2019 will be here before we know it. With that in mind, now is the time to consider New Year’s resolutions. Maybe you’d like to spend more time with family, shed a few pounds, or even take that dream vacation.
Now take a moment to assess your financial situation and identify what areas need attention. For example, maybe it’s time to spend less on wants (monthly shopping trips, lunches out, etc.) and invest more. Here at Tactical Wealth, we want to help you get your finances in order before 2018 comes to a close.
Here are five things worth doing these next few weeks to get financially organized, as referenced from Forbes:
Double-check your 401(k) contributions
As a refresher, 401(k) contributions are tax-free. A 401(k) account should be an integral part of your financial plan, especially considering you can contribute up to $18,500 per year. If you aren’t maxing out your employer-sponsored 401(k), you’re losing out on free money.
Talk with your administrator about increasing your contribution for the last month of the year and into 2019. Have an IRA or Roth IRA as well? Go through the same process and note that you can contribute up to $5,500 each calendar year.
Get a bird’s-eye view of your investment accounts
Here’s your chance to check gains and losses in your investment accounts. Trying to figure out whether you should sell a losing investment to offset gains or establish a deduction? Consult your financial advisor about what they recommend in terms of what’s called “tax-loss harvesting.”
Make your charitable contributions
Maybe you’re already in the habit of making donations to charitable organizations. Here’s your reminder to give before December 31 for it to count toward your 2018 tax year. There are various giving strategies, so ask your financial advisor which one makes the most sense for you.
Evaluate your retirement plan
For many older professionals, retirement is the elephant in the room. Frankly, though, it shouldn’t be. Use this holiday season as a chance to tweak your current retirement plan, paying close attention to investment accounts, savings accounts, annuities, and even Social Security benefits.
Wouldn’t it be nice to ring in the New Year knowing your golden years are well within reach? When it comes to forming a sound retirement plan, hope is not a strategy. So make time in your busy holiday schedule to meet with your financial advisor.
Consider high return investments
Be honest with yourself — are you concerned about your financial future? Maybe you’ve exhausted all investment options, from stocks and bonds to annuities and CDs. Perhaps you’re frustrated with the ridiculous fees, low return rates, and lack of flexibility.
The Tactical Wealth Fixed Income Fund makes a perfect addition to any diversified investment portfolio. With the Fixed Income Fund, clients benefit from the highest rates possible, holdings backed by real estate, and a proven risk mitigation plan.
See how risk-averse investments can help you get financially organized before year-end. Contact us today.