Year-End Financial Checklist - Money Planning Tips 2018

The end of the year is a key time to review your financial “health” and well-being. To that end, here are seven aspects of your financial life to think about as this year leads into the next.
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Video Notes:
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#1 | YOUR INVESTMENTS
Review your approach to investing and make sure it suits your objectives. Look over your portfolio positions and revisit your asset allocation.
#2 | YOUR RETIREMENT PLANNING STRATEGY
Does it seem as practical as it did a few years ago? Are you able to max out contributions to IRAs and workplace retirement plans, like 401(k)s? Is it time to make catch-up contributions?
#3 | YOUR TAX SITUATION
How many potential credits and/or deductions can you and your accountant find before the year ends? Have your CPA craft a year-end projection including Alternative Minimum Tax (AMT).
#4 | YOUR CHARITABLE GIFTING GOALS
Plan charitable contributions or contributions to education accounts, and make any desired cash gifts to family members. The annual federal gift tax exclusion is $14,000 per individual for 2017, meaning you can gift as much as $14,000 to as many individuals as you like this year, tax-free. A married couple can gift up to $28,000, tax-free, to as many individuals as they like.
#5 | YOUR LIFE INSURANCE COVERAGE
Are your policies and beneficiaries up-to-date? Review premium costs and beneficiaries, and think about whether your insurance needs have changed.
#6 | LIFE EVENTS
Did you happen to get married or divorced in 2017? Did you move or change jobs? Buy a home or business? Did you lose a family member or see a severe illness or ailment affect a loved one? Did you reach the point at which Mom or Dad needed assisted living? Was there a new addition to your family this year? Did you receive an inheritance or a gift?
#7 | DID YOU REACH ANY OF THESE FINANCIALLY IMPORTANT AGES IN 2017?
Did you turn 70½ this year? If so, you must now take Required Minimum Distributions (RMDs) from your IRA(s).
Did you turn 65 this year? If so, you are likely now eligible to apply for Medicare.
Did you turn 62 this year? If so, you can choose to apply for Social Security benefits.
Did you turn 59½ this year? If so, you may take IRA distributions without a 10% early withdrawal tax penalty.
Did you turn 55 this year? If so, you may be allowed to take distributions from your 401(k) account without penalty, provided you no longer work for that employer.
Did you turn 50 this year? If so, you can make “catch-up” contributions to IRAs (and certain qualified retirement plans).1,5
Sources:
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1. This material was prepared, in part, by MarketingPro, Inc.
2. fool.com/retirement/2017/04/29/whats-my-required-minimum-distribution-for-2017.aspx [4/29/17]
3. businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10 [11/2/17]
4. irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes [10/23/17]
5. turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N [11/10/17]
6. kiplinger.com/article/taxes/T055-C032-S014-4-year-end-tax-savings-tips-to-try-by-thanksgiving.html [10/17]
7. merrilledge.com/article/ready-set-retire-8-deadlines-you-need-to-know [11/10/17]
Disclosure:
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Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals.
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[@DeeLovelyLife]

Great information! Thank you!

[@freedominabudget]

This was extremely helpful! Thank you!

[@ScottWeissCFP]

Glad you found some value! Have a great 2018!