{"id":16379,"date":"2015-03-05T11:09:58","date_gmt":"2015-03-05T16:09:58","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/03\/business-report-examining-assets-in-the-new-year.html"},"modified":"2017-11-29T08:04:26","modified_gmt":"2017-11-29T13:04:26","slug":"business-report-examining-assets-in-the-new-year","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/03\/business-report-examining-assets-in-the-new-year\/","title":{"rendered":"Business Report: Examining Assets In The New Year"},"content":{"rendered":"
<\/div>\n

BY JOHN CONROE, CFP, AFIM<\/p>\n

Early in the year is a great time to stop and
\ntake stock of your life, your goals and your
\naccomplishments. By and large the most commonly
\nreferenced New Year’s resolutions involve
\nmoney and health. A quick Google search finds
\nsaving money and managing debt right up there
\nwith losing weight and quitting poor health
\nhabits.<\/p>\n

But just when the coldest part of the winter
\nmakes exercise less convenient and comfort
\nfood harder to ignore, the arrival of tax
\ndocuments and year-end statements makes it a
\nnatural time to review your retirement planning.<\/p>\n

Dreaming of golden years spent on sun soaked
\nbeaches is also a great incentive to freshen up
\nyour personal escape plan and maximize your
\nchances of a worry free retirement when the
\nwinter winds blow.<\/p>\n

So let’s take a look at four resolutions that
\ncan boast your odds and bring peace of mind as
\nyou approach life’s second act.<\/p>\n

Take time to assess your current retirement
\nreadiness:
\nOne of the primary steps in financial planning
\nis gathering information and analyzing the situation
\nas it stands today. As the normal flow of tax
\ndocuments, year-end credit card and asset account statements flows in, keep a running tally.<\/p>\n

Fill out a balance sheet, adding up all your
\nassets and subtracting your debts. Take a few
\nminutes (with plenty of cold, snowy days here
\nin the Northeast, that shouldn’t be hard to find)
\nand utilize a good, robust on-line retirement calculator like the Adirondack Trust’s Retirement
\nSelf-assessment Tool – that is found on
\nour Investment and Planning section (then go
\nto the right hand side of each page).<\/p>\n

Be as accurate as you can in projecting your
\nretirement expenses or barring that, use at least
\n75 percent of your current pre-tax income. Don’t
\nbe afraid of the results, instead embrace them
\nand be glad you still have time to prepare, taking
\nsatisfaction in knowing that you have already
\ntaken the first step by assessing where you stand.<\/p>\n

Find more money to save:
\nIf you’re able to meet your bills, put food on
\nthe table and cover unexpected expenses then
\nyou can probably find a few dollars here or there
\nto direct toward your future retirement. If you
\nexpect a tax refund, allocate part or all of it to
\nyour IRA. Same thing with any year-end bonuses
\nyou might have earned.<\/p>\n

But even if none of those are in the cards,
\nit’s likely you can still find something to cut out
\nthat will let you increase your regular retirement
\ncontribution by a few more dollars. There are
\ncountless techniques for tricking yourself into
\nsaving money:<\/p>\n

Save every $5 bill that comes into your hands.
\nRound up every purchase or check amount in
\nyour register then sweep the excess into the
\nretirement vehicle of your choice.<\/p>\n

Brown bag your daily lunches and tell your
\nHuman Relations department to up your
\nIRA\/401(k) contribution by the amount you
\nused to spend on salads, burgers and sandwiches.<\/p>\n

Figure your 2015 weekly gas savings from
\nlower oil prices and put it away. Get around to
\nrefinancing your mortgage at today’s ultra-low
\nrates and save the savings, Shop your home
\nand auto insurance (and umbrella) and bank
\nthe difference.<\/p>\n

Renegotiate your cable and cellular plans and
\nset up an auto-savings for the monthly amount
\nyou wrestle back from your providers.<\/p>\n

The point is that saving more money is always
\nbetter, and though it seems like its harder, it can
\nactually be quite easy. The more you put payroll automation and digital banking to work for you
\nthe less you’ll miss the money. Every dollar you
\nsave this year will have time to grow and provide
\nfor you down the road.<\/p>\n

Consider your current asset allocation:
\nAt Adirondack Trust, we spend time with our
\nclients to figure out their goals and needs, tolerance
\nfor risk and time horizon. This information
\nhelps us arrive at an investment objective. Do
\nthey need growth, or is income a priority? Can
\nthey handle market swings and do they have the
\ntime and resources to wait for a recovery? These
\nanswers bring asset allocation into focus. How
\nmuch to commit to growing but more volatile
\nstocks, what percentage should be in safe, yet
\nlow yielding bonds and finally, what level of
\ninstantly available cash is required.<\/p>\n

Once we know this information we can build
\nout a new portfolio or rebalance an old one. This
\nis a great time of year to consider all those same
\nfactors as they relate to your retirement portfolio
\nand to make any subsequent changes.<\/p>\n

Meet with a financial planner for a
\ncheck-up:
\nEliminate the hard work and have a professional
\nreview your finances. This is the teamwork
\napproach to meeting your retirement
\ngoals and relieving your worries. Look for strong
\nresources, solid credentials and a reputation
\nfor integrity. You can find planners that will
\ncharge you flat fees, work by the hour or simply
\nwave fees if you move some assets to them for
\nprofessional management. Sometimes it’s best
\nto get an outside view of your situation. We do
\nit with doctors for health issues, mechanics for
\nautomotive concerns, lawyers for legal problems
\nand accountants for taxes. Why not put a professional
\nfinancial planner on your team as well?<\/p>\n

Resolutions are great if you actually achieve
\nall or even part of them, but they can be a great
\nsource of guilt and worry if you fail, and they
\nusually represent a real need. This year, resolve
\nto stack the odds in your favor, for 2015 and for
\nthe rest of your life.<\/p>\n

Conroe is a financial planner and investment
\nofficer with Adirondack Trust Co.<\/em><\/p>\n

Photo Courtesy Adirondack Trust Co.<\/p>\n","protected":false},"excerpt":{"rendered":"

John Conroe, financial planner and investment officer, Adirondack Trust Co BY JOHN CONROE, CFP, AFIM Early in the year is a great time to stop and take stock of your life, your goals and your accomplishments. 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