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EOY Financial Checklist

Oct 31, 2018

The end-of-the-year can bring wonderful joy of friends, family and celebration of holidays. It’s easy to overlook year-end financial details, so, Centric federal credit union has partnered with Massingale and Associates to create a financial checklist that’s sure to help you end the year on a high note and prepare well for the new year!

  • Contribute the maximum amount to your 401(k)
  • Don’t forget to take your required minimum distribution (RMD) from your retirement plans
  • Use the money in your flexible spending account (FSA)
  • Pay off your debt
  • Look at selling positions (with caution) for a tax loss
  • Rebalance your investments and check your asset allocation
  • Make sure you have between three (3) and six (6) months income in an emergency fund
  • Add up your allowable expenses to decide to itemize or take the standard deduction (12,000 per person or 24,000 per household)
  • Make your charitable contributions up to 50% of your AGI (Adjusted Gross Income)
  • Move medical procedures forward if you’ve already met your medical insurance deductible

To learn more about the investment services provided by Massingale and Associates, please visit their website. These tips are provided with significant care and expertise from Financial Advisor Matt Massingale with Massingale and Associates.

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