OKLAHOMA CITY – While you may be focused on Christmas shopping, experts say now is the time to avoid common end-of-the-year financial mistakes.
Rhett Wood, with Retirement Solutions, stopped by our studios to talk about the simple mistakes that can put you behind in the New Year.
First, officials say you need to sell losing stocks to offset any capital gains taxes for the year. In fact, up to $3,000 in losses can be deducted each year.
The next big mistake is related to your health insurance. If you don’t spend money in a flex spending account, you will likely lose it.
Also, experts suggest that you max out at least one retirement account in 2016. You can contribute $18,000 to 401(k)s in 2016, and $5,500 to a traditional IRA or a Roth IRA. If you are 50 or older, that increased to $6,500 in 2016.
The last big mistake people make is putting off the simple stuff. You should check your credit report and update your beneficiaries.