The Basics
- Capture the full employer match on your 401(k)
- Name or update beneficiaries on all accounts
- Diversify your portfolio to match your goals and risk tolerance
- Create an emergency fund
- Prepare a will
Getting Ahead:
- Pay a little extra on your mortgage each month
- Improve your investing knowledge through an online workshop
- Pay off your credit cards in full each month
- Contribute to a 529 plan
- Track your spending and cut back where possible to boost savings
Building Wealth
- Max out your 401(k)
- Contribute to a health savings account, if eligible
- Contribute to an IRA
- Transfer some funds to roth IRA for better tax management during retirement.
- Create a financial plan
Optimizing retirement
- Pay off your mortgage before retirement
- Create a budget based on your ideal retirement, including location and lifestyle
- Review your social security statement for missing income information
- Make a plan for long-term care
- Create a tax-smart income-withdrawal strategy
Extra Credit
- Research investment options for your health savings account, if eligible
- Save even more towards your goals with a taxable brokerage account
- Educate the young people in your life about investing
- Gift any individual up to $15,000 annually without triggering the federal gift tax
- Make a tax-smart charitable gift of appreciated assets