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If you have a Flexible Spending Account (FSA) take time to use up your elected contributions for the year since they are use-it-or-lose-it. You can buy anything at the FSA Store including sunscreen, menstrual products, and first aid. Typically employers provide a 1-2 week grace period after leaving to use up your FSA dollars — double check your employer’s rules. If you have a Health Savings Account instead, these funds stay with you or can even be rolled over to a new employer if you will continue to be using a High Deductible Health Care Plan (HDHP).
Note how much you contributed so far to your 401(k) retirement plan. If you’re trying to max out for the year take care not to over contribute. The max for the year, no matter how many employers you had is $20,500.
It’s a great time to review your W-4 elections. Don’t assume that what you used in the past will be the best option for you at your new job and new salary. Use the IRS tax withholding calculator online (https://apps.irs.gov/app/tax-withholding-estimator) to figure out how best to fill out your W-4. It could also be a good time to ask your accountant or financial advisor for help adjusting withholdings.
Cady North, CFP®, CEO, North Financial Advisors
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