FINANCIAL PLANNING TIDBITS: 4 SECTIONS TO CHECK ON YOUR STATEMENTS

SUMMARY

Your monthly statements for your accounts with us and elsewhere are full of good information, but there are some data points you’ll want to review for accuracy on a regular basis.

VERIFYING ACCURACY

While the ease of accessing online profiles may have diminished the impact of the monthly statement, it’s still crucial to make sure that the information on file for your account is accurate. The first data point everyone checks, of course, is their balance, but monthly statements can also provide further, no-less-important information. Here are the four major sections of your statements for your accounts with us.

transaction history & activity

One important data set you’ll want to review on a regular basis is the transaction history in your account. The transaction history will show any withdrawals or deposits made during the month, as well as the trades made, interest earned, and dividends deposited into the account. Reviewing the transactions in the account is critical in identifying and stopping unauthorized activity, especially if your account doubles as a checking or capital access account with debit and/or check-writing capabilities.

RMD Status

Taking your re quired minimum distribution from your qualifying IRA can be done at any time of the year, but toward November and December, it’s helpful to check that your annual RMD has been withdrawn. If your IRA is held at Raymond James, you can find your RMD status and qualifying withdrawals in the Retirement Plan Summary section near the end of your statement. If your IRA is held at Charles Schwab, you can find this information under the Distribution Summary of your statement.

Withholding Election

If you plan to take a withdrawal from your IRA account soon, or already regularly do so, checking the tax withholding election you currently have on file at both the federal and state level can inform a need to change it, as well as give you the number off of which you can calculate how much you can expect to receive after taxes. If your IRA is at Raymond James, your withholding election will be in the section “Your Distribution Standing Withholding Elections.” Currently, Charles Schwab accounts do not share the withholding election for an account on the monthly statements.

Beneficiaries

While it’s not necessary to check your beneficiaries every month, it is important to know who would receive your money if something happened to you, especially if you’re going through a big life transition (birth, death, divorce). Raymond James statements currently only show beneficiaries for IRAs and not on Transfer on Death accounts. Charles Schwab statements do not show beneficiaries, but that information can be accessed by signing into Schwab Alliance and clicking on Profile in the upper righthand corner of the screen, then Beneficiaries.

STAYING INFORMED

While checking your statements shouldn’t take more than a couple of minutes, it can save you many hours of headache in the future if you determine that something looks inaccurate or no longer applies. If you think something looks inaccurate on your statement, please let us know.

Natalie Brown, CFP®
Director of Client Services & Financial Planning
Day Hagan Private Wealth

—Written 03.27.2023.

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Disclosure: The data and analysis contained herein are provided “as is” and without warranty of any kind, either express or implied. Day Hagan Private Wealth (DHPW), any of its affiliates or employees, or any third-party data provider, shall not have any liability for any loss sustained by anyone who has relied on the information contained in any Day Hagan Private Wealth literature or marketing materials. All opinions expressed herein are subject to change without notice, and you should always obtain current information and perform due diligence before investing. DHPW accounts that DHPW or its affiliated companies manage, or their respective shareholders, directors, officers and/or employees, may have long or short positions in the securities discussed herein and may purchase or sell such securities without notice. The securities mentioned in this document may not be eligible for sale in some states or countries, nor be suitable for all types of investors; their value and income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates or other factors.

Investment advisory services offered through Donald L. Hagan, LLC, a SEC registered investment advisory firm. Accounts held at Raymond James and Associates, Inc. (member FINRA, SIPC) and Charles Schwab & Co., Inc. (member FINRA, SIPC). Day Hagan Asset Management and Day Hagan Private Wealth are both dbas of Donald L. Hagan, LLC.