Evaluate your plans this year
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Money Matters Blog for Cinfed Members

Review and Refresh Your Financial Plans

Posted on December 24, 2018
Topic Categories: Consumer Help

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By Brian Bushman — Financial Advisor, Saxon Financial Services

 

Though most people think about doing it at the beginning of the year, reviewing your financial plan is a good thing to do almost any time. It’s valuable to take a fresh look and assess the progress toward your goals, and make any necessary updates or adjustments. Here are a few key issues to consider as you evaluate your plan this year. 
 


Home Loan Interest Deductions.

The interest on your mortgage is still deductible in 2019, but the mortgage limit has been reduced to $750,000. The biggest change, however, is that the Home Equity Line of Credit (HELOC) deduction has been eliminated for most people. Only loans connected to home improvements are now deductible. 



Review Your Tax Withholding. 

With the new Tax Cuts and Jobs Act the IRS has changed the income tax withholding tables. This may provide more take home pay, but could result in owing more at tax time. 

 

 

Contribution Limits Have Increased. 

TSP, 401(k) and IRA limits have all increased by $500 for 2019. TSP and 401(k) limits are $19,000 plus $6,000 if you’re age 50 or older. Traditional and Roth IRA limits are now $6,000 plus $1,000 for ages 50 and up. Simple IRA limits are $13,000 plus $3,000 for ages 50-plus. 

 


Consider a Roth IRA. 

A Roth IRA allows after-tax dollars to be contributed. The money then grows tax deferred and can be withdrawn by you or your heirs tax-free! Any growth is never taxed! 

 

 

Consolidate Retirement Accounts. 

As you change jobs or retire, combining past employer’s retirement accounts can make managing the funds much easier and potentially save you money. 


 

 

Analyze Your Risk Tolerance and Asset Allocation. 

As you get closer to retirement, you should re-assess your tolerance for risk. The world’s stock and bond markets in 2018 saw a significant increase in volatility compared to 2017. This is a good time to make sure your portfolio is allocated properly to meet your goals and risk level. 

 

 

Review Your Beneficiaries.

Make sure the beneficiaries you designated on your investment accounts and life insurance policies years ago are still appropriate. A mistake here could have major unintended consequences. Take time to review your financial plan. Whether it needs a “tweak” or an overhaul, Cinfed’s Financial Planning Department in partnership with Saxon Financial Services is available to assist you and your family. Contact us regarding these topics or any other financial planning concerns you may have. 

 

 


 

Investments are not NCUA insured, not credit union guaranteed, and may lose value. Registered Representative Securities offered through Cambridge Investment Research, Inc. A Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Cinfed Credit Union are not affiliated.
 





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