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Five Financial Steps To Take Before The New Year

Rocco A. Carriero by Rocco A. Carriero
December 14, 2017
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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Rocco A. Carriero

Rocco A. Carriero

Rocco is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Southampton, NY. He specializes in fee-based financial planning and asset management strategies and has been in practice for over 20 years. Advisors is licensed/registered to do business with U.S. residents only in the states of NY, NJ, TX, MA, PA, NC, NH, UT, NV, CA, NM, WA, VT, MS, MD, RI, FL, MO, SC, GA, MN, CT, AZ. Ameriprise Financial Services Inc., and its representatives do not provide tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.

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

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  • The Oscar Molina Gallery’s Molina / Vignoli Exhibition

The Oscar Molina Gallery announces the exhibition Molina / Vignoli  that will be on view from August 11th to August 22nd.. Curated by Esperanza León, the exhibition at this intimate space on Jobs Lane brings together a selection of works by Oscar Molina and Fernando Vignoli for whom the interpretation of human dramas—individual and global—is a consistent theme. Paintings from Molina’s Raindrops series, such as the recent 66 x 120-inch, untitled acrylic on canvas, will be featured with four of Vignoli’s works, including the prominent 73 x 73-inch oil on canvas from 2008 titled Time Does Not Stop. @omolina.arts

Read the full article at Hamptons.com (Link in Bio) #oscarmolina #art #local #hamptons
  • Léon 1909 Debuts on Shelter Island

On Sunday, August 7, owner & restaurateur Valerie Mnuchin welcomed a lively crowd of Shelter Island neighbors, local business owners, tastemakers, friends and family to preview Léon 1909, her transportive, new restaurant opening to the public this week on Thursday, August 11. @leonshelterisland

Read the full article at Hamptons.com (Link in Bio) #leon1909 #shelterisland #hamptons #dining #french
  • Mykola Khodorovsky at Art Market Hamptons

Art Market Hamptons will return to the Hamptons for the twelfth edition in August 2022. The premier art fair will be held August 11-14 in Water Mill. It will feature 85 top galleries, several of which are located on the East End, as well as Nova’s Ark Project & Sculpture Garden. @artmarketproductions @mykola_fine_art

One of the artists in attendance this year is Mykola Khodorovsky of Mykola Fine Art, a multi-talented painter, who has traveled from Florida for the anticipated event in the Hamptons. He spoke more about his artwork, his influences, and what those in attendance can expect from Art Market Hamptons beginning this Thursday!

Read the full article at Hamptons.com (Link in Bio) #hamptons #artmarket #art #local #watermill #artfair
  • Westhampton Beach Performing Arts Center to Host Gala Fundraiser on August 13th

Westhampton Beach Performing Arts Center (WHBPAC), a non-profit organization working to bring innovative and cutting-edge entertainment and arts education to the East End will host its annual gala fundraiser A Summer Affair on August 13th at a private waterfront Remsenburg estate. @whbpac

Read the full article at Hamptons.com (Link in Bio) #hamptons #whbpac #westhamptonbeach #westhamptonbeachperformingartscenter #benefit #remsenburg
  • The East Hampton Historical Society’s “Lecture Luncheon Benefit” Presents World-Renowned Landscape Architect Thomas L. Woltz

For the past six years, the East Hampton Historical Society’s “Lecture Luncheon Benefit” has brought together the best designers and architects from around the country to explore, illuminate, and celebrate our community’s beauty and rich history. At this summer’s Luncheon, the Historical Society is pleased to present world-renowned landscape architect Thomas L. Woltz, who will discuss Dynamic Preservation Through Landscape Design on Thursday, August 11 at 11:00 a.m. at the Maidstone Club, overlooking the Atlantic Ocean. @easthampton_histsoc

Read the full article at Hamptons.com (Link in Bio) #hamptons #easthampton #easthamptonhistoricalsociety #lecture
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