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2023 Financial Planning Tips

David Adams, CPA, CFP, Founder, Adams Wealth Partners Shares A Way Forward

The new year is a springboard for new habits. Managing finances is an investment in one's future, and using an experienced financial planner provides safety and security, ensuring money is handled with care.

Downtown Nashville City Lifestyle secured the following advice from David Adams, CPA, CFP, founder of Adams Wealth Partners at 2905 12th Avenue South, #108, in Nashville. 

  • 401(k) Plan:  Be sure to set up 401(k) contributions for the new year at the highest percentage possible, ideally maxing it out. A great tax deduction!

  • Education Costs:  Plan ahead for education expenses and contributions into 529 college savings accounts, which run on a calendar-year basis. Anyone can contribute up to $16,000 per year. With education expenses rising, this is a great way to pay for children’s futures. 

  • Employee Benefits:  Review benefits and make sure to enroll for the new year and take advantage of all employers offer.

  • Charitable Contributions for the New Year:  For retired people, did you know that charitable contributions can be made directly from retirement accounts to avoid paying taxes? These are called qualified charitable contributions (QCD) and are a great way to give to others and help oneself from a tax standpoint. 

  • Legacy Goals:  Estate planning isn’t only for the very old and very wealthy; there are things to do at every stage of life to make sure to realize family hopes and dreams.

David says these tips can help individuals focus forward on what they hope to achieve with their financial, investment and retirement goals. He adds that such actions allow everyone to perform a health check on plans to date, while allowing plenty of time to pivot, if necessary, to safeguard paths toward financial successes.

615.435.3644
AdamsWealthPartners.com

Adams Wealth Partners serves business owners, families, professional athletes, corporate executives, musicians and songwriters. 

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