611 Druid Rd E • Suite 105 • Clearwater, FL 33756 • 727.441.9022
Meridian One Building • 4350 West Cypress Street • Suite 225 • Tampa, FL 33607 • 813.405.4846
The ProVise Advisor Team
NEW YEAR RESOLUTIONS
The New Year always gives us an opportunity to look
backwards to remind us of our blessings and to reflect on the
year ahead. It is also that time of year, when we promise to
turn over a new leaf. Generally, we make resolutions to eat
healthier, lose weight, start exercising, etc.
We want to share ten financial resolutions you should be
making and most importantly, keeping.
RESOLVE to check Social Security (www.ssa.gov) wage
information to make sure it is correct. It is much easier to
correct mistakes today than at retirement. Unfortunately, we
don’t do this as often as we should and it can cost time, energy
and money to fix mistakes later.
RESOLVE to get copies of all beneficiary designations on life
insurance, annuities, retirement plans, etc. to make sure they
are correct and to make sure changes are not needed due to a
beneficiary’s death, marriage name change, etc. At a minimum
name primary and contingent beneficiaries. It is also good to
attach contact information for each beneficiary.
RESOLVE to see your attorney regarding legal documents,
especially if the estate plan has not been updated in the last
five years. It is best to refresh Power of Attorney, Health Care
Surrogate, and Living Will every 3-5 years even if there are
no changes. The newer that document the less likely it will
be challenged.
RESOLVE to make sure that your financial advisor is a CFP®
fiduciary advisor who must work in your best interest at all
times when providing financial advice. Others may act as a
fiduciary, but a CFP® professional MUST. You can find one in
your area by going to www.cfpboard.net.
RESOLVE to save at least 10% of income this year. This
will help you towards having adequate resources for your
retirement that could last 25-30 years, maybe more. Anything
less is inadequate. Better something than nothing, however.
Start with a comfortable amount and then every six months
increase that amount until you get to at least 10%.
About ProVise Management Group, LLC: ProVise is a financial planning and investment management firm registered with the Securities and Exchange
Commission (SEC) and has been in business since 1986. Our 15 professional advisors serve approximately 1100 clients in over 30 states. As of 6/30/19 we
were managing approximately $1.4 billion for our individual, corporate, not-for-profit and 401k retirement plans. Please visit our website at: provise.com.
Investment Advisory Services offered through ProVise Management Group, LLC. The information herein is general and educational in nature and should
not be considered legal or tax advice. Tax laws and regulations are complex and are subject to change.
90 TAMPA BAY MAGAZINE | JANUARY/FEBRUARY 2020
RESOLVE to increase your 401k contribution to at least receive
the match from the employer and/or increase contribution by
10% in any event. If your employer has a match, why would
you want to lose “free” money? It might hurt a little, but you
will soon be happy you did.
RESOLVE to reassess your risk tolerance towards investing,
especially in light of your current time in life and the economic
environment. Then make necessary changes to your asset
allocation, if needed. Just because it has been prudent in the
past, it does not mean it is appropriate for the future.
RESOLVE to do a written financial plan or to update your
current financial plan. With a written plan, your odds of success
increase. Although a little complicated and time consuming
on the front end, it pays handsome dividends as time goes by.
How do you know where you are if you do not have a map
to get you there?
RESOLVE to make sure you have the proper amount of life
insurance – too much, too little. Do you still need it? Do you
have the right kind of insurance? Term insurance is generally
preferred unless the need is permanent. If you are retired and
do not need the insurance anymore consider cashing it in or
perhaps selling it, which may be worth more money than the
cash value.
RESOLVE to create an emergency and opportunity fund
with a minimum of 3 months of household expenses. If you
are self-employed, then it should be six months. This safety
net will provide comfort in a time of need.
While there are plenty of other potential resolutions to add
to this basic list, these give you a place to start and to take
a pause. One of the best ways to follow through on these
resolutions is to take advantage of a complimentary one-hour
consultation with one of our fiduciary financial advisors in
either our Clearwater or Tampa offices.
HAPPY NEW YEAR!!!