In addition to the usual resolutions, the new year is a great time to talk to your financial advisor, revisit your goals and your long-term plan, and discuss any changes in your life or circumstances. This way, you can make sure that your plan accurately reflects where you are now and where you want to be.

A great place to start is the Financial LifeMap below. Your financial advisor — working in close partnership with other experts, such as your accountant and estate attorney — can help you address these areas.

You’ve probably already worked on many of them together. But perhaps there are some you haven’t previously considered or others you would soon like to focus on. Have you planned for how to help aging parents, for example? Or do you want to start saving for your grandchildren’s education? Or perhaps this is the year you start thinking about downsizing?

Your advisor can help you think through all the areas that are relevant to you and determine any necessary next steps.

You may also want to discuss regulatory or tax changes that might impact you financially. In 2019, for example, new retirees could collect up to $3,770 per month from Social Security. There will also be sizable cost-of-living adjustments and other changes that could affect your retirement.

In addition, 401k and IRA contribution limits will increase in 2019. You will be able to contribute $6,000 to individual retirement accounts (up from the $5,500 level in place since 2013). And if you participate in a company-sponsored retirement plan, such as a 401(k) plan, you will be able to set aside up to $19,000 before taxes, up from $18,500. If you are age 50 or over, the catch-up contribution limit will stay the same as in 2018 at $6,000.

The IRS also announced several other inflation-adjusted limits and income thresholds that apply to retirement, taxes, and savings. As relevant, these will be factored into your plan by your advisor.

Good advice is a dynamic process that reflects your life and the changes around you and adjusts as necessary. Together, you and your financial advisor will look at all your options and come up with the best course of action for you.

By William Chettle