Simplify your financial life | TahoeDailyTribune.com

Simplify your financial life

Rick Gross
Ameriprise

When life gets busy it’s easy to become more passive about managing your bank accounts and credit cards by letting receipts, bills and statements pile up. Even if you regularly keep up with your finances, it can be beneficial to take a fresh look at them. Simplify your financial life with these

Go paperless.

It’s easier than ever to access financial documents online. Choosing paperless convenience will not only make your life more efficient and clutter-free, it’s also environmentally friendly.

A good place to start is by requesting electronic statements and opting out of printed ones from the companies who send you regular bills. Consider going paperless with your bank, credit card companies, your cell phone and cable providers or your electric company. You’ll then receive an email when your statement or bill is ready each month. This gives you the option to download and store your statements electronically and also to print as needed and file if needed.

Consolidate where you can.

There are several corners of your financial life that can be simplified through consolidation. Retirement accounts are one of those areas. If you’ve worked for several employers during the course of your career, you’ve probably acquired a few retirement accounts along the way. Accumulated assets left in a former employer’s retirement account are still yours, but they sometimes offer less investment flexibility. If you like the idea of having fewer accounts to keep track of, or if you prefer to actively manage your retirement dollars, consider consolidating stray 401(k) and IRA dollars by rolling them into a centralized retirement account. There’s a lot to consider when it comes to rollovers so it’s important to weigh all of your options carefully. (Consider a direct rollover, as withholding tax and tax penalties may apply for cash withdrawals.)

3. Turn to the professionals.

As you sort through your financial choices, enlist the right team of professionals to assist you. Helpful professionals may include a tax advisor or an accountant, who can provide guidance on how to put you in the best tax situation, and a lawyer who specializes in estate planning.

Rick Gross is a Financial and Private Wealth Advisor with Ameriprise Financial Services, Inc. in South Lake Tahoe, Calif. He specializes in fee-based financial planning, asset management strategies and has been in practice for 18 years. Visit http://www.rickgrossadvisor.com, 530-542-1571, or 591 Tahoe Keys Blvd Ste D2 South Lake Tahoe CA 96150.