Financial Planning Steps to Take Before the Year Ends


Filed under: Financial tips


Piggy Bank AccountingFinancial planning and income taxes perhaps the last things you want to think about right now. December is all about joy and merriment, after all, and these topics can feel a bit dry to many people. However, setting aside a few minutes to review your financial situation before the end of the year can help you start 2018 on better footing, and prevent regret at lost opportunities. So, consider these topics now, and take the appropriate steps before the end of the year.

Did you max out retirement plan contributions? As you know, making the maximum annual contribution each year is one of the best ways to adequately prepare for retirement. Plus, you will earn a bit of a break on your taxes if you take advantage of pre-tax contributions that lower your overall tax liability. For 2017, the contribution for qualified retirement plans (like your 401k) is $18,000. If you’re age 50 or older, you can save an additional $6,000 on top of that.

If you didn’t make your maximum allowable contribution this year, you have until December 31 to catch up. Also, you might want to visit your human resources office and increase your paycheck withholding just a bit for 2018.

Did you invest your bonus wisely? Let’s assume you’ve already maxed out your retirement plan contributions for the year, but now you’ve receive a bonus from work. It’s a good idea to save at least some of that money for the future, but how? We can help you identify other opportunities, such as opening an Individual Retirement Account (IRA).

Will you be eligible for valuable tax deductions or credits? Most tax deductions and credits only apply to actions you took during the calendar year. So, it’s worth a bit of research time to discover options available to you, so that you can fulfill their requirements by December 31.

If you need help with any of these items, or have other questions about your financial status, give us a call. We can set an appointment to review your financial plans, and help you start off 2018 on the right foot.


If you would like more information or have specific questions, please contact us using the following form. We would be happy to assist you.

This information has been provided by a licensed insurance professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting the insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax, trust and estate, or investment advice. Infinite Wealth Advisors is not an investment advisory firm.  Investment Advisory Services provided by NAMCOA® – Naples Asset Management Company®, LLC, a federally registered investment advisor, website: www.NAMCOA.com .