SPRINGFIELD, Mass. (WWLP) – As 2016 comes to a close, experts say it is a good time to get your finances in order. Financial planners say it is a good time of the year to evaluate where you are investing, and how much those investments are worth.
You can take this time to take a look back at how much you have invested over the year; making sure that you have made significant contributions to your retirement funds.
“Make sure you fund your IRA’s, 401k’s as much as you can, and a new one is make sure you fund your health savings accounts. So those are all tax deductible items that really help in tax planning,” said Mark Teed, Senior Vice President for Investments at Raymond James.
Experts say you should contribute to these accounts until it hurts a little bit. Cutting back on some things now can help make sure you have a comfortable retirement to look forward to.
They also say that people in their 20s should not ignore their retirement accounts, either. Investing early can make a big difference.