With 2012 in the books, now is the time to make resolutions for 2013. To ring in the New Year, we bring you these valuable ideas from our Financial Planning Department.
H A P P Y
Now is the time to add to your retirement accounts for tax-deferred or tax-free growth. The contribution limit for an IRA or Roth IRA increases to $5,500 (or $6,500 age 50 or more) in 2013. Employer sponsored plan maximums increase to $17,500 (or $23,000 if you are 50 or more).
Estate tax and income tax changes are nearly upon us … again. The annual gifting limit will be $14,000 in 2013. Once there is clarity on the many other outstanding tax issues, it will be important to discuss strategies with your advisors at Bedell Frazier and your other professionals.
Wishing for a little extra cash? Check for Unclaimed Property in any state where you have lived. For California, check out www.sco.ca.gov/upd_msg.html or call 800-992-4647. Other states have similar, official resources. For a missing tax refund, search for Where’s My Refund? at http://www.irs.gov or call 800-829-1954.
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Your loved ones deserve a little planning too. If you have not done so lately, review your auto, home, life and health insurance needs. Document your belongings with pictures and receipts. Discuss your policies with an experienced insurance agent, making sure you have the coverage you need with a solid company. Let your loved ones know your plans and where your important documents are kept.
Erase your consumer debt by paying down your outstanding credit cards until you get the balance to zero each month. This is a great time to check your credit history for any errors at the one official free site www.annualcreditreport.com or call 877-322-8228.
As baby boomers approach retirement, thoughts turn to Social Security. Careful calculations and planning can reap greater retirement and survivor benefits. Give us a call and work with your local Social Security office to crunch the numbers. The web site http://www.ssa.gov is a great resource
Revel in the joy of a new year and all the opportunities it offers to bring joy to your life and the lives of others!!!
By Nancy Tredwell, Chartered Retirement Planning Counselor
