Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 11, Issue 4December 2015

FINANCIAL INTERESTS

Year-End Financial To-Do List

The holidays are a whirlwind that ends when the champagne pops on New Year’s Eve. But before that happens, there are some financial things you need to take care of.

Taxes

  • Make use of any tax-advantaged accounts, such as your 401(k) or your health savings account. Max out your contributions, which reduces your taxable income.

  • Prepay deductible expenses such as your January mortgage, property taxes, medical expenses, etc.

  • Make gifts. The IRS’ gift limit for 2015 is $14,000; you can make multiple gifts up to that amount without triggering the gift tax or reporting requirements.

  • Donate to charity. If you make a donation before midnight Dec. 31, you can deduct it on your 2015 taxes.

  • Talk to your accountant or financial adviser about whether you should adjust your portfolio to improve your tax situation, such as by using investment losses to offset gains.

    Health care

  • If you are close to or over meeting your health care plan’s deductible or out-of-pocket limits, consider whether there are medical issues you could get taken care of before the end of the year.

  • Look at your health care spending for the year, and decide whether your current health care plan is the best approach for you.

    Savings and Retirement Planning

  • Look at the amount you put into your savings and/or retirement plan in 2015.

  • Then do a quick calculation to see how you are progressing toward meeting your retirement or savings goals.

  • If you are not as far along as you hoped, consider what steps you might take to save more. A good start in this process is to look at your spending over a period of one to two months, and see if there are places you could cut back in order to put more into savings.

  • Talk with your financial adviser about whether your investment approach is still appropriate for your situation.

    If you do these things, you can start the new year knowing that you have taken important steps to safeguard your financial future.

    This article was created by Osmosis Digital Marketing for use with permission by The Bensman Group.

    Photo © Utamaru Kido | Dreamstime.com

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