Year End Checkup: Money, Markets & Your Plan

AssetGrade, LLC. |

Last week I hosted a gathering of clients and friends to talk about the process of a year end check up. I know, you’re probably thinking more about football, weekend gatherings and getting ready for the holidays, and so were they. But a little time invested now, can payoff in multiple ways. 

3 Key Takeaways:

1. Reduce your taxes – Make sure you understand how you were impacted by the 2018 Tax Reform Act. Review your 2018 tax return to understand how your itemized deductions have changed and how to optimize under the new tax laws. (there is a good chance you may no longer even itemize!). If you are a small business owner, see if you are eligible for the 20% QBI deduction. Make the most of tax-advantaged accounts like a 401(k) or IRA.

2. Check your investments - Markets continue to be near all-time highs, if you haven’t rebalanced your accounts recently, it’s probably time.  Make sure your investments continue to align with your goals and you’re comfortable with the level of risk in your portfolio.  Don’t wait for a market correction to decide it’s too risky.

3.  Review your plan, do some ‘housekeeping’ – When big things happen in life, you tend to address those immediately.  This is a good time to take care of items like beneficiary designations, small details with big negative consequences if not handled properly. Bump up your savings for retirement or college if you can. Small amounts over time make a difference!