5 Financial Tasks To Complete Before The End Of The Year

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

With 2016 right around the corner, we know many of you may be coming up with your New Year's Resolutions. But before you can get into what you'd like to do next year, there are still a few things you need to take care of this year, especially where your finances are concerned. Below, we outline five financial tasks you need to complete before the clock strikes 12 on January 1st:

1. Speak to your financial advisor: Before you set any financial goals for next year, it's important to talk to your financial advisor to get their insight on what you should be working towards. You never know when new strategies may work in your favor, so make it a priority to sit down with them to learn if and how some of your financial plans may need to be changed.
2. Check your credit: Your credit could easily be affected by an error on your report, so you'll want to catch any before it's too late. If you haven't received a free copy of your credit report yet this year, make it a point to get it now so that you can check for any mistakes.
3. Make contributions: Have you made the maximum contributions to your IRA or 401(k)? In 2015, you are permitted to contribute $5,500 to your Roth IRA and Traditional IRA, and $18,000 to your 401(k). For additional contribution limits, such as catch-up limits and those specifically for the self-employed, click here. 
4. Analyze investments: What do your current asset allocations look like? Is there enough diversification in your portfolio? To set yourself up for the greatest benefit from your investments, you'll want to review your portfolio and see how your current choices are working out for you. If you realize that some aren't working in your favor, it's time to make some changes!
5. Review your taxes: Believe it or not, tax season is approaching rather quickly, which means it's time to start figuring out where you might be able to save. At this point, take a look at the income you received this year and review things like donations you may have made to learn what may qualify you for a tax break.

At the end of the day, it's extremely important to make sure that you always feel confident about where you are and where you're headed financially. If you went through 2015 without a financial advisor or team of financial planners working with you, make your number one task for 2016 to find one. Need a recommendation? Choose American Investment Planners LLC!

For more information about the financial planning services we offer, please visit our website or call (516) 932-5130 today.