Let’s Talk… End of Year Wrap-up!

Here are some things to remember before the end of the year. 

First, if you are of the age where you need to take an RMD (Required Minimum Distribution), have you done it yet? The government makes you take a percentage of your IRA balance every year once you reach a certain age. The penalties for not doing so are severe, so if this applies to you, make sure it gets done. 

Second, look for tax loss selling opportunities. You can also offset capital gains by selling some of your losers . You are allowed to take $3K in losses per year on your individual tax return, so look to sell the losers in your portfolio.

Third, if your IRA is down, one thing you may want to consider is doing a Roth conversion. Basically you are converting at a low point and as it recovers those gains are tax free. 

Lastly, use the upcoming holidays to do the things that sometimes can get lost during the year – review your family financial plan, create a budget for the next year, check if you have enough in emergency savings.

The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual.