Don’t Forget These Important Year-End Financial Tasks

Another year is coming to an end, and that means it’s time to wrap up this year’s financial tasks and sketch out an action plan for 2019.

First, before the year ends, revisit your portfolio to see if any additional tax-loss-harvesting trades are justified. With all the recent market volatility, it’s an opportunity you shouldn’t overlook. While you’re at it, rebalance your portfolio to your target investment allocation.

If you have a Flexible Spending Account, spend down any unused funds. If you have a Health Savings Account, max it out to the 2018 limits ($3,450 for individuals, $6,900 for families, plus an additional $1,000 for those over age 55).

One final year-end task: log onto your workplace retirement account and make sure you have hit your applicable dollar limits (see table below).
Now it’s time to get a jump start on 2019.

Everyone should take some time to review their personal lines of insurance. Make sure your coverage matches your personal risk tolerance and you’re not overpaying.

If you’re not tracking your spending, resolve to get started this year. There are many handy apps for budget tracking that beat using a notepad or the back of an envelope. They range from the (Mint or You Need A Budget) all the way up to the awesome—but frustratingly complex–Quicken.

Finally, be aware that contribution limits to retirement plans have been nudged upward for 2019. Don’t assume your employer has adjusted your own contribution to match the new limits. Now’s the time to log onto your company’s benefits portal or contact your HR department to make sure you maximize this important benefit.

The table below lists the 2018 and 2019 retirement plan contribution limits.

For more detailed information, visit this IRS page about 2019 retirement plan limits.