Jumpstart 2010
Happy New Year to everyone! As we are busy hanging up our new calendars, let's take a moment to cover some basic 'early year' strategies and action steps that can get things started off on the right foot.
Important Documents: The tax man will be here before you know it. Go ahead and pull out all the 2009 files and put them in a folder or box to get ready. I save bills and receipts throughout the year. If you start commingling 2009 and 2010 papers, it will just lead to more headaches when the time comes to start your taxes.
Add up those expenses: If you are eligible for a Flexible Spending Account (FSA) or a Health Savings Account (HSA) through your employer, this is the time of year to elect how much you want to pull out of your paycheck to fund these accounts. A good number to know is how much you spent on healthcare expenses in 2009. You can use this as an excuse to get all those papers out (see above).
Retirement Plan Contributions: Make plans now to increase/decrease your retirement plan contributions for 2010. If you have a 401k at work, the contribution maximum isn't changing for 2010 (still $16,500 for maximum employee deferral). If your compensation is higher, your current contribution percentage may have you maxing out your plan early.
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About the Author:
As a co-founder of Chappell, Mayfield & Associates, Charles assists countless individuals and businesses in achieving financial independence with appropriate insurance and financial products. Charles launched his financial planning career as an agent at Prudential Financial in 1997, where he was a three-time Million Dollar Round Table member and a nominee to the first Prudential Field Advisory Council. Charles holds the CFP® designation, as well as the CLU and CLTC designations. He has a B.S. in Management from Georgia Tech. Just as Charles is committed to his clients' financial well-being, he also takes an avid interest in benefiting his community. He is Past President and current member of the Board of Directors of Jerusalem House, on the Board of Councilors at The Carter Center, and a member of the Peachtree Road United Methodist Church. At Prudential Financial, he served as chair of the Prudential Connection Atlanta Outreach Program. Charles has lived in Atlanta since 1992 and has a son Dylan. More of his blogs can be found at http://atlantaplanningguys.com/?author=2