With 2011 in the books, now is the time to make resolutions for 2012. To ring in the New Year, we bring you these valuable ideas from our Financial Planning Department.
HAPPY …
Now is the time to add to your retirement accounts for tax-deferred or tax-free growth. The maximum for an IRA or Roth IRA remains at $5,000 (or $6,000 age 50 or more). In 2012, the employer sponsored plan maximum increases to $17,000 (or $22,500 if you are 50 or more).
Estate tax and income tax changes are on the horizon with several of the current laws sun setting at the end of 2012. The New Year is a great time to re-visit your estate plan and talk with your advisors at Bedell Frazier about investment strategies to take advantage of the current laws and plan forfuturechanges.
Wishing for a little extra cash? Check for Unclaimed Property in any state where you have lived. ForCalifornia, check on www.sco.ca.gov/upd_msg.html or call 800-992-4647. Other states have similar, official resources.
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Yes, there is an election coming your way in 2012. Now is the time to get past the campaign slogans, research the issues, and be prepared to make your statement in the voting booth. Check out www.votesmart.org for background information and voting records.
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 at the one official free site www.annualcreditreport.com or call 877-322-8228.
A new year can be great time to energize yourself by giving back; reuse and recycle, volunteer andcontribute. Check out a charity before you give at www.give.org and www.charitynavigator.org .
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!!!
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By Nancy Tredwell, Chartered Retirement Planning Counselor
