Louisville Magazine is Louisville's city magazine, covering Louisville people, lifestyles, politics, sports, restaurants, entertainment and homes. Includes a monthly calendar of events.
Issue link: https://loumag.epubxp.com/i/453014
50 LOUISVILLE MAGAZINE 2.15 Banking, Finance Wealth Management Special Advertising Section Whether we do your own taxes or gather up all the paperwork for someone else to do them, it's the time of year when our own fnancial picture gets showcased. We hear daily reports about the economy, but the year-end documents piling up now in the mailbox make it much more personal. How much did I earn? How much did I save? How much did my investments grow? How much more do I need to retire? Tere's still time to make changes that will impact 2015 year-end documents. In fact, CNBC Personal Finance lays out ten steps to get you started: 1. Get clear on goals and budget accordingly. 2. Increase 401(k) contributions. 3. Pay of credit card debt. 4. Set up automatic deposits to a rainy-day account. 5. Set up additional savings transfers if your rainy-day account is fully funded. 6. Review all savings vehicles and determine whether you can consolidate or move some of your funds to higher interest-bearing accounts. 7. Review insurance coverage. 8. Consider doubling up on mortgage payments. 9. Review important documents: mortgage, will, benefciary designations on 401(k), IR and life insurance, power of atorney for fnancial, healthcare and guardianship for children, etc. 10. Check your credit report. Maybe you also play a role in encouraging or even advising members of a younger generation regarding investments. Te Wall Street Journal recommends relevant conversations for millennials, individuals in the 18-33 age group: 1. Talk up the rainy-day, or emergency, fund. Everyone should have 18 months of liquid living expenses. 2. Two good places to start retirement saving: the Roth IR and an employee-sponsored 401k. 3. What about student debt? Compare interest rates on the loans with the market, but building a retirement fund and simultaneously paying of student loans is usually the best combination. 4. First jobs are good times to consider employee-sponsored life and disability insurance options. Read on for what's trending locally. Tis banking, fnancial and wealth management section taps into the knowledge of several local experts to help grow and protect your fnancial investments in 2015 and beyond. • Learn how New York Life Insurance Company increased dividends for three years running. • Explore the reasons Hilliard Lyons outlines for establishing estate plans. • Realize advantages of a local bank, like Republic Bank, including the self-service style convenience of internet and mobile banking. • Discover a beter way to invest and manage wealth with Steve Giacobbe and Shawn Clark, founders of the new frm Accredited Wealth Management. • Find out why Commonwealth Bank & Trust Company is like having a banker in the family.