2015 Year End Financial Challenge

2015 is drawing to a close. Have you done everything you can to maximize your financial life this year? Why not take our Year End Financial Challenge. For each day until the end of the year, we’ve provided an action you can take to make sure you’re tying up loose ends, meeting deadlines, and maximizing your financial life. We’ve even given you weekends and holidays off! Are you ready for the challenge?

2015 Year End Financial Challenge

• Dec. 9: Take all required minimum distributions (RMDs) from your retirement accounts before December 31. This applies to those over 70 1/2 years of age as well as those who inherited an IRA from someone over 70 1/2.

• Dec. 10: Buy mutual funds in taxable accounts after the distribution has been paid to avoid unnecessarily paying income taxes.

• Dec. 11: Max out your 401(k) or IRA and make plans now to do the same in 2016.

• Dec. 14: Review your spending for 2015.

• Dec. 15: Change the passwords on your financial accounts.

• Dec. 16: Create and update your goals for 2016 – identify any potential obstacles to achieving them now.

• Dec. 17: Rollover that old 401(k).

• Dec. 18: Check your credit report at www.annualcreditreport.com

• Dec. 21: Harvest any losses in your portfolio by selling taxable investments.

• Dec. 22: Clean out your closet and donate old things to charity.

• Dec. 23: Spend down that FSA and begin considering any changes you might want to make to your health insurance next year.

• Dec. 24: Rebalance your portfolio.

• Dec. 28: Review your beneficiary designations and avoid the top 10 mistakes.

• Dec. 29: Create and update your list of passwords for your important financial life accounts and make sure your spouse or someone close to you knows where it is.

• Dec. 30: Get rid of your paper receipts and documents. Scan your documents with Scannable and save them in Evernote.

• Dec. 31: Celebrate and acknowledge what you accomplished in 2015. You may just accomplish more next year because of it.