As the year comes to a close and 2020 is right around the corner, many of us are financially focused on short-term holiday spending and saving. Although it may not feel like the right time, the end of the year is the perfect time to focus on long-term financial goals, paying particular interest to the new year ahead. Before the clock strikes midnight on January 1st, make sure you check each of the items below off your financial checklist.
Max Out Your Retirement Contributions
From IRAs to 401Ks, retirement savings accounts are a great tool for long-term financial planning. Make sure to review your retirement accounts and the amount of annual contributions you have made for 2019. If you still have the opportunity to make additional contributions to your retirement account before the end of the year, these contributions can help with boosting retirement savings as well as reducing your 2019 tax liability.
Review Health and Insurance Plans
The end of the year is a great time to review health and insurance plans to make sure all of your documents and beneficiaries are up-to-date, and you take advantage of any potential annual incentives that your healthcare provider offers. Making sure you are fully up-to-date with these important accounts can save a lot of time and money down the road.
Great Time to Give Back
If the season of gifting has gotten you into the spirit of giving, charitable contributions are a great way to reduce you tax liability at the end of the year. Even better, many non-profit organizations have special matching programs available this time of year, which means your donation will go twice as far in helping those in need. Check your favorite charity’s website for more details on how you can donate, and make sure to keep all donation receipts and records for your taxes.
Get Expert Advice on Everything You Do
Finally, and most importantly, make sure to consult with your tax advisor and/or financial planner to ensure the decisions you make set you up best for the short-and-long-term. Each individual’s financial situation is unique to them, and a trusted advisor can save you some much needed peace of mind when dealing with your finances. If you are in the market for a partner you can count on, contact us and we get you the help you need.