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Are You Ready for 2019?

Your Second Growth Newsletter

January 2019

Cypress Wealth Services

How ready are you for 2019? The reality is a new year can bring opportunities for some and challenges for others. Our mission is to bring confidence and clarity to your financial life. A big part of this commitment is to help you be prepared for whatever life may send your way. In this month’s Your Second Growth Newsletter, we provide easy and effective ideas for helping you have a successful 2019!
It Starts with the Checkup
An annual physical exam is a great way for you to stay on top of your health. Your financial health is no different. We recommend thoroughly reviewing your financial life once a year. You may think this is all about the markets and your portfolio. While those are important, this “annual checkup” is about focusing on you. Start with these six areas to figure out where you may need extra attention in the coming year. We have attached “Your Annual Checklist” here.  Below is a simple summary of each section of the checklist.

  1. Have you had any life changes in the past year? Or do you foresee one in the coming year? It is important to understand how these changes may impact you and your money. Examples of life changes include a marriage, divorce, new child/grandchild, sell/buy real estate, or a significant change in your health.
  2. Are you reaching a financial milestone this year? Your age may trigger an important financial milestone. We have internal processes in place to help proactively address these milestones for you. Social Security, Medicare, and Required Minimum Distributions are an example of what you may need to address.
  3. Where is your money going? We believe the foundation of a healthy financial life is understanding where your money goes. Some people call it a budget, we call it “Know Where You Stand”. We think it is very important that you update your “Know Where You Stand” worksheet once a year. It is amazing how easy it is to add a new service or subscription and not think about the impact they may have on your savings and spending plans. If you need an updated “Know Where You Stand” worksheet, please let us know.
  4. Have you had any family changes? It’s important to review any changes in your family and how they may have an impact on your trusts, beneficiaries on accounts, or gifting plans. A regular review of your beneficiaries is simple and quick.
  5. When was the last time you reviewed your insurance policies? For many people, reviewing their insurance policies (home, auto, health, long-term care, life, etc.) is not a high priority. It is usually not a fun process so many of us buy them and file them away. Regularly reviewing your policies is important because it will help you identify potential cost savings or gaps in coverage. We can help you with this review process. Let us know if you would like us to review your policies with you.
  6. When is the best time to plan for next year’s tax bill?  The answer is now. Often times clients will ask at year-end what they can do to lower their tax bill. The best planning starts at the beginning of the year. Understanding your income, tax withholdings, charitable deductions, and potential “sales” that may have a tax consequence are all items you should start thinking about now. 

Your Feedback Matters
We believe that your success is our success and have made it a priority to build lasting, meaningful relationships based on trust, integrity, and superior service. Your satisfaction is our primary concern. To continue meeting your needs and improving our service, we’d like to know more about your experience.  Please provide us with your honest feedback by answering these questions: CLICK HERE TO TAKE THE SURVEY
We are Here for You
This checklist is not something you are expected to tackle alone. We are here for you! In addition to helping you manage your portfolio, reviewing these items is part of our regular review process. If you would like to discuss any of these items please do not hesitate to contact us.
If you have any questions, please call us at 760.834.7250 or visit us at