YOUR ANNUAL FINANCIAL TO-DO LIST

Things you can do before and for the New Year.

The end of the year is a good time to review your personal finances. This is a time to refocus your wealth-building efforts. What are your financial, business or life priorities for 2009?

Dust off your financial goals and take a good look at them. Have they changed? Do they read more like wishes, or are they specific objectives? Try to specify the goals you want to accomplish, and a timeframe. Think about the consistent investing, saving or budgeting methods you could use to realize them.

Max out your IRA contribution at the start of 2009. If you can do it, do it early. The sooner you make your contribution, the more interest those assets will earn. (According to IRS Notice 2008-102, released on October 22, the 2009 individual IRA contribution levels will remain at $5,000 per person.1) Also, don’t forget that you can still make an IRA contribution for the 2008 tax year through April 15, 2009.

Before 2008 ends … think about making charitable contributions. If you make them this year, you can claim deductions on your 2008 tax return. Also, see if you can prepay next year’s property taxes this year; if your lender receives that payment before December 31, that’s also a 2008 deduction you can take.

Are you marrying next year, or do you know someone who is? The top of 2009 is a good time to review (and possibly change) your beneficiaries to your 401(k) or 403(b) account, your IRA, your insurance policy and other assets. You may want to change beneficiaries in your will. It is also wise to take a look at your insurance coverage to determine if you will be underinsured, to identify any coverage gaps, and to cancel duplicate policies. If your last name is changing, you will need a new Social Security card. Lastly, assess your debts and the merits of your existing financial plans.

Are you returning from active duty? If so, go ahead and check the status of your credit, and the state of any tax and legal proceedings that might have been preempted by your orders. Review the status of your employee health insurance, and revoke any power of attorney you may have granted to another person.

Don’t delay – get it done. Talk with a qualified financial or tax professional today, so you can focus on being healthy and wealthy in the New Year.

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