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The top financial moves to make before year end

It is that time of year top ten lists start coming out for just about any topic - movies, political events, sports stories and financial moves to make before the end of the year.  Yes, there is a top ten list of moves that you can still make before the end of the year and most don’t really take more than 30 minutes to complete.
What are the easiest financial moves for anyone to complete?
The two easiest financial moves to make are to change your passwords on your financial accounts and to request a free credit report. Both of these strategies are very important in deterring and detecting fraud and done at least annually is a best practice.
Are there any tax moves to make before the end of the year?
If you contribute to a health savings account, make sure you will make the maximum contribution for the year, if not, see if you can make the extra contribution to get the full tax advantage. Another important contribution minimum to meet relates to the 529 plan especially if you are eligible for the tax benefit.
What, if any, retirement moves should be considered?
It is always a good habit to rebalance your 401k or other retirement savings portfolios regularly. With most of this being automated and available online there is definitely time to complete this very important financial strategy before the end of the year.
What are moves to make in regards to employee benefits?
If you have an upcoming medical procedure, review your deductible paid to date. It might be financially smart for you to complete it this year if possible. Another employee benefit to be sure to maximize is wellness reimbursements. There is still time to get an exercise tracker or new running shoes.
Is there an easy big picture review to perform?
The easiest is a review of your net worth.  Determine if it decreased, increased or remain unchanged and then evaluate what were the main components of any change. This review can take less than 30 minutes to complete and yet it might yield the most important information about your financial situation that you can get.
What do you consider the most important move to make before the end of the year?
Whether you have a budget or not, reviewing your monthly financial obligations compared to your monthly net income is important. Whether it is positive or not, at least you know.  From this simple review, you can make decisions for the next year to improve or build upon your current cash flow situation.

Posted: 12/20/2017 with 0 comments

Categories: Identity Theft, Money Matters, Planning, Retirement, Taxes

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