3. Sell Stock Positions for a Tax Loss
If there any money-losing investments in your portfolio, consider selling them for a tax loss. Just remember that there are very specific sales rules. For example, if you sell a stock for a loss, you are not allowed to buy substantially identical stock or securities within 30 days. In order to stay within compliance, I suggest that you consult with a financial advisor.
4. Successful Retirees Spend 5 Plus Hours Yearly on Financial Planning
This is a big one for those of you over the age of 50, but has application for anyone of any age looking to build a strong retirement future. The happiest retirees spend at least five hours per year planning for retirement have figured out their best formula, which is different for every individual to help determine how much money they need to save for retirement. Just remember that figuring out this formula takes planning, so be sure that you dedicate the time required so that you too are a happy retiree. It is never too soon, trust me!
5. Contribute the Maximum Amount to Your 401(k)
Certain companies offer a matching 401(k) contribution plan. Basically, this is free money to you, so if possible, it's best to contribute the maximum amount to your 401(k). The level to qualify for your company’s matching contribution plan may differ from company to company, so make sure to check with your Human Resources Department to see how much you need to contribute. Try to save at least the amount that your employer will match, otherwise you are leaving money on the table.
These are specific to your finances and very important to your current “lifestyle success’, they are also part of the foundation you need to have as you get older and want to make sure you have a wonderful post 60 lifestyle.