Image courtesy of nuchylee at FreeDigitalPhotos.net
It’s hard to imagine but another year is almost over. Soon, 2014 will make way for 2015. As you prepare for the end of the year here are some good tips to keep in mind before January 1st.
- Have you put as much as you can into your 401k, 403b or other employer sponsored plan? If you’re expecting a bonus, consider saving some or all of it to your plan.
- Did you get a raise? If you got raise, did you remember to give yourself a raise in your retirement savings? Many folks find that it’s easy to save raises automatically in their 401k and are used to living off the same amount of income year after year.
- Have you maximized your IRA contributions? You’re allowed to put in $5,500 if you’re under 50 and $6,500 if you’re over 50. The nice thing is that you can open an IRA in 2014, contribute your maximum and then in a few short months, contribute the max for 2015. You can also continue to contribute to a previous year’s IRA until you file your tax return or April 15th, whichever comes first.
- ‘Tis the season! Many folks give around this time of year. Take advantage of itemizing your charitable gifts.
- Have you used all of your flax spending account money? Generally there is a grace period after the year is over, but any money not used is lost.
- Did you hit your financial goals for 2014? If so, great! Set new ones and move forward. If not, no worries! Revise, refocus and move ahead.
- Has anything changed in your life? Do you need to update your will, beneficiaries, or other planning documents?
- Have you counted your blessings? We have so much to be thankful for, our health, our families, our jobs.
On behalf of myself and Blankenship Financial, Happy Thanksgiving!