Roman Insurance Services

Your End Of Year Financial Checklist

Your End Of Year Financial Checklist

With 2022 drawing to a close, now is the perfect time to get your finances in order, maximize your tax savings, and make sure you’re on track to achieve your goals — professionally, personally, and financially. We’re here to help with an end-of-year checklist that will help you take care of all your financial housekeeping before the end of the year. While not everything on here will apply to you, it’s a good resource to make sure you haven’t forgotten anything important!

Make any needed updates to the beneficiary portion of your bank accounts, retirement accounts, life insurance policies, and annuities. 
Have you gotten married or had a child within the last 12 months? Or perhaps a loved one has exited your life through a divorce or a death. Choosing a beneficiary for your life insurance policy is a decision you should consider carefully, it is especially important because beneficiaries trump who’s named in a will.

Review your tax withholdings and payments. Big events in the last year — such as marriage, divorce, or having a child — are good reasons to adjust your withholding.
Check out the Tax Withholding Estimator from the IRS. It’s a handy tool for everyone — employees, retirees, and the self-employed — who wants to effectively tailor how much income tax to withhold.

In 2022, you can sock away $20,500 ($22,500 for 2023) in your 401(k) or other employer-sponsored retirement plan, plus an extra $6,500 ($7,500 for 2023) in “catch-up” contributions if you’ll be at least age 50 this year.
If you freelance or are self-employed, your limits are even higher: up to $61,000 for 2022 ($66,000 for 2023) or 25% of your qualifying income, whichever is less, if you have a Simplified Employee Pension (SEP) Opens in new window plan IRA. If you don’t, there’s still time to set one up to take advantage of the tax benefits.

Health insurance, life insurance, homeowners or renters insurance, auto insurance, and even the commercial insurance for your small business are all important to review annually. Have you grown your family this year? Bought a house? Started a business? The insurance coverage you had at the start of the year may not be enough for your needs in the new year. Make sure you have the coverage you need and that better pricing is not available. At Roman Insurance Services we will review all of your coverage with you, at no charge, whether or not you purchased your insurance through us. Email us to schedule a few minutes to discuss your coverage.

Estate planning isn’t only for the very old and very wealthy; there are things you can do at every stage of life to make sure your family’s hopes and dreams are realized.
Start with the basics:
• If you don’t have a will, draw one up. If you already have one, make sure it’s up to date.
• Consider naming a health care proxy to make medical decisions on your behalf if you aren’t able to make them for yourself.
• Think about a financial power of attorney—the authority to make financial decisions for you if you’re unable to do so.

In an ideal world, you should three to six months’ worth of emergency savings set aside. However, most of us don’t live in an ideal world, which can make it difficult to handle everyday needs, much less unexpected surprises. However, it’s important that you don’t fall into the camp of the 56 percent of Americans who don’t have the cash to cover an unexpected $1,000 bill.

Having a tax-advantaged strategy in place for your children’s college education can help you prepare for the rising costs. If you already have one, try to contribute as much as you can. If you aren’t sure how to best go about this, we’re here to help you understand the options and to choose something that will be a good fit for your specific situation. 

The benefits are two-fold: You will reduce your taxable income and feel good about giving some of your hard-earned dollars to a good cause. It’s a win-win.

The new year starts as quickly as the last one ends. So be sure to set some new goals and write them down. Do you want to create an estate plan or simply save some money for your teen’s braces? Are you hoping to take that trip abroad? Or you might be expecting some big changes that will affect your finances — such as having a baby or changing your career. Now’s the time to make sure you’re on track to make 2023 your best year yet.

Posted by admin in Roman Insurance Services
The worst phone call…

The worst phone call…


Today was just another day sheltering in place…

…until I received a call from an attorney asking for the details of a policy belonging to one of my clients. I smiled when I heard her name and wondered innocently what has she gotten herself into. Regrettably, said the attorney, she had passed in an auto accident last week.

Full. Stop.

It takes a moment to really digest that kind of information. I thought of her daughter, and all the pictures she posted on social media of her creative work. I remembered how many times she called to tell me that she was going to be a little late paying a bill. She was fighting the good fight to provide for her daughter and stay on top of her bills. I just couldn’t pressure her to pay a little more for life insurance, even if it was only $20 a month. I thought I was being kind by not being pushy.

But now I have regret. I know the value of having even just a little life insurance and what a huge difference it makes for the people who love you. I know how tight her budget was, but I have to wonder if I didn’t fail her.

I know that we all have a heightened awareness of Covid-19 spreading through the community. That we worry about becoming sick ourselves or, maybe worse, the people we love becoming sick and what that might mean. It’s important to remember that life, and death, will go on despite a lockdown or quarantine.

That doesn’t mean you shouldn’t be prepared. If you have life insurance in place, review your coverage and ask questions about it. I’m here, and I can help. If you don’t have life insurance, or you have a policy, but you’re worried that it might be tied to your job, please reach out and let me help you find something that is affordable and will really make a difference to those you love.

You can reach me anytime at (800) 304-3254 or send me an email.

Please be safe out there!

Posted by admin in Roman Insurance Services