3 End of Year Financial Considerations

Amidst the Holiday hustle and bustle, it’s easy to neglect your financial portfolio. Here are 3 things you should consider as the year comes to a close.

1. Review your investments

Meet with your financial advisor and discuss selling any underperforming investments. Any losses you incur from the sale may be able to offset your overall gains.

2. Maximize your retirement account requirements

If you have a 401K or IRA and you have not reached your contribution limit for the year, consider making a deposit to get the full benefit on your taxes. Likewise, if you are required to take a distribution, it is important that you do so. If you don’t, the IRS could charge you a steep penalty.

3. Empty your Flexible Spending Accounts

Your FSA could be expiring by the end of the year. If not now, then these accounts sometimes expire by March or April. Check the allowable expenses for FSA and use that as a guide to spend the money left in your account. If your dependent care or transportation spending accounts have money left over, there is not much you can do to incur extra expenses. Make sure you adjust the amount you deposit into these accounts next year so you won’t lose money.

Take the time to review your accounts and call Beacon Associates today. A few minutes is all it takes for your 2018 financial outlook to be even brighter and better.

Information collected from End of Year Financial Check-Up