1. Student Loans
   • Organize your loans based on the interest rate and whether the rate is fixed or variable, the loan is subsidized or unsubsidized, private or federal, and if there a cosigner on the loan
   • Develop a plan for repayment by determining what order to pay off the loans. Calculators are available at www.finaid.org
   • Determine if you can make accelerated payments on your loans and if so which loans you should pay down first
   • Research income driven repayment plans for federal student loan debt at www.studentloans.gov
2. Mortgage
   • Review your mortgage on an ongoing basis to determine if the rate is still favorable and the terms are still in line with your needs
   • To reduce interest payments over the life of the loan, consider making extra principal payments to shorten the length of your mortgage
   • Current rates and mortgage calculators can be found at www.bankrate.com
3. If you have any other debt on which you are paying a high interest, consider refinancing or paying it off before taking on large expenses or starting an investment plan
4. Pay off your credit card balances every month and avoid high APR charges
5. Keep an Eye on Your Credit
   • Request a credit report annually.  These can be obtained from many online sources (such as www.annualcreditreport.com or freecreditreport.com, among others) and be vigilant of signs of identity theft. You can also pay a small fee to obtain your actual credit score from one of the credit agencies or go to www.myfico.com. 
   • Destroy financial documents that are no longer needed and cut up unnecessary cards
   • Review the passwords that you are using for your online accounts. Make sure they are not basic and change the ones that you have had for a while. Consider using a password manager to store unique passwords for each site you visit.

Sources: www.studentloans.gov, www.finaid.org, www.bankrate.com, www.annualcreditreport.com, www.freecreditreport.com, www.myfico.com

1. If you are an employee:
   1. Contact the person at your company that handles employee benefits to learn more about the retirement program offered by your employer
      1. Types of employer-based plans:
         1. 401(k) Plan- this plan allows for employees to elect salary deferrals that are excluded from their taxable income up to a certain limit (unless it is a Roth deferral). Employers can make contributions to employees’ accounts.
         2. 403(b) Plan- (also referred to as a tax-sheltered annuity or TSA plan) is similar to a 401(k) plan but offered by public schools and certain 501(c)(3) tax-exempt organizations.
         3. SIMPLE IRA Plan- type of IRA that allows employees and employers to contribute. These plans are typically used as a start-up plan to allow small employers to offer a retirement plan
         4. Profit Sharing Plan- This plan accepts discretionary employer contributions to a separate account for employees. There is no requirement to contribute in any given year, but there needs to be a set formula for determining how the contributions are divided amongst employees. This plan is often used in conjunction with another type of plan. 
         5. Defined Benefit Plan- these plans provided a fixed, pre-established benefit for employees at retirement. In most cases, the employer makes the contribution. Some of the benefits are a fixed benefit for the employee in retirement and higher contributions that businesses can deduct. However, these plans are often more complex and costlier to establish than other retirement plans.
         6. Money Purchase Plan- The employer is required to make a certain contribution to the plan each year for the plan participants. The retirement benefit that the plan participant receives is based on the market value of their account at the time of retirement.
         7. Employee Stock Ownership Plans (ESOPs)- This is a type of retirement plan that is designed to primarily invest in qualifying employer stock.
   2. If your employer does not have a retirement plan you may still be eligible to open an Individual Retirement Account (IRA)
      1. Traditional IRA- contributions may be tax deductible. You must start taking distributions no later than April 1st following the year in which you turn 70 1/2 and by December 31st of later years. Qualified distributions will be taxed as ordinary income in the year they are made. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
      2. Roth IRA- contributions are made with after tax income and are not tax deductible. There are no requirements to take distributions, but any qualified distributions will be tax free. Roth IRA contributions are subject to income limitations. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs.  
2. If you are a business owner:
   1. Choose a retirement plan based on the following factors
      1. Amount of tax deferred contribution you can make
      2. Number of employees and their ages
      3. Type of benefit you’d like to offer your employees
      4. Common plans to consider:
         1. SIMPLE IRA- see above
         2. Simplified Employee Pension Plan (SEP)- allows employers to contribution to IRAs set up for employees. These IRAs allow for higher contributions limits than Traditional IRAs. Employers must contribute equally for all employees.
         3. Individual (Solo) 401(k)- a 401(k) plan that covers a business owner with no employees, or that person and his or her spouse.

   Sources: www.irs.gov/retirement-plans, www.investor.gov 

1. Work with a tax professional on a plan to reduce your amount of taxable income. This could be done through retirement plan contributions, flexible spending accounts (FSAs), health savings accounts (HSAs), charitable donations, deductions including business expenses and effectively managing capital gains and losses in taxable investment accounts
2. Being self-employed could offer the opportunity to take more deductions than being an employee but also the responsibility of setting up one’s own benefits, and paying the employer and employee portion of Medicare and Social Security taxes. 
3. If self-employed, a defined benefit retirement plan could be another option to defer income. This strategy would involve working with a pension actuary and registered investment advisor.
4. Contact your tax professional before the end of the year to discuss any changes in your current situation that may affect your upcoming tax return. 
5. This is also a good time to discuss charitable giving and spend any unused funds in a flexible spending account (FSA)
6. If you are covered under a high deductible health plan, you may be eligible to contribute to a health savings account (HSA). Contributions are deductible from your IRA and withdrawals can be used to pay qualified medical expenses. Contributions must be made by your tax deadline. 

Sources: www.irs.gov

1. Review your investments on an annual basis to determine:
   • Have you had any unexpected changes in your life that would cause you to adjust your goals?
   • Are your current contributions keeping you on track for retirement and other goals?
   • Is the investment portfolio allocation still aligned with your risk tolerance?
   • Are there more appropriate funds available than your current holdings?
2. Review beneficiary designations on investment accounts on an ongoing basis.
    

1. Social Security- Determine the optimal time to start taking your benefit between age 62 and 70.
2. Medicare- You become eligible for health care benefits at age 65.
3. Distributions from Retirement Plans- You can start taking distributions from a retirement plan at 55 years old from a retirement plan if you are retired or at the age of 59 ½ from an IRA without penalty. You must start taking distributions from most retirement plans at the age of 70 ½.

Sources: www.ssa.gov, www.medicare.gov, www.aarp.org