By Andrew Rosen via Iris.xyz
With year-end quickly approaching there are only a few more weeks to get those last minute planning items taken care of. Hopefully, these tips will motivate you to get off Santa’s naughty list and also help better position your finances.
So here goes my holiday inspired 12 days of planning tips.
- Max your retirement plan 401(k)/IRA/Roth- Whether you contribute to a work 401(k) or Roth/Traditional IRA make sure to contribute the maximum you can. That includes the catch-up if you are over 50 (which many people miss). Login to your online account and make sure you have already or are on pace to hit the allowable maximum for 2017.
- Increase your 401(k) 1%- I recognize not everyone is in a position to max out their 401(k). That said most of us can afford to increase one more percentage point and not miss a beat. If you fall into that category just do it! You won’t miss the money and you’ll be inching closer to maxing out.
- Max your H.S.A contributions and spend those F.S.A dollars– Make sure you squirrel every dollar you can into your work Healthcare Savings Account. This is an often-missed tax deferral that has great benefits. Additionally, if you contributed to a Flexible Spending Account in 2017 you MUST use these dollars before year end or else you will lose them. You can even spend these dollars improving your style by getting new glasses from Warby Parker.
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