{"id":16428,"date":"2015-03-12T14:39:54","date_gmt":"2015-03-12T18:39:54","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/03\/business-report-examining-assets-in-the-new-year.html"},"modified":"2015-03-12T14:39:54","modified_gmt":"2015-03-12T18:39:54","slug":"business-report-examining-assets-in-the-new-year","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2015\/03\/business-report-examining-assets-in-the-new-year\/","title":{"rendered":"Business Report: Examining Assets In The New Year"},"content":{"rendered":"
\n
\n\"conroe-john.jpg\"\n<\/div>\n
John Conroe, financial planner and investment officer, Adirondack Trust Co\n<\/div>\n<\/div>\n

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

Early in the year is a great time to stop
\nand take stock of your life, your goals and
\nyour accomplishments. By and large the most
\ncommonly referenced New Year’s resolutions
\ninvolve money and health. A quick Google
\nsearch finds saving money and managing
\ndebt right up there with losing weight and
\nquitting poor health habits.<\/p>\n

But just when the coldest part of the
\nwinter makes exercise less convenient and
\ncomfort food harder to ignore, the arrival
\nof tax documents and year-end statements
\nmakes it a natural time to review your retirement
\nplanning. Dreaming of golden years
\nspent on sun soaked beaches is also a great
\nincentive to freshen up your personal escape
\nplan and maximize your chances of a worry
\nfree retirement when the winter winds blow.<\/p>\n

So let’s take a look at four resolutions that
\ncan boast your odds and bring peace of mind
\nas you approach life’s second act. <\/em>
\nTake time to assess your current retirement
\nreadiness:<\/p>\n

One of the primary steps in financial planning
\nis gathering information and analyzing
\nthe situation as it stands today. As the normal
\nflow of tax documents, year-end credit card
\nand 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
\nfew minutes (with plenty of cold, snowy days
\nhere in the Northeast, that shouldn’t be hard
\nto find) and utilize a good, robust on-line
\nretirement calculator like the Adirondack Trust’s Retirement Self-assessment Tool
\n– that is found on our Investment and Planning
\nsection (then go to the right hand side
\nof each page).<\/p>\n

Be as accurate as you can in projecting
\nyour retirement expenses or barring that,
\nuse at least 75 percent of your current pretax
\nincome. Don’t be afraid of the results,
\ninstead embrace them and be glad you still
\nhave time to prepare, taking satisfaction in
\nknowing that you have already taken the first
\nstep by assessing where you stand.<\/p>\n

Find more money to save:<\/p>\n

If you’re able to meet your bills, put food
\non the table and cover unexpected expenses
\nthen you can probably find a few dollars here
\nor there to direct toward your future retirement.
\nIf you expect a tax refund, allocate
\npart or all of it to your IRA. Same thing with
\nany year-end bonuses you 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
\nout that will let you increase your regular retirement
\ncontribution by a few more dollars.<\/p>\n

There are countless techniques for tricking
\nyourself into saving money:<\/p>\n

Save every $5 bill that comes into your
\nhands. Round up every purchase or check
\namount in your register then sweep the
\nexcess into the retirement vehicle of your
\nchoice.<\/p>\n

Brown bag your daily lunches and tell
\nyour Human Relations department to up
\nyour IRA\/401(k) contribution by the amount
\nyou used to spend on salads, burgers and
\nsandwiches.<\/p>\n

Figure your 2015 weekly gas savings from
\nlower oil prices and put it away. Get around
\nto refinancing your mortgage at today’s ultralow
\nrates and save the savings, Shop your
\nhome and auto insurance (and umbrella)
\nand bank the difference.<\/p>\n

Renegotiate your cable and cellular plans
\nand set up an auto-savings for the monthly
\namount you wrestle back from your providers.<\/p>\n

The point is that saving more money is
\nalways better, and though it seems like its
\nharder, it can actually be quite easy. The
\nmore you put payroll automation and digital
\nbanking to work for you the less you’ll miss the money. Every dollar you save this year
\nwill have time to grow and provide for you
\ndown the road.<\/p>\n

Consider your current asset allocation:
\nAt Adirondack Trust, we spend time with
\nour clients to figure out their goals and
\nneeds, tolerance for risk and time horizon.
\nThis information helps us arrive at an investment
\nobjective. Do they need growth,
\nor is income a priority? Can they handle
\nmarket swings and do they have the time
\nand resources to wait for a recovery? These
\nanswers bring asset allocation into focus.<\/p>\n

How much to commit to growing but more
\nvolatile stocks, what percentage should be in
\nsafe, yet low yielding bonds and finally, what
\nlevel of instantly available cash is required.
\nOnce we know this information we can
\nbuild out a new portfolio or rebalance an old
\none. This is a great time of year to consider
\nall those same factors as they relate to your
\nretirement portfolio and to make any subsequent
\nchanges.<\/p>\n

Meet with a financial planner for a
\ncheck-up:
\nEliminate the hard work and have a
\nprofessional review your finances. This is
\nthe teamwork approach to meeting your
\nretirement goals and relieving your worries.
\nLook for strong resources, solid credentials
\nand a reputation for integrity. You can find
\nplanners that will charge you flat fees,
\nwork by the hour or simply wave fees if you
\nmove some assets to them for professional
\nmanagement. Sometimes it’s best to get
\nan outside view of your situation. We do it
\nwith doctors for health issues, mechanics
\nfor automotive concerns, lawyers for legal
\nproblems and accountants for taxes. Why
\nnot put a professional financial planner on
\nyour team as well?<\/p>\n

Resolutions are great if you actually
\nachieve all or even part of them, but they can
\nbe a great source of guilt and worry if you fail,
\nand they usually represent a real need. This
\nyear, resolve to stack the odds in your favor,
\nfor 2015 and for the 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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