With the end of 2018 rapidly approaching, Roof Advisory Group would like to share some year-end financial deadlines and helpful tips to make sure your transition into 2019 is smooth.
It happens at the end of every year. The holiday season sneaks up on us, and before we know it we have rung in the new year and wonder how it went by so quickly. There is undoubtedly a lot to do and many distractions this time of year, but it is important not to let your finances suffer from missed deadlines and poor planning.
Before December 15, be sure to:
- Consider your charitable giving – let your advisor know if you plan to make a gift with your Required Minimum Distribution or with gifts of appreciated stock
- Update your financial advisor on your Required Minimum Distribution (RMD) needs if they have changed
- Items like tax withholding percentages and the destination of your RMD are important
Before December 31, be sure to:
- Maximize contributions to tax-advantaged retirement savings accounts
- Contribute to 529 plans
- Fund your Health Savings Account (HSA), if eligible
- Check the spending rules on your Flexible Spending Account (FSA) as distribution requirements vary, if eligible
Things to consider for 2019:
- Evaluate your progress toward your savings goal
- Review and update your financial plan
- Check your credit reports
- Review and update your IRA and retirement plan beneficiaries as necessary
- Consider rolling over old 401k plans into your IRA
- Review pension buyout options
We are a resource. Contact the advisors at Roof Advisory Group if you have questions or need our help.