As the holiday season speeds towards us there are a few reminders I wanted to share (as boring as they might be for a Friday afternoon happy hour post!)
If you’re a client who is still working:
- Spend your Flex Spending Account before it’s too late – Some employers have a longer “spend” window that may extend through January or April, but if you are not sure, find out right away so you know for certain.
- Inspect your group benefits if its open enrollment time – now is a great time to get that additional, for example, 1x pay in life insurance coverage, or increase your group disability coverage. If you need help, call us!
- The 2018 tax legislation changed how much is automatically being withheld from your paycheck. If you are nervous about your tax return or owing unexpectedly, here is a great website and with only a couple of inputs will help get you pointed in the right direction. (https://apps.irs.gov/app/withholdingcalculator/)
If you’re a client who is retired:
- Medicare Advantage Plans annual election period ends December 7th – If you need help, we have a great resource, just let us know!
- For those collecting Social Security – Starting January 2019 your benefit will get a 2.8% boost. On the downside though, the minimum Medicare Part B premium (for those over 65) increased to $135.50 from $134 in 2018.
- If you you are thinking about gifting money to children or family, the federal gift tax limit for 2018 is $15,000 (per person). Give us a shout if you are unsure what the best move might be!
Happy Friday!