As 2018 comes to an end, here are four financial moves you can take to best position yourself for a successful 2019 and beyond:  

• Make sure you are on track to fully fund retirement accounts.  Pay deferrals into 401(k) and SIMPLE-IRA plans need to be deposited by Dec. 31.  Make sure you are contributing as much as possible this year to capture the largest possible tax deduction.  If you turned 50 this year, take advantage of year-end catch-up contributions.

• Review suitability of your retirement plan. Make sure the retirement plan used in your practice is still suitable for your needs. This is a great time to explore alternatives and implement a different plan to be effective
Jan. 1.

• Take advantage of tax-loss harvesting in taxable investment accounts.  If you have a taxable portfolio, consider reviewing your positions to determine losses that could offset taxable gains. Take this opportunity to rebalance to a target allocation.   

• Review your debt reduction strategy. If you have or will finish paying off loans in 2018, review how that extra cash will be used, either to pay more on other outstanding debt, or increase savings or investments.

DBS Investment Advisers, LLC, is endorsed by the MDA for investment management and financial planning. Call DBSIA at 800-327-2377 or email Ted Schumann II at ted.schumann@dbsia.net, for assistance.