With 2020 coming to a close, here are a couple of year-end financial tasks to tackle.
Verify Your Contact Information & Beneficiaries
Make sure your phone number, email address and contact information are up-to-date on your accounts and loans. This includes changes to your work phone number and email address, if you've had a job change. If you use multiple email addresses, make sure your accounts reflect the one you use the most.
Having current beneficiaries listed for your accounts is also important. This includes investments, life insurance policies you're taken out or are covered under by an employer, work-place retirement plans and your bank/credit union accounts.
Review Your Credit Report
When's the last time you've reviewed your credit report? With data breaches, now is a good time to thoroughly examine your report for an inaccuracies and discrepancies. You are entitled to a free copy of your credit report every 12 months. You can learn more about how to obtain your copy here. If you use our identity protection service, ID Protect, you can obtain a copy of your credit report every 90 days.
Schedule Time with Your Financial Advisor
This time of year is a good time to see how your portfolios are performing, to review your asset allocation and to determine if you have too much excess cash in liquidity. Do so by scheduling a financial check-up with your advisor to plan for the upcoming year, set goals and make changes. If you don't have a financial advisor, give us a call and we'll connect you with our wealth management professional, Erik Gotaas. Be sure to ask Erik about Guided Wealth Portfolios platform as well.
Make Last-Minute Charitable Contributions
Don't forget that December 31 is the last day you can make a donation to your favorite cause or organization to receive a potential tax benefit in 2020.
Review Insurance Policies and Coverage
Take a moment to review coverages for your home and auto to make sure they are sufficient for your current needs. If it's been a while since you've done a cost comparison, contact one of our insurance partners, Members Home and Auto or TruStage, for a free proposal today!
Review Outstanding Debt
Did you take out loans this year? Put purchases on credit cards? Now's a good time to look at your outstanding balances and the rates you are paying. LOC would love to have you schedule an appoint and have you come in for a free loan review to see if we can refinance some of your existing debt and help you pay it down quicker.
Use Up FSA Money
If you still have money set aside in a Flexible Spending Account for health care expenses, put it to good use before the end of the year. Options for funds include ordering a new pair of glasses or prescription sunglasses, getting that dental work you've been putting off, stocking up on your prescription drugs if you are running low, or schedule physical therapy, chiropractor or acupuncture treatment. Some companies offer a grace period into the next calendar year, but if your employer doesn't offer these provisions, then you'll lose any unused funds.