• Home
  • About
    • Our Team
    • What is a certified financial planner?
    • About our flexible fee system
    • What We Do
  • Services
    • Wealth Management & Financial Planning
    • Investment Planning
    • Spirit Fiduciary Partners
    • Retirement & Estate Planning for Texas A&M University employees
  • Current Clients
  • Internship Opportunities
  • Blog
  • Newsletters
  • Contact
TRADITIONS WEALTH ADVISORS
  • Home
  • About
    • Our Team
    • What is a certified financial planner?
    • About our flexible fee system
    • What We Do
  • Services
    • Wealth Management & Financial Planning
    • Investment Planning
    • Spirit Fiduciary Partners
    • Retirement & Estate Planning for Texas A&M University employees
  • Current Clients
  • Internship Opportunities
  • Blog
  • Newsletters
  • Contact

5 Things To Do With Your Finances During The Fall

11/13/2020

0 Comments

 
Picture
1) Open a no-penalty CD: Interest rates are falling, a fixed-rate no-penalty CD can be a great way to lock in rates. Talk to your bank, but usually your money need to stay in place for seven days. Once you pass that hands-off period, no-penalty CDs don’t charge a withdraw penalty for taking out your money before the CD term expires. 

2) Plan for the holidays: Thanksgiving, Hanukkah, Christmas, and everything in between is right around the corner. Who is hosting? Who is attending, and what are they bringing? It is not too early to start planning. Keep in mind the COVID pandemic is still lurking and depending on where you live, cases are rising each day. Stay safe and consider a smaller or outdoor holiday gathering. 

3) Maximize your retirement contributions: Whether it’s your 401(k) through your employer or an IRA, now is the time of year to think about topping off your retirement contributions. The 2020 limits for 401(k)s are $19,500 with an additional $6,500 allowed for those 50 and older. For Traditional and Roth IRAs, this year’s limits are $6,000, plus an additional $1,000 for those 50 and older.  If you have some extra funds and can afford to put some money here, consider doing so. Your future self will probably thank you.

4) FSAs: use it or lose it: If you have a Flexible Spending Account (FSA) as part of your healthcare plan, you probably know that these are “use it or lose it” accounts. The maximum individuals could contribute for 2020 is $2,750. Start by figuring out what you contributed and what you’ve already used. Now, what’s leftover? Whatever it is, this is the time of year to use it up. Book that dreaded dentist appointment, see the dermatologist because you can, or stock up on some common over-the-counter meds. Double check with your insurer to see exactly which expenses are covered.

5) Donate to charity: Because you’re a good person and it’s always a good time to give back, right? Plus, if you do donate to charity it could also mean you get a tax deduction. A tax deduction effectively lowers your taxable income. 

Questions? Don't hesitate to reach out to TWA's CEO, Brien Smith, at Brien@TraditionsWealthAdvisors.com or 979-694-9100.


Source: Goldman Sachs. 19 October 2020. https://www.marcus.com/content/marcus/us/en/resources/personal-finance/five-things-to-do-with-your-finances-this-fall
0 Comments



Leave a Reply.

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    October 2018
    August 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    August 2017
    January 2016
    December 2015
    September 2014
    June 2014

    Categories

    All
    Fee Only
    Financial Advisors
    Personal Information Security

Let our team work for you. Call 979-694-9100 or
email michael@traditionswealthadvisors.com.


Picture
TRADITIONS WEALTH ADVISORS
2700 Earl Rudder Frwy South, Ste. 2600
College Station, TX 77845
OUR SERVICES
- Wealth Management & Financial Planning
- Investment Planning
- Spirit Fiduciary Partners
- Retirement & Estate Planning for Texas A&M University employees

VISIT OUR BLOG:  Stay current with industry news and tips.
Picture
Picture


ADV  |  Privacy Policy
© COPYRIGHT 2015. ALL RIGHTS RESERVED.
  • Home
  • About
    • Our Team
    • What is a certified financial planner?
    • About our flexible fee system
    • What We Do
  • Services
    • Wealth Management & Financial Planning
    • Investment Planning
    • Spirit Fiduciary Partners
    • Retirement & Estate Planning for Texas A&M University employees
  • Current Clients
  • Internship Opportunities
  • Blog
  • Newsletters
  • Contact