To round out 2010, I’m going to rehash a topic we covered the 1^st week of 2010. The basics haven’t changed and it’s important to create and carry forward a solid mindset regarding your Life and Financial Planning each year. To repeat a perfectly applicable statement by NFL Quarterback Roger Staubach, “Nothing good comes in life or athletics unless a lot of hard work has preceded the effort. Only temporary success is achieved by taking short cuts.” I encourage you to sit down with your significant other and review these year-end planning tidbits:

1. What do you think your total income will be this year? What about in 2011? What tax planning strategies can you implement? Not sure? Talk with your tax professionals and Life Planner today so you don’t miss out on expiring opportunities throughout the remainder of this year and next year.
2. Speaking of income, how much do you plan to spend in 2011? And on what? Charitable endeavors? Vacations? Everyday stuff? Don’t know if you are on the right track? Check out the simple 60/40 budget rule in our on-line learning center: www.kennedy-financial.com.
3. How do your rate in risk management? Here is a checklist for your checklist:
   1. Reviewed your Auto, Home and Liability policies with your Life Planner? (P.S. 99.99999% of the policies we see do not reflect actual needs)
   2. Do you have enough life insurance? Disability Insurance?
   3. Should you consider purchasing long-term care this year?
4. Is your emergency fund sufficient? An emergency fund should be able to cover a minimum of 3-6 months of expenses.
5. Do you have your legal documents in order? When was the last time they were reviewed by an attorney? It’s recommended that they be reviewed every 3 to 5 years to be compliant with current law. This may especially be critical for large estates due to the currently changing estate tax laws. The basic legal documents include, but are not limited to: wills and trusts, durable powers of attorney, medical powers of attorney and living wills.
6. Have you discussed your final wishes with your family? Although this is not the most popular table topic, you can alleviate a lot of hard feelings and help avoid upheaval and bad holiday gatherings after you are gone.
7. One question on everyone’s mind for 2010: should I convert my IRA or part of my IRA to a Roth IRA before the end of the year? What about my employer sponsored retirement plan? Is it possible to convert it? You aren’t going to be able to answer this one alone, so bring it up to your Life Planner and talk about the pros and cons. To check out some of the most commonly asked Roth Questions visit our on-line learning center.
8. What are your retirement goals? How much have you saved? How much do you need to save? Are you maxing out the contributions to your retirement plan?
9. Do you have a disciplined investment strategy in place that’s in-line with your unique situation, future goals, family dynamics, and feelings regarding risk tolerance? Is your investment plan structured to keep up with inflation?
10. Last, but not least: what is your LifeScore for 2010? Rate yourself on a scale of 1-10 for your present situation on the following 10 Life Issues: Your Health, Your Professional Life, Financial Fitness, Spiritual Life, Important Life Relationships, Giving Back, Life-Long Learning, Time Management, and Knowing and Focusing on Your Strengths, and Overall Life Plan. Be honest with yourself, review your results, and make it your primary goal for 2011 to improve in those areas that keep you from living your life to its fullest potential.

Sounds like a lot to absorb, but in keeping with what Roger Staubach stated, the hard work you put in today can make all the difference for your tomorrow. We believe this statement holds true in any arena, and that the most productive work is built upon solid and well maintained planning.

Securities & Advisory Services offered through VSR Financial Services, Inc., a Registered Investment Adviser and Member FINRA/SIPC. Kennedy Financial Services is independent of VSR Financial Services, Inc. VSR does not provide tax or legal advice.