Reviewing where you stand financially before the end of the year means you can take advantage of tax-saving opportunities that end December 31, 2020 and then start financially strong in the New Year.
If you have a flexible spending account (FSA), be sure you use all the funds before year’s end, unless your plan offers a grace period. Most plans are on a calendar year and unlike a health savings account (HSA) which allows you to roll over unused funds to the next year, your FSA is a use it or lose it plan. You can buy most over-the-counter medications and even glasses with your FSA funds.
INSURANCE CHECK IN
Review all of your insurance policies to ensure they meet your needs and you’re not paying too much. Check with your agent to see if bundling multiple types of insurance, like home, car, and umbrella could reduce your rates.
While you’re reviewing your insurance needs, take a look at your beneficiary information on your life insurance and retirement accounts. If you’ve gotten married or divorced, you may need to update your beneficiary information.
PICK UP THE PHONE
Schedule an appointment with your financial advisor to review your investments.