Fall Planning Checklist

Before you get swept into 2020 with manic bouts of cooking, cleaning and sugar coma’s here are a few things to keep in mind as the end of the year approaches that can help you feel productive in the chaos.

  • Review your Company Retirement Plan
    • This is a good time to lay out a quick budget for the last two months of the year and see if you can squeeze a little more into your company retirement plan, especially if you get a bonus this time of year and still have room to fill out the company match. This year’s maximum contributions are $6,000 for IRA’s and $19,000 for 401k’s or $7,000 and $25,000 respectively if you’re over 50.
    • This is also a great time to check on your investment options and make any changes you may want for contributions going into next year
  • Check on your Medicare Coverage & Company Plan
    • Open Enrollment for Medicare is here and ends December 15th so if you haven’t looked into a new plan for 2020 get online or set up an appointment to do so. Plans and drug coverages can change dramatically from year to year.
    • The time to make changes to your work coverage is also usually the last two months of the year. See if there are any big changes coming to your plans and if you need to make adjustments.
  • Take a peek at this year’s spending.
    • Whether you’re retired or not, knowing what you spend makes any financial planning you do a million times easier. With 10 months in the books, early November is a great time to get an idea of what your outlay will look like for the year. It doesn’t have to be to the penny, just get comfy with the general number.
  • Give your files a pruning going into the winter and do some fall cleaning.
    • Fall cleaning/decluttering is a real thing and will make your life so much easier come tax time next year. Get rid of all unnecessary papers this time of year now that most important matters should be paid/in the books.
  • Make sure you’re aware of your Required Minimum Distribution from your IRA accounts if you’re 70 ½ or older.
    • If you’re a client of ours, we check this for you, but if you aren’t sure if you’ve taken yours or are set up to we’re glad to review it with you.
  • Look out for that spring tuition check and get a payment plan together.

Hopefully this list will help you feel a little more on top of things going into the holidays and make all that delicious food taste that much better.