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2017 Retirement Planning Year-End Checklist

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The new year is just eight weeks away. Before you get caught up in the holiday frenzy, make sure you’re on track to meet your retirement planning and savings goals for this year.

To make your year-end financial planning easier, follow the checklist I created below. Check it once; check it twice!

1.) Estimate your 2017 tax liability.

Consult with your CPA or tax professional to estimate how much you may owe for 2017. If you owe more than anticipated, consider contributing more to your retirement accounts; you may be able to reduce your tax liability.

2.) 401(k) and 403(b) contributions.

Dec 31, 2017 is the deadline to make your final 2017 contributions.

Determine how much you have saved so far in your 401(k) plan. The maximum you can contribute is $18,000 this year; if you’re 50 or older, you can contribute an additional $6,000 on top of that. Even if you can’t contribute the maximum allowed, review your retirement planning to see if you’re putting in as much as you can to meet your long term retirement goals and your short term goal of reducing your tax liability.

If you’re not sure how much you have contributed so far this year, ask your HR department or employer to get your year-to-date statement.

3.) SIMPLE IRA contributions.

Dec 31, 2017 is the deadline to make your final 2017 contributions.

4.) SEP IRA contributions.

The deadline to contribute for the year 2017 is April 17, 2018. Contributions for a given tax year can be made up to the final tax filing date, including extensions.

5.) Roth IRA conversion.

The deadline to convert your Traditional IRA dollars to a Roth IRA is Dec 31, 2017.

If you anticipate your Adjusted Gross Income to surpass the limit that allows you to contribute to a Roth IRA, consider contributing to a Traditional IRA and convert it to a Roth IRA.

6.) Roth IRA and Traditional IRA contributions.

 The deadline to contribute for the year 2017 is April 17, 2018. Contributions for a given tax year can be made up to the final tax filing date, including extensions.

Each individual is allowed to contribute up to $5,500 total or $6,500 if you’re 50 or older annually. Keep in mind that the IRS combines the total you put into a Roth IRA and Traditional IRA. If you contribute more than the maximum limit and don't withdraw the excess amount, you may face a 6% penalty.

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The Bottom Line:

Before you start your holiday shopping, make sure you have enough money set aside for contributions to your retirement account(s) and meet your savings goals for the year!


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This data is for informational purposes only and Capital Benchmark Partners, LLC ("CBP") is not affiliated with any of the businesses mentioned nor endorses them. CBP is not endorsed by any third party entities for their inclusion in this article nor is compensated for mentioning them. Past performance is not a guarantee of future results. The information contained herein has been obtained from sources believed to be reliable but the accuracy of the information cannot be guaranteed.

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