Financial advice for the new year
Judson Gee with JHG Financial came into our studios to talk share financial tips for the new year.
Here are the highlights:
Estate planning - Do you have a will, and if you don't, do you plan to get one soon; look at options such as revocable living trusts; transfer on death benefits (TOD).
Insurance - #1 question for most people is: Will I have enough money to make it in retirement? One New Year's Resolution should be to increase 401k contributions.
Maximize annual IRA contributions - In some cases it's too late to start, you can still open up SEP IRA. Now is the time to do it for 2014. Before you know it, the end of 2014 will be here. Otherwise, people will not get maximum tax advantages again.
Education - People with children should open up college funds and other products to help save money for education.