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Andrew Rafal talks year-end financial tips with Good Morning Arizona

End of Year Financial Checklist The 5 most important steps to take before the end of the year Maximize Your Retirement Contributions In 2015, the maximum 401(k) contribution has been increased to $18,000, or $24,000 for those over 50. Even if you can’t save the top amount, try to contribute enough to maximize your employer’s match. For those with a traditional IRA, the maximum contribution is unchanged from 2014 - $5,500, or $6,500 for those over 50. The same is true for Roth IRA contributions. You can make a 2015 contribution to your IRA anytime until Tax Day, which this year will be April 18, 2016. Review and Rebalance Your Retirement Portfolio End of year is a great time to look at how your retirement savings plan has performed throughout the last year. Every family and investor is different, so it’s important to find a mix that fits your unique long-term goals. Take your RMD from Retirement Accounts and avoid 401(k) and IRA Minimum Distribution Penalties If you turned 7