & Insurance Planning. Wealth Transfer, College & Savings Planning. Charitable Giving. IRA
“My husband and I had gone to other seminars in the past, but with David we just had a good feeling. He doesn’t act superior or come across like a know-it-all. He suggests different things to us. Which we appreciate.” – Emma
“I would follow David to another office if I needed to. He’s been that great for me.” – Alan
“We trust David to act as our financial guide by helping us to make the proper decisions for where we are today and where we want to be in retirement.” – Joanna
by Derek Prusa
After a delay caused by the government shutdown, the first estimate of Q4 2018 GDP growth came in stronger than expected, leading stocks slightly higher for the week.
GDP grew 2.6% during the fourth quarter of 2018, beating the consensus estimate of 2.2%. This growth came during a period of heightened market uncertainty, where the S&P 500 almost closed in bear market territory in late December.
4 Steps to Financial Spring Cleaning
Spring cleaning is an annual rite of passage for many people. After a long Toledo, Ohio winter, your lawn as well as the inside and exterior of your home could use some attention. Lawn care companies are busy this time of year with requests for thatching, weed pulling, clipping hedges, cleaning gutters, and numerous other outdoor chores. Perhaps the outside of your home needs a new paint job and the inside needs a deep cleaning.
You accept that these chores must be done and just do them. Taking the same attitude towards financial spring cleaning could save you money and help you earn higher returns on your investments.
Check Your Contributions and Allocations on Your Retirement Account
Whether you have an employer-sponsored 401K or an Individual Retirement Account (IRA), it’s important that your money works hard for you. If you invest in stocks with your retirement savings, check them periodically to ensure they’re doing well. It’s also a good idea to increase your contribution as often as possible. If you have a 401K, make sure you’re taking advantage of the maximum contribution from your employer.
Start Tax Planning for Next Year
The deadline for filing taxes may have just passed for this year, but it’s not too early to start planning for next year. Look at your tax returns to see if you have taken advantage of every possible deduction. If your health insurance comes with a high deductible and co-payments, you could realize considerable tax savings by setting up a Health Savings Account (HSA). If your number of dependents have changed recently, make sure that your payroll deductions reflect that.
Review Your Insurance Policies
Are you paying the lowest possible premium on your life, auto, and homeowner’s insurance policies? This is something you need to research for yourself since most companies aren’t going to volunteer information on how you can save money. If you have more than one policy with the same company, you should be eligible for a multi-policy discount. Depending on your individual circumstances, raising your deductible in exchange for a lower premium could make sense for you.
Meet with Your Financial Planner
A good financial planner helps you manage all aspects of your financial life. Whether it’s retirement, saving for your child’s college education, setting up a charitable fund, or anything in between, you should be able to get help with any financial concern.
If you’re dissatisfied with your financial planner’s advice or number of services offered, perhaps it’s time for a change. David Macino is an experienced Investor Advisor Representative with more than a dozen years of experience helping clients create better financial futures. If you’re not getting the attention and services you deserve, call us at 419.491.0909 to schedule a consultation.
Macino Financial Services was founded with the goal of assisting clients in every aspect of their financial life. Our trusted partnership allows us to successfully navigate each client through life’s most important journeys.