Francetic Tax Resolution - April 2020



DO YOUR RESEARCH If you have a specific place in mind for your retirement, like Hawaii or Texas, look at rental costs and other lifestyle changes that can affect your budget. For example, Hawaii’s cost of living is cheaper than other popular retirement states, like Florida, but basic commodities may be more expensive. If a boat or RV is more your style, be sure to add repair and fuel costs into your budget. As you go about researching and planning, be sure to consult with your financial advisor so they can help you look at your current situation and make adjustments. With the proper planning, you’ll be living your nomadic dream in no time.

You’ve worked hard for years to arrive at this moment: retirement. Now that you’re free of your 9-to-5 job, you have a lot more time for activities you enjoy. That extra time is what leads many people to turn to a nomadic lifestyle after retirement. Touring in an RV, sailing around the world, or even just retiring to a cabin in a remote locale are all popular options for new retirees. If the spirit of adventure is calling you, here are some financial tips to set you on the right path. DOWNSIZE BEFORE YOU GO Some folks choose to sell their home and use the income to fund their travels, staying in apartments and rentals as they go. If that seems too drastic, downsizing to a smaller home is also a good option, especially if you plan to travel in intervals

but want a home base to return to. This also gives you the option of renting your home while you’re away and using the money to continue traveling. ASK OTHER NOMADS Crowdsource advice from friends and family members who’ve taken the leap. Lots of other people have shared your dream and made it a reality. Many have turned their experience into books or blogs, like Lynne Martin, who’s been traveling around the world with her husband, Tim, for the last three years. The Martins used the sale of their home to finance their travels. They also take cruises to cut down on travel costs and often dine in to save money.


3 Tips for Organizing Your Assets

Sweep out that extra paperwork. If you still have financial records from the 1990s taking up space in your drawers and file cabinets, it’s time for a shred fest. The IRS recommends keeping most records for a maximum of seven years, with some exceptions for things like unfiled or fraudulent returns. Many records can be safely shredded after just three years! For a full breakdown of the various timelines, visit and search “How long should I keep records?” Once you’ve shredded anything you no longer need, go paperless where you can. Credit card and bank account statements, for example, can be sent digitally, saving drawer space and trees. Scrub away unnecessary spending and forgotten subscriptions. Spring is the perfect time to pull out your old bank and credit card statements and go over them with a fine-toothed comb. Pay particularly close attention to any automatic charges. Do you still use those services and subscriptions? If not, cancel them and save yourself some dough.

Dust off underutilized accounts and consolidate them. While you’re looking into your spending, check on your accounts, too. If you have a checking account you rarely use or are banking with multiple institutions and have trouble keeping up with them all, it might be smart to consolidate your accounts and simplify your life. Once you’ve done these things, it’s time to do a final spot-check with your tax resolution specialist. If you’ve struggled with a tax problem in the last year or two, schedule a consultation to double-check that you’re back on track and remind yourself of lessons learned. If these tips have been helpful for you, please pass them (and this newsletter) on to a friend who could use some spring-cleaning inspiration. I would love to keep as many people as possible out of financial trouble this coming year!

If you’ve already filed your 2019 tax return, you’re on a financial roll — now keep going! Instead of shoving your documents back into a drawer until next tax season, take this opportunity to spring- clean your finances. Here are just a few steps you can take to Marie Kondo your money:



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