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Hamptons.com
December 14, 2017

Five Financial Steps To Take Before The New Year

Rocco A. Carrieroby Rocco A. Carriero
in Real Estate
Home Real Estate

December is a great time to review your finances and get ready for a fresh start in the new year. Here are five key financial moves that are worth reviewing before year end:

Review your goals and financial progress

If you’ve laid out a plan to achieve your key goals such as retirement or saving for a child’s education, now is a good time to measure your progress. Are you on track or do you need to make adjustments? If you don’t have a clear plan, now is a good time to establish one for 2018.

Take full advantage of your retirement savings opportunities

If you participate in a workplace savings plan, such as a 401(k) or 403(b), try to maximize your pre-tax contributions. In 2017, you can defer up to $18,000 per year or $24,000 per year for those 50 and older, into a retirement plan. Your contribution reduces your pre-tax income, providing an immediate tax savings, while any earnings in the account grow on a tax-deferred (for traditional retirement plans) or tax-free (for Roth retirement plans) basis.

If you have an individual retirement account (IRA), you have until the April 17, 2018 tax filing deadline to make traditional or Roth contributions for 2017. The sooner you do so, the sooner those dollars can be invested and start building for the future on a tax-deferred basis. You can contribute up to $5,500 per year of your taxable compensation; up to $6,500 for those 50 and older. Note that contributions for the 2018 tax year can be made as early as January 1, 2018.

Assess your investment portfolio

Are you properly positioned in your investments? Given the solid performance delivered by the stock market in 2017, many may discover their portfolios are overweight in equities. Determine whether it may be time to re-balance your portfolio to avoid taking on too much risk for your comfort level.

For your taxable investments, consider the potential tax consequences before making any decisions about selling positions that could generate a capital gain. Similarly, you could sell positions that will generate a capital loss to offset other gains and potentially reduce your tax burden. First consult with your investment and tax advisors to determine the best strategy for your situation.

Check on mutual fund distributions

Most mutual funds pay out distributions (reflecting realized capital gains and dividends earned from securities held in the fund) by the end of the year. Check to see what to expect from funds you own, particularly in taxable accounts. If you are considering moving money into a new fund, you may want to wait until the fund has paid its distribution so you don’t inherit a taxable gain shortly after you invest.

Make timely charitable donations

If you itemize deductions on your taxes, you can generally deduct the cash or the fair market value of goods donated to a qualified nonprofit. The contributions must occur before the end of the year to be included on your 2017 tax return as a qualified deduction. Be sure to maintain proper documentation.

As you decide what actions to take before year end, consider sitting down with your financial advisor who can help you evaluate your options. A trusted professional can help you have confidence that the steps you take are beneficial not just today, but also for the long term.

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The Chandra X-Ray Observatory: An Insider’s Perspective (A Free, In-Person Lecture)

June 23 @ 06:00 PM - June 23 @ 07:00 PM
Rogers Memorial Library, 91 Coopers Farm Road, Southampton, NY 11968
24
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International Snack Night

June 24 @ 04:00 PM - June 24 @ 05:00 PM
2478 Main Street, Bridgehampton, NY 11932
25
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Live Music At The Clubhouse: Jake Atherton

June 25 @ 06:00 PM - June 25 @ 09:00 PM
The Clubhouse 174 Daniels Hole Road East Hampton, NY, 11937
26
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Building History: Halsey House Tour

June 26 @ 11:00 AM - June 26 @ 12:00 PM
Halsey House & Garden, 249 S Main Street, Southampton, NY 11968
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Pride and Friendship Bracelets

June 26 @ 04:00 PM - June 26 @ 05:00 PM
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Sag Harbor Cinema Reaches Fundraising Goal With Pledges From Leonardo DiCaprio, Sarah Jessica Parker, And Matthew Broderick

Sag Harbor Cinema Reaches Fundraising Goal With Pledges From Leonardo DiCaprio, Sarah Jessica Parker, And Matthew Broderick

