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4th Quarter 2017

6 Steps To A New Year Of Financial Wellness

Construction WorkerThese six simple steps can help you make the most of tax breaks, check your credit, estimate future income, and improve your financial health for 2018.

Take advantage of higher savings limits. You can save $500 more in your 457 in 2018 — up to $18,500, or $24,500 if you’re 50 or older. Or if you’re within three years of your plan’s “normal retirement age” and you haven’t contributed the maximum, you may be able to double your contributions. See www.icmarc.org/contributionlimits for details.

Save extra in an IRA. You still have until April 17, 2018, to contribute up to $5,500 to an IRA for 2017. If you work and your spouse does not, you can also contribute up to $5,500 in his or her name. You can contribute an extra $1,000 if you’re age 50 or older.

Prepare for tax breaks. Start gathering tax records so you don’t miss deductions and credits, such as for charitable gifts, business expenses, college costs, or child-care bills.

Review your credit report. Go to www.annualcreditreport.com to get a free copy of your credit report every 12 months from Equifax, Experian, and TransUnion.

Check your Social Security statement. Go to www.ssa.gov/myaccount to find out how much you’re expected to receive in benefits at various ages.

Assess your progress. Use our 10 Question Retiree Guide (www.icmarc.org/10questions) to figure out whether you’re on track to reach your goals.

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