Know Your Year-End Deadlines
‘Tis the season of the holiday hustle - cookie swaps, shopping, decorations and mistletoe martinis abound. And as the holiday season heats up, we’re also winding down the year – actually we’re winding down an entire decade! There is A LOT going on.
As a reminder, December 31 also marks the deadline for a few financial items that may be important to you. Here are a few things you may want to consider:
Do you contribute to a college savings 529 plan? Many 529 plans have a 2019 contribution deadline.
If you’re over age 70 ½ , taking a Required Minimum Distribution (RMD) from your retirement accounts may be required. You might not be close to 70 ½ yet, but perhaps your parents are. This is important to know because the penalty for not making the mandated minimum distributions is steep – 50% excise tax on the amount not distributed.
Are you a solopreneur or self-employed? If you’ve been thinking about establishing a retirement plan, some options carry a year-end deadline.
Not everything has a December 31 deadline, so it’s important to get your calendar organized. For example, if you have a Health Savings Account (HSA), you have more time to make contributions. The tax deadline in April 2020 is also the deadline to make your 2019 HSA contribution.
Here’s another one…have you looked at the beneficiary names listed on your retirement accounts recently? Year-end is an ideal time to review and make sure these are current.
I’m a fan of using your calendar to block out time to focus on your financial life. Just like you schedule your yoga class or massage, you can make an appointment with yourself to review your financial picture. Not sure where to begin? How about blocking 60 minutes to get familiar with your numbers, goals, and current state? If you haven’t downloaded my new Financial Wellness Organizer, check it out – it’s a great place to get started.
If you’ve recently been gift shopping and realized your basket was 2/3 gifts for others, and 1/3 items for yourself….you already have some practice in giving to yourself! Here’s another great gift that you can give to yourself….prioritizing your own wellness!
Like 450 count Egyptian cotton sheets, coffee Oreo ice cream or dancing it out to your favorite 80s band – prioritizing your own wellness is something that never goes out of style.
I know looking at all of the pieces of your financial life can feel overwhelming, and you might have a lot of questions. That’s ok! Being the intelligent, motivated person that you are…you can do it! Ask your questions. Get support. When you get more clarity about where you are on your financial journey and your path to achieve your goals, you can cultivate more confidence. And confidence feels gooooood!!!
2019 has been a swirly, whirly, wonderful year. Thank you for all of your support and best wishes for a joyful holiday!
Sheila
Reminder: this content is for educational purposes only