8. Enroll in a 529 Plan for Your Children or Investment Grade Life Insurance for College Funding.
When it comes to long-range planning for your family, few things have the potential to prove as financially rewarding as enrolling early in a 529 Plan for your children. In a nutshell, for those parents who find themselves in a situation where paying for college may not involve a sports or academic scholarship…start saving now…college is expensive!
9. Roll Over Your Old 401(k) into a Guaranteed Annuity or IRA
While you can do this anytime, people seem to think about big financial issues this time of year and really, as I see it, the sooner the better. Why? Many 401(k) plans are pretty poor performers and the fees you pay on them add up over time. If you leave one company for another, it’s a bad idea to roll your 401(k) over into your next employer’s 401(k) unless you’re lucky enough to find one of the few good plans. Instead, seize the opportunity to find an insurance or investment company offering a zero-fee annuity or low-fee IRA with low-cost, and high-quality investments.