Time-for-Review

2_smaller_year-review
This time of year is a great time for your clients to review any life changes that may have happened within the last year.

Your Clients Need To Reassess And Reevaluate their Life Insurance Coverage If They Have…

  • Gotten married.
  • Gotten divorced.
  • Had a child.
  • Adopted a child.
  • Gotten a new job.
  • Gotten a promotion or a pay raise at work.
  • Bought a house.
  • Taken out a loan.
  • Children planning to go to a more expensive college than you anticipated.
  • Children who no longer depend on you financially.
  • A change in your health or wellness (such as losing weight, quitting smoking, or overcoming a medical condition).

All of the above can affect how much life insurance coverage is right for your clients. Typically, as your clients net worth increases, they will benefit from increasing their coverage. Likewise, if their family’s income needs decrease, you might benefit from lowering their amount of coverage.

Here are a few key areas that you may want to discuss with your clients:

Your clients also need to consider contributions to their retirement plans. Below are key dates and contribution limits for the upcoming tax season.

IRA contribution deadline. 
They can make contributions to an IRA for the prior year up until the current year’s tax-filing deadline. That means IRA contributions for 2017 can be made until April 17, 2018 (because the standard tax deadline, April 15, happens to fall on a Saturday in 2017).
2016 Maximum IRA Contribution Limits
The standard 2017 maximum IRA contribution limit is $5,500. This is unchanged from the 2016 limit.
2016 IRA Catch-up Contribution
For those age 50 and over, the 2016 IRA catch-up contribution will also stay the same, at an additional $1,000. With the standard contribution at $5,500, this means the 2017 catch-up contribution plus standard contribution is $6,500 in total.
Helpful Articles

The Tax Advantage of Annuities

Consider Annuities a Strategic Part of Your Retirement Plan


ProducersXL does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.