Your Year-End Checklist!

Your Year-End Checklist

With the year-end fast approaching, it is critically important that you take advantage of tax advantages available to you and make all contributions and payments on time. I have put together a financial planning checklist for you to consider so you don’t miss out.

  1. Max out company retirement plan contributions – 401k contribution limits are $25,000 for people over 50 in 2019.
  2. Tax loss harvest – Sell your losses. You can offset gains with losses. Plus, you can take an additional $3,000 of ordinary income and you can carry forward your losses to future years.  
  3. Do not miss your RMD – The penalty is 50%! – you can also gift your RMD directly to a charity (100k max).
  4. Roth conversions must be done by December 31st – not April when new contributions are due. Do a Roth IRA conversion. 
  5. Pay if forward – pay as many bills in 2019 that will be due in 2020 as possible
  6. Review your estate and legacy plan – Make sure all beneficiaries are correct.
  7. Get your charitable donations done – the deadline is December 31st not April when taxes are due. 
  8. Start thinking about next year – Create and stick to your Retirement Master Plan.
  • Create a retirement income analysis so you never run out of money.
  • Take advantage for often missed forward-looking tax-strategies.
  • Ensure your portfolio is Tactically managed, never buy-and hope and has asset protection.
  • Maximize Social Security payments.
  • Marginal tax-distribution strategies.
  • Sequence of distribution strategies so you are in the lowest tax bracket possible, today, tomorrow and forever.
  • Estate and legacy planning so your family, not creepy uncle Sam, gets your money.

 Everyone’s personal situation is different so naturally this does not apply to everyone however, give it serious thought so you are prepared for this year and next. It’s what we do for our clients every day.

 For a complimentary consultation on how we can help you or for just a free 2nd opinion, give us a call. I’m happy to help.


“Invest for need, not for greed!”™

 Cheers -Keith


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