Just like that, there’s one month left in the year. Here are 6 things that you can do now to set yourself up for financial success in the new year: investinyou (In partnership with acorns.)
Then, if you have already maxed out your 401 or don't have one, do the same with your individual retirement account or Roth IRA. The maximum contribution this year is $6,000, or $7,000 if you are age 50 or older.
Even though you have until April 15 to max your retirement savings account out for 2021, doing it now will enable you to start saving for 2022 in January, Sun pointed out.Look at your credit card statements — many lenders even break down the expenses by category for you. See where you can adjust for the following year.. January and February are the best times of year to job-hunt because that is when companies' new hiring budgets tend to go into effect.
If you sold any assets and made a profit, consider selling an asset that isn't doing so well. It's called tax-loss harvesting. By selling assets at a loss, it will make up for some of the gains you made and should reduce the amount of taxes you will have to pay. You can also gift assets that have gone up to someone in a lower tax bracket to avoid tax hit, Sun suggested.If you still have money left in your flexible spending account, you may want to make that doctor's appointment you've been putting off or buy qualified items so that you get the reimbursement for this year.into 2022, your company has to opt in. Some employers also give a grace period of a few months into the next year or permit you to carry over $550.
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