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16 Financial Steps to Take before Year End

RL140 — 16 Financial Steps to Take before Year End

Today on the Retirement Lifestyle Show, Roshan Loungani and Adrian Nicholson go through strategies you can implement to refine your year-end financial plan, set goals for next year, and minimize taxes for this year. They discuss the benefits of planning for major life changes, tax loss harvesting, and the new kid in the block Qualified Charitable Distribution.

[01:45] Year-end Planning

[02:01] Time to Update Your Financial Plan

[04:50] Planning for Major Life Changes

[05:18] Reviewing Liabilities on Your Balance Sheet

[09:54] Lending Money to the Companies and the Government

[13:04] Assessing Asset Allocation Before Year-end

[15:31] Difference Between Investment Planning and Having a Plan

[17:00] Insurance Reviews and Estate Planning

[18:50] A Good Time to Give To Family and Charity

[24:57] The Benefits of Gifting Highly-Appreciated Securities

[25:48] What is a Qualified Charitable Distribution?

[28:57] Funding Future Giving Using Donor-Advised Funds

[32:35] Now is a good time for Roth conversions

[33:19] Understanding Tax loss harvesting

[39:00] Withdrawing the Required Minimum Distributions Before the Year Ends

[39:50] Why You Need to Protect Yourself Against

For more links and the full show notes keep scrolling down!

Roshan Loungani can be reached at or at 202-536-4468.

Erik Olson can be reached at or 815-940-4652.

Adrian Nicholson can be reached at or at 703-915-8905.

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Full Show Notes:

Key Year-End Planning Considerations

The end of the year is often a busy time for most investors. Not only are you evaluating the numbers and trying to get your finances in order, but you're also measuring success and exploring opportunities to pay less taxes. It can be overwhelming. But this year is a whole different beast. The markets are at a historic low, the war in Ukraine is making everything difficult, and we continue to have the added complexities of the COVID-19 situation.

To help you get a head start on year-end plans, here are a few key considerations to position yourself for success next year and ensure your financial plans remain on track.

  1. Update Your Financial Plan - The markets this year have been hectic. Updating your financial plan at the end of the year helps ensure your financial aspirations are still relevant. If not, you can make the necessary adjustments.

  2. Prepare for major life events - Major life events such as getting married or buying a house present the perfect opportunity to review your financial situation and make some adjustments.

  3. Tax-Deductible Accounts - Tax-deductible accounts are essential tools for reducing your tax bill today and saving for the future. Now is the best time to contribute to a 401(k) before the December 31st deadline.

  4. Harvest Losses - If you have investments that have lost value, you can sell them, deduct up to $3000 in losses and lower your tax bill.

  5. Roth Conversion - If you expect to go up a tax bracket in the future, now would be a good time to convert some of your retirement savings from a traditional to a Roth IRA.

  6. Consider Capital Gains - Sometimes, selling stocks that have appreciated in value and paying capital gains taxes is a smart strategy. Also, selling can allow you to rebalance your portfolio.

  7. Required Minimum Distributions - If you haven't already withdrawn this year's RMD, please do so before the end of the year because failure leads to a penalty of 50% on the shortage.

  8. Cybersecurity: If you haven't adequately identified the cyber threats your portfolio may face, now would be a great time to analyze and prevent any cybersecurity threat.

  9. Make Charitable Contributions - The end of the year is one of the best times for supporting charities. It would be best to consider a gifting strategy that provides some tax benefits for you as well. Qualified Charitable Distributions and gifting appreciated stock instead of donating cash or a check can have attractive tax benefits.

  10. Asset Allocation - The markets have been wild this year. So it makes sense to analyze and balance your portfolio according to your goals, risk tolerance, and investment horizon.

  11. Update Your Estate Plan - Updating your estate plan takes care of your loved ones' financial interests and ensures your beneficiaries are not left with gigantic tax bills.

  12. Assess Your Risk Tolerance - Risk tolerance is an important component in investing because it often determines the amount and type of investments you can invest in.

All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.

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