May Financial Tasks

A timeline of monthly financial activities

May is a great month to think about your income and social security. Follow this guideline to stay on track with your monthly financial tasks.

May is social security education month. Those nearing retirement should assess their net worth, financial plan, and estimate their income and expenses for retirement.  Login to review online statements for errors and catch up on any shortfalls. With summer nearing, look over electric bills to see when your contract expires. In Texas, Power to Choose provides one-stop rate comparisons, gives you access to energy fact sheets and terms of service, and lets you find plans offering renewable energy.

Now is a good time to adjust your income tax withholding. The goal is to get as close to $0 as possible, so you don’t owe the IRS money or give the government an interest-free loan. Nonprofit informational returns are due, but you can request two 90-day extensions. Those deadlines are August 15th and November 15th.

 

Got questions or need expert help?

Contact us