It’s December! Before the New Year arrives, don’t forget to button up your financial life by checking off these important to-dos, where appropriate for your personal situation.
- Maximize your retirement account contributions (including catch-up contributions if you are over 50 years old)
- Donate to charity before December 31 to take advantage of deductions on this year’s taxes
- Review the beneficiaries on your accounts / policies, and make updates as necessary
- Determine your Social Security benefit election strategy
- Review your will and trust provisions to ensure they are still aligned with your wishes
- Take your RMDs (required minimum distributions) if you are age 70 ½ or older
- Update your tax withholding in light of a major life event (if you were married, divorced, had kids, etc.)
The last few weeks of the year are always a busy. But, setting aside a bit of time to go through this year-end checklist will be well worth the investment, helping you maintain your financial house and giving you peace of mind as you wrap up the year.
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