It’s getting to be that time of year when we start thinking about family and holiday traditions and the pressure to finish projects before the year ends. In an effort to help you check things off your list ahead of schedule, here’s a handy checklist of items to consider:
- Open a Roth or Traditional IRA for your children or grandchildren who have had earned income. It’s a great way to start them on the road to financial independence.
- Make sure you have contributed (or are on track to contribute) the maximum to your own retirement plan. Employer plans like 401(k)s and 403(b)s allow you to contribute up to $18,000 plus an additional $6,000 if you are over 50.
- SIMPLE IRAs allow you to contribute $12,500 this year with a $3,000 catch-up if you are over 50.
- Donate low cost basis stock to a charity by December 1st.
- Open a 529 plan for your children or grandchildren. The gift of a college education is a gift that will last a lifetime and is state tax deductible up to certain amounts in most states.
- Check your flexible spending account balance and find out if your employer has adopted a grace period to allow spending as late as March 15, 2018.
- Make a Qualified Charitable Donation from an IRA using your Required Minimum Distribution.
Every family’s situation is different, so these items are intended for educational purposes only. Please contact your Pinnacle Wealth Manager to guide you through the ones most relevant to your situation.
Copyright: naphotos / 123RF Stock Photo
