Year-End Financial Planning Insights

Matthew Barker |

As the holiday season draws near, it's essential not just to think about celebrating but also to focus on year-end planning. There are several things to consider before the year closes, and we wanted to give you some key insights to streamline the items you should be thinking about.

  • Are you retired? Remember to take your Required Minimum Distributions (RMDs), and don't forget Qualified Charitable Donations (QCD) may satisfy part of your RMDs.
  • Do you have a Flexible Spending Account (FSA)? Check your balance and spending deadlines. You may be able to pay last-minute expenses, roll over funds into the next year, or use your plan’s grace period to pay expenses into the next year.
  • Do you have a Health Savings Account (HSA)? You may be able to contribute additional funds into your account (up to the annual limits) and lower your tax bill.
  • Do you have a small business? You need to consider Qualified Business Income (QBI) deductions and the potential to make last-minute payroll contributions to your qualified plan. Remember, most of these activities need to happen before the end of this calendar year.
  • Have your family dynamics changed? If so, insurance and estate planning are other areas where you might need to make changes. Perhaps you need to update some documents and/or beneficiaries to ensure your assets are passed on as intended. You'll also want to review your insurance to ensure you have the right coverage in place.

We hope this information helps you in your year-end planning process. If we can be a resource to you in answering any questions, just let us know, we're more than happy to help. Here's to making every day great!