New years bring new beginnings. January presents a great opportunity for some midwinter cleaning – to get your financial house in order.
To refresh your finances for 2019, check off these 5 important to-dos:
- Stale Investments: Now is the time to take a deeper look into your investments. Ensure your investments still make sense in helping you meet your retirement goals.
- Catch Up Contributions: Jennifer Anniston, Jennifer Lopez, and Jason Priestley all turn 50 in 2019. If you’re already part of the over-50 club, or just about to join, you can now stuff more money into your 401(k) via catch-up contributions. In fact, for 2019, the IRS allows you to contribute an additional $6,000.
- Beneficiaries: After you’re gone, it’s too late. Review your current beneficiaries and update them as needed.
- Tax Withholding: Compare your most recent paycheck stub to last year’s tax return and make sure you’ve made adjustments if your situation has changed. Are you on track for a refund or an ugly surprise in April?
- Plan Ahead: Thinking about retiring? Even with interest rates at their current lows, there’s a lot to consider before retiring. For example, it might be better to retire with a higher interest rate and 6 weeks of vacation pay rather than retiring with a lower rate and no vacation pay.
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