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Financial Spring Cleaning

As you begin your spring cleaning, consider taking the same approach to your financial situation.

Financial Goals

As the summer skies clear and you begin your annual cleaning, you might also want to consider taking the same approach and take a fresh look at your financial situation.  This time of year presents a great opportunity to formulate retirement goals in hopes of making your financial life easier.  Make it a priority to: consolidate your accounts, take advantage of tax-savings programs offered by your employer, review your list of beneficiaries and reach out to our experienced financial advisors registered through Ameriprise Financial Services, LLC1.

Consolidate Your Accounts

Consolidating multiple retirement accounts into one or two may offer several benefits, such as convenience, and fewer fees.  Moving money to one or two financial services providers may help to make it easier to proactively manage your portfolio. Another benefit of consolidation is the possibility of uncovering old accounts.  Often older accounts are left unattended, even though they may contain investments that are no longer appropriate. 

Individual Retirement Plans

If you felt the distress of unexpected taxes due, now is a great time to take steps to ease next year’s burden.  While the sting is still in your mind, consider investing in a tax-advantaged account, such as a Traditional Individual Retirement Account (IRA) or 401(k) plan. Even if you’re already contributing to an employer-sponsored plan, you may be eligible to deduct all or a portion of your Traditional IRA contributions depending on your adjusted gross income.    

Beneficiary Designation

One critical piece of planning includes making sure you are properly set to transfer your retirement assets to your intended beneficiaries. Changes in your family situation, which may include a marriage, divorce or birth of a child, make the review of your beneficiary designations a necessity. Conducting a periodic beneficiary review may give you the peace of mind that comes from knowing that assets will go to your intended loved ones. 

Reaching out to the Financial Professionals at your credit union

As you prepare to review where you stand financially it may be helpful to consult with a professional who can aid in making those informed decisions. Talk to your financial professional about the different types of tax-advantaged accounts. He or she may be able to assist you in determining which of these plans fit your unique situation without reducing your financial goals. Our representatives specialize in helping people maintain a healthy financial balance and discover smart money strategies. Schedule an appointment to review your investment objectives.

All materials contained herein are for general informational purposes only and do not constitute tax or legal advice.


Terms and Conditions

1 Company data, as of Q2 2020

Not Federally Insured No Financial Institution Guarantee May Lose Value

Ameriprise Financial and the financial institution are not affiliated. Ameriprise Financial cannot guarantee future financial results. Ameriprise Financial Planning Services are optional, offered separately, and priced according to the complexity of your case and your financial advisor’s practice fee schedule. Your fees and financial advisor may be subject to change.

Financial planning is generally appropriate if you have financial goals, sufficient assets and income to address your financial goals, and are willing to pay an investment advisory fee for recommendations to help you achieve those goals. Please review the Ameriprise Financial Planning Client Disclosure Brochure or, for a consolidated advisory relationship, the Ameriprise Managed Accounts and Financial Planning Service Disclosure Brochure, for a full description of services offered, including fees and expenses.

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved.

2Before deciding whether to retain assets in an employer-sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.