Your 2023 Financial Calendar: How to Plan Now
Your 2023 Financial Calendar: How to Plan Now
When you’re ready to plan for the year ahead, reference your custom First New York Federal Credit Union (FCU) 2023 financial calendar. We’ve also included the important financial dates below in our events calendar, so you can ensure you’re hitting deadlines and reaching your monetary goals. In this blog, we’ll cover when to start:
- 401k planning
- Preparing for tax deadlines
- Managing your 529 accounts
- Age-based investing
- Setting up and monitoring 403b plans
- Planning for the year ahead
- Introducing and implementing account diversification
- Attending First New York Retirement & Investment Services (RIS) quarterly seminars
- Meet your First New York RIS team
So, whether your 2023 financial goals are to start your taxes early or save enough annually for retirement, use this 2023 financial calendar as your starting point. Don’t forget to maximize your First New York FCU membership by setting up an appointment with your First New York Retirement & Investment Services team. Download our infographic or visit our “Your 2023 Financial Calendar: Your Quick Cheat Sheet” infographic article.
January & February: Prioritize Your Taxes
Did you know that taxpayers often submit their taxes as early as mid-January? By not rushing, you can give yourself more time to collect the documents and information your need to claim all of your deductions. Plus, it can help you get your refund sooner and minimize your risk of identity theft, according to Investopedia.
First New York’s RIS team can help you retrieve your 1099s for your tax fillings. A 1099 is produced for any investment account where there was a distribution taken that year (or the prior year rather). While Don can’t do taxes for you, they’re always willing to help point you in the right direction.
March: Manage Your IRA Contributions
Spring has finally arrived! That means it’s the best time to do a spring cleaning on your finances. If you’re someone who’s investing for retirement or looking to start, now’s the time to check in on your age-based investment options. This is especially ideal for those retiring soon, looking to change their contributions, and/or dealing with an inheritance. Let’s break down each scenario in more depth.
Retirement:
If you’re nearing retirement, now’s the time to ensure you’re contributing enough to your IRAs. If you’re 73 years old and up, you’re also required to take a minimum distribution out of your retirement accounts. This distribution amount is calculated based on a Required Minimum Distribution (RMD) formula. You can check out the U.S. Securities and Exchange Commission’s Required Minimum Distribution Calculator.
Contributions: Changing Through the Years
Generally, when you are nearing retirement your investments tend to be more conservative vs. when you are younger and able to take on more risk. So, your investments will differ based on your age and risk tolerance.
Make sure you’re aware of how much you can contribute annually based on your age. For example, as of January 2023, if you are 50 and over you are able to contribute $6,500-$7,500 total annually into your Individual Retirement Arrangements (IRA).
Just remember: Contribution limits change based on age. So, be sure to talk to our RIS team to see if you’re contributing enough.
Inheritance:
Whether you’re giving or receiving an inheritance, you may need help deciding a multitude of factors. Don can help guide you toward “succession investing.” They’ll help you handle and set up your assets, so they go easily to your beneficiaries, whether that’s with a trust or a will, etc.
April & August: Discover College Savings Accounts
529 accounts and saving for retirement go hand and hand.[1] In April and August, our RIS team encourages people to start thinking about saving for retirement or making a plan for a 529 account.
A 529 account is a special college savings account where your investment earns money tax-free. 529 accounts are often opened when children are young, so they have time to grow and be contributed to. This type of account is a great option for many parents, grandparents, and guardians. New York even has NY’s 529 College Savings Program you can look into!
May: Meet Your RIS Team!
Right before summer hits, take the time to meet your RIS team! First New York Retirement & Investment Services are made available to First New York members at no cost or obligation for consultations.
Don can help you organize your financial affairs and plan for the future. They cover retirement planning, education funding, insurance planning, investment planning, and tax-advantage investment planning.* Here’s a little bit about our RIS team!
Don: Donald L. Dorr Jr., CFP®, has been in the finance industry for 31 years and specializes in Financial Planning. He’s a Certified Financial Planner™ (CFP®) with a Series 6, 63, 66, and 7 held with LPL Financial. When he is not working, he enjoys traveling to his daughters’ sporting events and cheering them on.
Kara: Kara is the Retirement Program Coordinator at First New York Retirement & Investment Services. She has eight years of experience in the finance world. She has her Notary Public. In her free time, she enjoys playing with her dog, spending time outdoors, and cooking.
June & July: Time to Explore Diversification
When you diversify your investments, you’re essentially spreading out your funds across different assets.[2] So, if one of your investments takes a loss, your other investments won’t be affected.
The RIS team offers many different types of accounts and investments. This includes IRAs, trusts, 529 accounts, individual accounts, and employer IRAs. They also help manage 403b and 401k for clients.
All of these various types of accounts serve different purposes. Our team can help you explore your goals and help guide you toward better investment options. They’ll take the time to talk to you about conservative and aggressive investment options and which ones work best for your lifestyle.
September: Get Your 403b Plan Setup for Success
It’s back to school! If you have a 403b plan or looking to get one, the RIS team can help you learn how 403bs work and what your options are.
From there, Don can help you set up contributions, distributions, and transfers (if you change jobs, etc.). If you’re trying to facilitate an account transaction or have questions about a 403b plan, Don can be a valuable resource.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
October: Expand Your Financial Awareness
October is National Learning and Development Month! Celebrate by tuning into our quarterly seminars on our events calendar. Dates are updated each quarter. Here, are some of the topics we’ve covered in the past:
- How to Weather a Bear Market
- Social Security and Your Retirement
- Understanding Medicare
- The Return of Conservative Investing
- Income for Life
- Three Transitions to Retirement
- Women and Investing
- The Road to Retirement
November: Invest for Your Future Now
It’s never too early to start investing in your future, especially if you’re a recent graduate or a young professional. Our RIS team can help you get involved with your 401k plans and open an IRA, even if it’s your first job. It’s better to start investing now than to wait until your thirties. Don can help walk you through this.
December: Planning for 2024
Planning ahead can mean many things. It could include saving for the holidays/birthdays, college savings, inheritance, being laid-off, or a changing work schedule, e.g. maternity or disability leave.
So, don’t wait to see how you’re doing. Instead, learn where you are and what steps you can take to pursue your goals. Reach out to us to plan ahead or schedule an annual review.
Don’t Wait to Start Investment Planning: Contact Don Today!
While our 2023 financial calendar is a great guide, don’t let it stop you from reaching out to Don sooner! To schedule an appointment with a First New York Retirement & Investment Services Representative, please call (518) 393-1326, extension #1302, visit the FNY RIS Advisor’s website, or sign in here if you currently have an investment account.
Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.
Footnote
[1] Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
[2] There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Disclaimer
*Representative is not a tax advisor. For information regarding your specific tax situation, please consult a tax professional. FR-3454861.1-0221-0323
This material was created for educational and informational purposes only and is not intended as tax, legal or investment advice. All investing involves risk including loss of principal. No strategy assures success or protects against loss.
First New York FCU provides referrals to financial professionals of LPL Financial (“LPL”) pursuant to an agreement that allows LPL to pay First New York FCU for these referrals. This creates an incentive for First New York FCU to make these referrals, resulting in a conflict of interest. First New York FCU is not a current client of LPL for advisory services.
Please visit lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information. The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First New York Federal Credit Union and First New York Retirement and Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using First New York Retirement and Investment Services, and may also be employees of First New York Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, First New York Federal Credit Union or First New York Retirement and Investment Services. Securities and insurance offered through LPL or its affiliates are:
| Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value |
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