JANUARY 2, 2020
New Year: Time to set new goals – Financial, Physical, Mental, Career?
Turning 70 1/2 in 2020? no sweat. The recently signed Secure Act extends the age in which you must take your first Required Minimum Distribution to 72.
Already taking RMDs in 2019, no change for you.
Turning 65 in 2020? make sure to sign up for Medicare. Penalties for late sign up last your entire life.
Turning 50 in 2020? increase your retirement contributions in your 401k and IRAs. You get to add an additional $6500.
Making estimated quarterly income tax payments for 2019? Your 4th quarter payment is due to the Feds on Jan 15, 2020.
Pay off holiday bills in full. Budget feeling tight? Make sure to start saving for the 2020 holidays as soon as 2019 is paid off.
Employed? adjust any HSA, FSA and 401k contributions for the new year.