"Top Ten" Financial Strategies for 2010 Offered by the Financial Planning Association of San Francisco

SAN FRANCISCO--(EON: Enhanced Online News)--It's a new year, and what better way to start 2010 right than with ten smart strategies from the financial professionals of the San Francisco Financial Planning Association (FPA):

Consider a Roth Conversion. The minimum income requirements for converting a Traditional IRA to a Roth IRA are eliminated in 2010. Should you convert? Possibly. Should you consider the pros and cons with your financial advisor and your accountant? Definitely.
Take Advantage of Low Tax Rates. Tax rates may not seem low right now, but that could change. Consider selling profitable, long-term investments in 2010 to take advantage of today's 15% capital gains rate.
Set a Budget and Keep to It. Don't let a stock market recovery lead to a recovery in your spending. (Extra tip: include at least one big "guilty pleasure" in your budget, like a family vacation. It could actually help you stay on track.)
Rebalance Your Portfolio. Unless your financial situation has changed, bringing your portfolio back in line with your original allocation mix will force you to sell at the highs and buy at the lows, instead of what most investors do, which is the opposite.
Ponder the Future of Estate Taxes. In 2010 there is no estate tax, a situation that could raise complicated tax issues, both positive and negative, so it's definitely a matter to discuss with an estate attorney. Do remember there are less complex ways to avoid estate taxes, like taking advantage of your right to gift $13,000 a year…every year…to anyone you know.
Buy A House. Federal tax credits for home buyers have been extended. If you have a signed contract by April 30, 2010 you may be able to qualify for an $8,000 first time home buyer credit, or a $6,500 credit for repeat home buyers. For complete information, go to http://www.federalhousingtaxcredit.com/
Insulate Yourself. In 2010, you can still get up to $1500 in tax credits for insulating your residence, or upgrading windows, heating and cooling systems. For complete information go to http://www.energystar.gov.
Pay Yourself First. Resolving to set up a savings program? Have your bank automatically withdraw a percentage of your paycheck before you even get it. That way, can save it before you can spend it.
Company Retirement Plans Still Make Sense. If you're lucky enough to have a 401(k) continue making contributions. If you had to stop, try to start. If lingering stock market jitters make you nervous about investing, choose a cash option. You'll get some growth and a tax deduction.
Check-In for a Check-Up. If you haven’t talked to a financial planner for a while, or ever, make 2010 the year you make that appointment. There are all kinds of planners for all kinds of people, and you don't have to be rich to have a plan -- only smart.

For more information, or to arrange for a speaker on these topics, contact Bob Goldman at 415.331.1546, or email bob@bgplanning.com.

About the Financial Planning Association of San Francisco

The Financial Planning Association of San Francisco represents more than 600 financial planners and investment professionals. The association's website is www.fpasf.org.