Your Money Matters: End of year money strategies

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Craig G. Bolanos, Jr.

Wealth Management Group
1605 Colonial Parkway

2001 Butterfield Rd. Suite 160
Downers Grove

Five Money Moves

Maximize your FSA’s potential.
Don’t let your Flexible Spending Account go to waste. If you don’t have any or don’t anticipate having any medical expenses, stock up on extra contact solution or other flexible spending items before the year’s end. Bonus tip: FSA plans now allow you to carry over $500 from year to year and may provide a grace period of up to 2 months and 15 days.

Increase your 401k savings by an extra 1%.
Challenge yourself for 2018: defer an extra 1% over the next 20 years to make the difference between a comfortable retirement and stressful one.

Feeling generous? Gift charitable securities instead of cash.
Make a difference in someone else’s life while legally avoiding capital gains taxes normally associated with disposing of an appreciated asset.

Take advantage tax loss harvesting opportunities.
Simply put, tax loss harvesting is selling some of your losing investment to help offset any of the tax liabilities incurred from selling some of your winning investments.

Have confidence in the market.
2017 has proven to be a strong year, so lookout for capital gain distributions from mutual funds held in non-qualified accounts. You can avoid the capital distribution by selling the investment prior to the distribution being paid out.

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