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Beneficiary Designation Review

Beneficiary designations are an important, yet often overlooked, planning item that should be reviewed on a regular basis. Having the correct, and most up to date, beneficiaries named on your various accounts could mean the difference in having your assets going to the right people or the wrong ones.

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Last Minute Small Business IRA Contributions: SEP & SIMPLE IRAs

Although tax season may not be a crowd favorite, there are instances where individuals and employers can benefit. Taking preemptive measures and planning year-round in anticipation of everyone’s favorite day, Tax Day, there are situations that allow for lowering taxable income. In our previous edition, we discussed strategies for individuals and in this edition, we are going to delve into the strategies geared towards small business owners. Business owners have the opportunity to lower their taxable income and to motivate and entice their already hardworking employees.

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Last Minute IRA Contributions: Traditional & Roth IRAs

We at Mitlin Financial hope that you had a healthy and successful 2016. As we move full steam ahead into 2017 and into tax season, we want to make sure that you are all set when it comes to saving for your retirement. Contributing to an Individual Retirement Account, better known as an IRA, can be a powerful retirement saving tool. It is important to understand your time and contribution constraints for making last minute contributions. In addition to the inherent benefits of contributing to your IRA, staying informed of the correct contribution limits and deadlines can be the difference between contributing to your account correctly and incurring unwanted penalties or fees.

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Life Insurance Review

Life insurance can be very effective in providing financial insulation, security and peace of mind to those who elect to safeguard their loved ones from the financial travesty that can result from an unexpected tragedy. It is important to understand that just because you’ve implemented this layer of financial protection by securing an insurance policy does not mean that you can lock it away for decades and expect it to remain optimal for your ever-changing financial life.

            You may have full faith and confidence in your current insurance broker and the policy they helped you secure based on your facts and circumstances at the time. It is very important to ask yourself and identify any impactful life changes that may have occurred since you had this insurance policy written. As time goes on, it is likely that your financial facts and circumstances have changed. Based on these changes, it is important to review your own insurance coverage on a regular basis to make sure that it is still relevant.

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Passive vs Active Investing

Now that we have a working knowledge of both passive and active investing, let’s compare the two. While some individuals may be best suited for a passive approach, others may find active investing to be a better choice. There are many different components that must be analyzed and assessed before deciding whether actively managed mutual funds or passively managed index funds are the best fit for your own facts, circumstances and financial future.

            There is no such investment or strategy that can possibly fit the needs of every investor. It is crucial that you, as the investor, work with a seasoned financial professional who can educate and guide you appropriately. An individual that would be best suited by passive investing is someone who is looking for a simple, cost effective method of investing. As a passive investor, you must be content to perform as well or as poorly as the index. Meanwhile, an active investor believes that portfolio managers can add value to their portfolio by discovering opportunities in the markets that will allow them to outperform their appropriate benchmarks.

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