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20 Money moves to make before the end of the year

RL086 – 20 Money moves to make before the end of the year

Today on the Retirement Lifestyle Show, Roshan Loungani and Adrian Nicholson go through actionable year-end financial planning strategies. They explain why the last quarter of the year is an excellent time to review your finances, the benefits of tax-loss harvesting, and how to spend money on your Flexible Spending Account.

[04:01] End-of-year Financial Planning

[08:44] Cancel Unwanted Subscriptions

[14:27] It's a Good Time to Perform That Cash-flow Analysis

[15:40] Analyze How your Portfolio is Performing

[20:20] The Benefits of Tax-loss Harvesting

[23:30] Spend Money in Your Flexible Savings Account

[25:30] If You're 72, Take Out Your Required Minimum Distribution

[28:10] Review your Benefits and Beneficiaries

[34:58] Pay-off Owed Money in Your State Taxes

[38:24] Plan for Life Events and Consider Roth Conversions

[42:01] Meet the Co-hosts

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:

End-of-Year Financial Planning

As we step into the final quarter of the year, there is no better time than now to have some sort of financial review. The three months left in 2021 are enough for you to utilize some financial planning strategies and maximize your wealth planning for the year. Moreover, it's also an excellent time to review some of the new year financial resolutions you set for yourself at the beginning of the year. We understand that, to some people, three months may sound like plenty of time and there's certainly no rush to get it done. However, the holidays come up quickly, and you wouldn't want to be one of those people scheduling last-minute appointments with their advisors and accountants. So, start now and relax later.

Spend Money in Your Flexible Savings Account

As a taxpayer, you already know that you can contribute a maximum of $2,650 to a Flexible Spending Account. And while a lot of people do contribute to this account, not many get the chance to use up this money. So, what's so attractive with the Flexible Savings Account? First, you don't pay taxes on these accounts, and one can use these funds to pay for medical, optometry, or dental expenses. However, you must spend this money by the end of the year or risk losing it. Most people know this is the case and still wait for December to spend the money in the Flexible Account. What happens is that doctor's and dentist appointments are often fully booked, and the ones that aren't will probably not guarantee high-quality care. So, take this chance to take care of your health-related bill to avoid losing the benefit.

Tax-Loss Harvesting

If your portfolio is diversified to any extent, most likely, some of your investments will have gains, and some will have losses. And if you have capital gains, you will have to pay capital gains tax on those gains at the end of the year. But, if you have offsetting losses in your portfolio that could be sold by year-end, you could minimize the capital gains tax liabilities on your winning accounts by selling your losing accounts. Nonetheless, tax-loss harvesting is a tricky undertaking and we, therefore, recommend you consult with your tax advisor or accountant before making any drastic moves.

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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