Money Moves to Make in the New Year

2016-Money-stackWith 2015 officially in the books, it’s time to assess your current financial position, set some concrete goals for 2016, and take the action required to achieve them. While a majority of your money moves should be tailored to your unique objectives, the ones detailed below are more broadly applicable and can benefit virtually anyone.

Review your portfolio

Conduct a thorough portfolio review to determine if the moves you made last year delivered the hoped for results. Take a look at your current asset allocation to confirm that you still have an optimal ratio of stocks, bonds, and precious metals for both short- and long-term growth, and correct any imbalances that you notice. Make sure you know where your money is and why you initially made each investment. If your goals have changed or your assets are under performing, take corrective measures immediately.

Set aside the maximum contribution for your gold IRA

Preparing for retirement is a nonnegotiable precept of sound money management, so plan out a schedule that enables you to make the maximum allowable contribution to your gold IRA. This can be done as a lump sum if you have the funds available now or in multiple contributions throughout the year. In addition, be sure to take advantage of any pension plans and matching contribution programs offered by your employer.

Get advice on estate planning

Even if you have a simple estate, getting professional advice on drawing up a will or establishing trusts can save surviving family members from endless red tape and headaches in the event of a catastrophe. If you already have a will, review its terms to make sure it reflects your current wishes regarding distribution of assets.

Prepare to file for taxes

The deadline for filing your federal tax return is still four months away, but that doesn’t mean you should put the dreaded task off until the last minute. Begin collecting and organizing receipts and related paperwork while you wait for your W-2, 1099-INT, and other tax forms to be sent to you so you can file quickly and receive your refund that much faster.

Whether you’re looking to build on a successful 2015 or start anew in 2016, these smart money moves can get you headed in the right direction. Consult your financial or legal adviser today about portfolio or estate issues, and contact the specialists at American Bullion to open or add to a precious metals IRA.

Although the information in this commentary has been obtained from sources believed to be reliable, American Bullion does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. American Bullion will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.