Check Your Finances With A Year-End Review
Published on 11/28/2020
For your employment...
- Max out your 401k or IRA contributions for the year.
- For the current tax year, the maximum 401(k) contributions are $19,500 and $26,000 if you are 50 or older. The maximum allowable IRA contributions are $6,000 and $7,000 if you are 50 or older.
- Coronavirus-related withdrawals up to $100,000 from your IRA or employer-sponsored retirement plan may be taken penalty free in 2020.
- Review to see if you are getting the most favorable rates and terms, and if not, consider prioritizing this high-interest debt or consolidating.
- If enrolled in an FSA, use up any remaining funds (if not rolled over) and adjust your withholdings based on this year's spending.
- If enrolled in an HSA, max out your contributions for the year.
- For the current tax year, the maximum HSA contributions are $3,550 for individuals, $7,100 for families and an additional $1,000 for individuals age 55 and older.
- Review and rebalance your allocations in stocks, bonds or other assets like corporate stock options, if needed.
- Review your rewards points for either cash back or holiday spending.
- Update your will, beneficiaries and trustee designations, if needed.
- Review all the goals you set and achieved, and then review the ones not achieved and why.