Happy New Year! As we begin a new year, we look back on 2022 and want to thank each of you for the trust you place in our team. We know that both the stock and bond markets have been very volatile, and we work very hard to continue to manage your investments to help you achieve your goals.
Looking ahead to 2023, many people have made resolutions. These may include weight loss or fitness goals, aspirations to read more, expand knowledge in certain areas or to prioritize activities or relationships. In general, people make resolutions to focus on being healthier, happier, and being able to spend more time doing the things they love. While you may not have considered your financial health when making your resolutions, we encourage you to take a few steps to help you become healthier, happier and more successful.
- Communication-the key to all great relationships:
- Texting: If you have a quick question for us, did you know that you can send us a text message? Our main office number, 317-882-7675, can receive calls as well as texts. From time to time, we will text you to remind you of appointments, important deadlines or friendly reminders.
- Meet with us! Please call or text us to set up a time to meet with one of your advisors! We are taking meetings by zoom, teleconference and in person at our Greenwood and Carmel offices!
- Automating the savings process- make saving for your goals easy!
- The contribution limits to save into your 401k, 403b or 457 plan through your employer have increased to be $22,500/year. The limit is $30,000 if you are 50 or older. (1) To increase your payroll deductions, contact the HR department at work.
- Did you know that outside of your employer sponsored retirement plan, you can save in an IRA or Roth IRA? These limits have also increased in 2023. You can contribute up to $6,500/year in a Roth or Traditional IRA. For those 50 or older, the limit is $7,500/year.* . If you would like to increase or begin making contributions to an IRA, please contact our office. If you get paid every other week, you can set up automatic contributions of $250 per pay to make sure you are maxing out your retirement savings!
- Are you an Indiana resident and have goals to save for a loved one’s high school or college education? If you open an IN College Choice 529 plan, you can contribute up to $7,500/year to receive a $1,500 state tax credit. (This credit is 20% of the contribution made with a maximum credit of $1,500. This credit is per household for tax purposes. If married filing separately the maximum tax credit available is $750.)
- Each state has individual tax incentives for education savings, so please reach out to one of our advisors if you would like to learn more!
- Making sure you are on track to meet your goals!
- Did you go overboard on Christmas this year? Maybe you spent a little beyond your means and you need to focus on staying on budget. Did you know that as an FPS client, you have access to your personal client portal with a budgeting tool? This is private to you, and we cannot see where you spend, but it can be very helpful to analyze and make adjustments as needed. Please call our office if you would like us to send you the link to set up your personal client portal.
- Are you wanting to retire earlier? Spend more money in retirement? Did you receive an inheritance that could change your retirement plan? These are all reasons to check in with our advisors to make sure we build and implement a plan that meets your needs!
- Protecting your assets!
- Have you frozen your credit through the three main credit bureaus and the three additional companies for banks and utilities? By taking the time to freeze your credit you can protect yourself from identity theft. https://static.fmgsuite.com/media/documents/8242a240-54ea-4d13-a9fa-1e812bae42b0.pdf
- Do you have an estate plan? An estate plan is very important to make sure that your assets are distributed according to your wishes. A good estate plan can help to avoid or minimize probate taxes and makes provisions for young children or grandchildren.
- Do you have adequate insurance coverage for your home and auto? Make sure to check in with your insurance provider to ensure that if something were to happen, you are covered for any damages.
- Do you have an affordable life insurance policy to help provide income to your family if you were to unexpectedly pass away? FPS views life insurance as a means to protect your assets, not to achieve investment returns. We can help analyze your current coverage and recommend a cost-efficient term policy if it is appropriate for you.
As we look ahead to a new year, we want to partner with you to make your financial health a priority. Thank you for the opportunity to be able to help you achieve these goals.
*Roth IRAs and IRAs have certain income restrictions so please contact our office if you have any questions.