Experts offer advice on what to do with your money in the new year

Source: Reading Eagle, Pa.自存倉Dec. 31--The stock market returned to record territory in 2013. Meanwhile as the economy slowly recovers, the job market may once again be growing.So with brighter news in the picture as the year comes to an end, we asked local financial experts what advice they have.Here's what they have to say:Create a plan: Anyone can waste a lot of time, effort and money through haphazard investing. Define long-term goals and establish a strategy to achieve them, taking into account individual tolerance for risk and time horizon.Review the plan: The best plan in the world is useless unless it is implemented. Review investment plans and strategies with a financial adviser at least once a year. Life constantly will be evolving. Adjust plans to accommodate these changes.Leanne L. BiersEdward JonesRebalance investment portfolio: Realign it to its original or updated asset allocation, take steps to lock in gains and purchase shares in sectors that lag. Many retirement and investment plans have ways to do this automatically.Review life and disability insurance needs: As life changes, insurance needs continue to change. Give thought to how much protection is needed and compare it to current coverage through employer's benefit package and personal coverages. Do the same review with disability coverage and remember, many companies offer voluntary supplemental coverage for life and disability.Expect the unexpected: Start an emergency fund. The emergency fund should have enough cash saved to cover at least 3 to 6 months of basic expenses.Beth Gallen MastromarinoVan Reed Wealth ManagementPay yourself first: This can be especially hard and has been over the last few years but there are enough indicators that things are getting better in the economy and hopefully with that, people can get back to this habit.Empower yourself: Make 2014 the year to develop a strategy. There are many talented pr迷你倉出租fessionals in the community of many different personalities and backgrounds. Leverage them and create a financial roadmap.Conor DelaneyThe Good Life Financial GroupPay off holiday debt: If you have used credit cards to spend a bundle on holiday gifts, make it a priority to pay down those balances quickly. With credit-card rates still at extremely high levels, the debt could take years to pay off, especially making minimum payments. Eliminating high-rate debt is the best investment you can make.Edward M. SepBlack Diamond Financial GroupDon't overpay taxes: Check tax withholding from paychecks and submit a new W-4, if needed.A lot of people did not do so last year and will be finding out they may owe income tax when they file their 2013 returns.Contribute to a 401-k plan or traditional or Roth IRA: Most studies suggest workers are not saving enough for retirement."Richard A. KaufmanKaufman Financial ServicesPrepay: January mortgage payment, last estimated state and local income tax, bunch medical expenses in 2013 if above adjusted gross income limit, charitable contributions and maximize retirement contributions.Looking ahead: For 2014, maximize retirement plan contributions to take advantage of a company matching contributions; take advantage of company health savings accounts; and look at all company benefits, such as reimbursement of educational expenses, employee wellness programs, legal reimbursement programs, employee assistance programs and possible adoption assistance programs.Michael P. ButterworthButterworth & AssociatesBe generous: Always look for an excuse to put God's wealth back into circulation.Save: Put aside at least 10 percent from each paycheck. Necessities ahead of luxuries.Roy L. RussellThe Life Financial GroupCopyright: ___ (c)2013 the Reading Eagle (Reading, Pa.) Visit the Reading Eagle (Reading, Pa.) at readingeagle.com Distributed by MCT Information Services迷你倉