The end of the year often brings to mind vacation, indulging in holiday treats, reconnecting with friends and family, and other cherished traditions. For some, it’s also a time to reflect on goals and milestones of the year. What did you achieve? What are you still looking to accomplish? What are you setting aside?
While everyone is at different places in reaching their personal financial goals, here are three ideas to consider for feeling good about the end of the year.
1. Consider upcoming deadlines
Did you know the deadline for Roth conversions is December 31, not the tax filing date like traditional and Roth IRA contributions? You can use the next few weeks to research if a Roth conversion is right for you, do a conversion, or get a jumpstart on learning and planning for next year.
There are many educational resources to help you determine the right course of action for you. Here are two articles from Equity Trust to get you started on your path.
Over 50? Consider Roth Conversion to Avoid RMDs
3 Benefits of Converting to a Roth IRA
2. Double check your account beneficiaries
Having accurate, up-to-date information for the beneficiaries of your IRA
and other personal accounts is a small detail with a huge impact. Remember, the IRA beneficiary information you provided supersedes the directives in your will. You can use Equity Trust’s online account management tool myEQUITY to easily check your beneficiary information.
3. Start getting ready for tax time
Do you know where to find your account statements and supporting documents for expenses such as those related to medical needs, relocating, childcare, or business needs? Do you know what to do if any of those items are missing or need correcting? The majority of people expect to receive their tax documents in the first quarter of the year, but that doesn’t mean you have to wait until the last minute to get ready to file.
You can also use this time before the busy tax season to consider finding a qualified professional
to help you with your investment and financial goals or increasing your financial savvy
for next year.
Check out this U.S. News & World Report article
for more ideas on making the most of the end of the year.