On this episode of The Retirement Huddle podcast, Mark Howard explains why he prefers New Year’s goals instead of resolutions and why you should focus on some financial goals.
Understanding new and old legislation
We had a lot of new legislation last year. Anytime you have new laws passed, such as the Covid-related stimulus, it always takes awhile for the IRS to interpret them. We want to familiarize ourselves with it to see if there’s anything we can take advantage of.
You should also know about older legislation, such as the SECURE Act, and how it affects you.
Gathering tax documents
Go ahead right now: grab a folder for tax documents, make an organized place, and create a digital folder.
Adjusting to new income levels
Maybe you’re making more money this year, or possibly less. If you’re getting more, what should you do with that extra money? Should it go toward retirement or something else?
Reassessing overall retirement health
Based on what you want your retirement to look like, are you on track? So many people really don’t know if they are.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
[2:12] – Understand new legislation
[3:20] – Understand old legislation
[4:36] – Gathering tax documents
[5:32] – Adjusting to new income levels
[6:26] – Reassessing overall retirement health