  • ⁠
When it comes to dining out in the Hamptons, there is no shortage of restaurants to choose from. While there are not many vegan-exclusive establishments, there are still plenty of options for plant-based eating in the Hamptons, with more joining the culinary scene all the time.⁠
⁠
⁠
WESTHAMPTON⁠
🥑 Local Provisions – Smoothies, specialty toast, and local love⁠
🌮 Funchos – Vegan tacos & burritos with outdoor seating⁠
🍝 Baby Moon – Vegan-friendly pastas (get the eggplant!)⁠
🍷 Salt & Loft – Chic setting with salads, pasta, and a Beyond burger⁠
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EAST QUOGUE⁠
🍱 Tony’s Fusion – Top-tier tofu dishes, veggie curry, and sweet potato rolls⁠
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HAMPTON BAYS⁠
🥢 Matsulin – Asian fusion, mock meats & killer peanut sauce⁠
☕ Hampton Coffee Co. – Beyond breakfast sandwich, smoothies, & a “Happy Wrap”⁠
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SOUTHAMPTON⁠
🥪 Four Oaks – All-day vegan eats & organic juices⁠
🍛 Saaz – Authentic Indian with tons of vegan options + lunch buffet!⁠
⁠
BRIDGEHAMPTON & WATER MILL⁠
🍣 Yama Q – Cozy sushi spot with veg rolls and tofu entrees⁠
🇫🇷 Bistro Ete – Fresh vegan zucchini spaghetti⁠
🇬🇷 Elaia Estiatorio – Greek small plates, spreads, and salads⁠
⁠
SAG HARBOR⁠
🥗 Provisions – Café + health market, tons of vegan dishes⁠
🌾 Page at 63 Main – Upscale, with vegan bowls & salads⁠
🌮 Estia’s Little Kitchen – Casual breakfast/lunch, kitchen garden fresh⁠
🍜 Sen – Modern Japanese with rice/noodle dishes & veg sushi⁠
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EAST HAMPTON & AMAGANSETT⁠
🥟 Hampton Chutney Co. – Indian dosas, thali, and oat chai⁠
🍲 Kumiso – Tokyo-inspired ramen & veg izakaya vibes⁠
⁠
 MONTAUK⁠
🥙 Naturally Good Café – Smoothies, juices & vegan breakfast⁠
🍽 Joni’s Kitchen – Tofu scrambles, stir-fry, smoothies & steps from the beach!⁠
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Cover: @locallocalprovisionswhb⁠
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View the complete guide at Hamptons.com (Link in Bio)⁠
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#hamptons #dining #vegan #weekend #montauk #westhampton
  • Sushi by Boū will offer just eight seats per table, a truly unique and memorable sushi experience inside Sydney’s “Taylor” Made Cuisine in Westhampton Beach. 

@sushibybou_westhampton 

#sushi #omakase #hamptons #dining #westhampton
  • Who’s excited for the Palm Tree Music Festival! ⁠
⁠
Check out the Top Hamptons Events This Weekend!⁠
⁠
🎶 5th Annual Palm Tree Music Festival⁠
📅 Saturday, June 21st | 🕑 2pm – 11pm⁠
📍 Shinnecock Indian Territory, Southampton⁠
🌴 Iconic music + luxury vibes + brand activations.⁠
📸: Rob Rich/SocietyAllure.com ©2025⁠
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🛍️ Female Founders Market at The HUB⁠
📅 Saturday, June 21st | 🕘 9am – 6pm⁠
📍 2183 Montauk Hwy, Bridgehampton⁠
✨ Shop curated female-founded Hamptons brands.⁠
⁠
👡 Dolce Vita Pop-Up in Southampton⁠
📅 June 20–22 | 🕚 11am – 3pm daily⁠
📍 95 Main Street, Southampton⁠
🎨 Art, summer style, and new drops each month!⁠
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👜 Kulson Pop-Up at Sage & Madison⁠
📅 Friday, June 20th | 🕒 3pm – 6pm⁠
📍 31 Madison Street, Sag Harbor⁠
🥂 Sip + shop Kulson’s Summer Capsule Collection.⁠
⁠
🍦 BuddhaBerry x Stocked Pop-Up⁠
📅 Friday, June 20th | 🕛 12pm – 5pm⁠
📍 125 Main St, Sag Harbor⁠
🍪 Salted cookie + froyo collab = YUM.⁠
⁠
👜 Hamptons Handbag Festival⁠
📅 Sunday, June 22nd | 🕙 10am – 5pm⁠
📍 15 Montauk Hwy, East Hampton⁠
👜 From vintage to designer. All price points.⁠
⁠
📚 Author Talk: Nellie Sciutto⁠
📅 Saturday, June 21st | 🕕 6pm – 7:30pm⁠
📍 East Hampton Library⁠
🎬 Hear Hollywood tales + get your book signed!⁠
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🎭 Colin Quinn at WHBPAC⁠
📅 Friday, June 20th | 🕗 8pm⁠
📍 76 Main St, Westhampton Beach⁠
😂 Big laughs with the comedy legend.⁠
⁠
🎶 Ghost-Note at Talkhouse⁠
📅 Saturday, June 21st | 🕗 8pm⁠
📍 Stephen Talkhouse, Amagansett⁠
🔥 Don’t miss this epic jam session.⁠
⁠
🥾 Penny Pond Hike⁠
📅 Sunday, June 22nd | 🕤 9:30am – 11:30am⁠
📍 Meet at Red Creek Rd, Hampton Bays⁠
🌲 A beautiful trail to start your Sunday.⁠
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Check out more events at Hamptons.com (Link in Bio)⁠
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#palmtreemusicfestival #hamptons #colinquinn #hub #dolcevita #weekend
  • Hosted in the Hamptons at Calissa, Ja Rule showed off his mixology skills, livin’ it up and serving craft cocktails from Amber & Opal as the premium whiskey brand launched in the Hamptons. 

