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Quick Financial Tips for this Month

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Quick Financial Tips

Prepare a Post-Mortem Letter 
Review or prepare a post-mortem letter to your spouse spelling out the location of your assets and property (assets of a deceased are often lost because a spouse may not be aware of them or know their location), the names of all your advisors, and any other information your spouse should know to minimize his or her burden in the stressful period after your death.

Get Your Social Security Statement of Benefits 
Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration. This statement summarizes your Social Security earnings history and provides an estimate of the benefits to which you are entitled. It is important to verify that you have been credited for all of your earnings. You can also use this statement in your retirement planning. We can help you with this statement; just give us a call.

Review Your Budget vs Actuals for July 
Compare July income and expenditures with your budget. Make adjustments as appropriate to your August expenditures. Make sure you invest your planned savings amount for July.

Estimate Your Tax Liability
Total up your taxable income, capital gains, and deductions through this date. This information can be used to plan your estimated tax payments, and perhaps avoid or minimize any underpayment penalties.