The end of the year is nearing. Before you know it, the busy – but wonderful – holiday season will be here again. Not really the time of year to review your financial situation, or so you might think, but it is actually very important. Beacon Financial Education advises you to schedule some time in the coming months to go over your finances and get ready for the new year.

Financial prep for the New Year

Last week, IamExpat published Beacon Financial Education’s 5 tips to financially prepare for the new year. Go and have a sit down with your partner and start organizing your finances over the next few weeks, before you get swallowed up by the hectic holiday season. We know from experience that you will be likely to continue to put off this “boring-yet-oh-so-important" chore on your to-do list if you don’t get on it now. 

To further assist you, Beacon Financial Education will host two webinars in December to help you with the last pieces of your puzzle, so you will feel ready for the new year and the quick arrival of tax season. An independent financial advisor will go over some important topics and will be there to answer your questions directly online or, if you wish, in the form of a free financial consultation in the days / weeks afterwards.

The importance of periodically reviewing your finances

Beacon Financial Education emphasizes the importance of preparing for the new year, or at least, periodically reviewing your finances. Only a few people do it, therefore few have a real understanding of where they actually stand financially.

Examples include:

• Whether they are saving enough (based on inflation and interest rates) to reach their financial goals.
• How their retirement / pension plans and investment portfolios are performing.
• If they can cut costs in their budget, by adjusting their health insurance plans, utility companies and health club subscriptions to free up some money, etc.

After all, some health insurance companies will only allow you to switch once per year, most of the time before the new year begins. It is not necessarily difficult but can be time-consuming, and somewhat challenging for expats, especially for Americans and those with a US nexus. Therefore, we recommend that you hit the driver’s seat and get control of your wealth - and financial health. Your future self will thank you for it!

About the webinar

The webinar will help expatriates - especially Americans and those with a US connection - get an overview of what they need to think about when getting finances in order for 2020. This includes retirement, tax, tax inheritance, life insurance planning and wealth and investment portfolio management.

Although the webinar will help you to prep for the new year, Beacon's focus is long-haul: researching those options that will most likely help you achieve your long-term financial goals, for instance, preparing for your children’s (college) education and your own retirement and getting your ducks (or should we say piggy banks) in a row, so you can feel financially independent in ten, twenty or thirty years.

The following topics, which will have an impact on your personal finances and investment strategies for tax planning, will be discussed:

• Offsetting tax liabilities with an investment portfolio
• Preparing for marriage, divorce and children
• Planning to buy a house (restriction of depreciation on real estate) or move elsewhere
• Understanding multiple pensions and how they affect your taxes
• Getting your finances and tax papers in order
• 2019 Income limits for Roth IRA contributions and 401k / IRA rollovers
• Consequences of the U.S. tax reform on your 2018 taxes

and much more... Beacon's consultants are there to answer any questions you may have during the Q&A afterwards.

Register for the webinar

Want to know more? Just register for the webinar and join on either Wednesday 4 or Wednesday 18, December at 8:00 pm. It's free and you can follow the webinar from the comfort of your own home. Can’t attend? Then register anyway, we will make sure you get a recording of the webinar afterwards!

Sign up for the webinar on December 4: “Get Your Finances Ready for 2020”.

About Beacon Financial Education

The Beacon Financial Education team consists of cross border professionals. They are away from home – just like you – and have lived in multiple countries themselves, so they understand the challenges you are facing when it comes to doing your finances, identifying tax strategies, dealing with cross-border retirement plans and tax laws of several countries.

Beacon Financial Education provides free information – through tailor-made seminars, webinars and newsletters, all to fulfil internationals' need for financial control, stability and simplicity.

They will host a number of different webinars over the next few months. Browse the Beacon Financial Education website to see their up-to-date event list.

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