@jarule 
@calissahamptons 
@amberopalspirits 

#jarule #whiskey #hamptons #calissa #hamptonsweekend #hamptonsevents
  • 24 Saddle Lane, East Hampton, NY 11937⁠
Saunders Exclusive: $2,795,000⁠
⁠
@hamptonsrealestate ⁠
@jenniferwilsonhamptons⁠
@edbruehl⁠
@edmondzenuni_⁠
⁠
This stunning contemporary home redefines modern living with its clean lines, dramatic vaulted ceilings, and walls of glass that flood the interior with natural light. ⁠
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Fully renovated in 2016, the open-concept living area seamlessly blends indoor and outdoor spaces, creating an entertainer’s paradise.⁠
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Imagine hosting gatherings on the expansive deck overlooking the heated pool and spa, or enjoying more intimate moments in the screened porch.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#hamptonsrealestate #easthampton #hamptons #realestate⁠
  • Check out the Top Hamptons Events This Weekend!

🎤 Ja Rule Bar Takeover at Calissa
🗓️ Friday, June 13 | 7–9PM
📍 Calissa, Water Mill
Hip-hop icon Ja Rule takes over the bar to celebrate the launch of his new whiskey, Amber & Opal.
📸 Phillip Faraone/Getty Images for AVA Resort
#calissahamptons #jarule #amberandopal

🍷 Mavericks Montauk Winemaker Dinner
🗓️ Friday, June 13 | 6PM
📍 Mavericks, Montauk
Kick off the Summer Winemaker Dinner Series with Christophe Renard of Domaines Ott.
📸 Photo Credit: Michelle McSwain
#mavericksmontauk #domainesott #winemakerdinner

🌸 Hampton Water Rosé Day Tour
🗓️ Saturday, June 14 | 1–7PM
📍 Bounce Beach, Montauk
Show up in pink and celebrate National Rosé Day with tastings, giveaways & more.
#hamptonwater #roséday #montaukevents

🏃 Beacon of Hope 5K Run/Walk
🗓️ Saturday, June 14 | 9AM
📍 Camp Hero to Montauk Lighthouse
Support awareness and hope on this scenic 5K through Camp Hero.
#beaconofhope5k #montauklighthouse

📚 Book Signing with Julianne Moore & Jesse Eisenberg
🗓️ Saturday, June 14 | 3–4PM
📍 Southampton Playhouse
A special family reading and signing with two stars and authors.
#julianneMoore #jesseeisenberg #southamptonny

🐶 ARF’s Rescues & Rosé
🗓️ Saturday, June 14 | 4–7PM
📍 ARF, East Hampton
Rescue dogs + rosé = summer magic.
#arfhamptons #rescuesandrosé #eastenddogs

🎨 Father’s Day Arts & Crafts Fair
🗓️ Saturday, June 14 | 9AM
📍 Marine Park Drive, Sag Harbor
Shop handmade jewelry, furniture, paintings, home goods, and more.
#sagharborarts #hamptonscraftfair

🍋 Lucky One Lemonade Launch w/ Miss Peaches
🗓️ Saturday, June 14 | 2PM
📍 Shark Bar, Montauk
Meet adoptable dogs and sip dog-lover-approved lemonade.
#misspeaches #southamptonanimalshelter #sharkbarmontauk

🛍️ Alice + Olivia Sip & Shop
🗓️ Saturday, June 14 | 4–6PM
📍 68 Main Street, Southampton
Hosted by Sydney Sadick & Sylvia Hemingway to benefit SAC.
#aliceandolivia #sipandshop #southamptonvibes

🩰 Tiler Peck at Guild Hall
🗓️ Saturday, June 14 | 8PM
📍 Guild Hall, East Hampton
An evening of unforgettable performance and movement.
#tilerpeck #guildhall #easthamptonevents

Check out more events at Hamptons.com (Link in Bio)

#hamptonsweekend
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