Retirement Blog

Planning Ahead for 2023

November 23, 2022

2023 planning

What are your resolutions for the new year?

If you want to make your financial plan a priority, the best time to do this is before the year comes to an end. It is never too early to prepare for your financial future.

Here are a few things you should have on your year-end financial checklist:

Taxes

  • “Harvesting tax losses by replacing losing investments with different ones to offset a potentially higher tax bill”1
  • “Looking into whether you should offset capital gains and losses”1
  • “Investigating whether it makes sense to use appreciated securities to make charitable donations or support lower-income family members”1
  • “The IRS taxes Required Minimum Distributions as ordinary income. This means that withdrawals will count toward your total taxable income for the year, and they will be taxed at your applicable individual federal income tax rate and may also be subject to state and local taxes.”2

Investments

  • “Check your asset allocation. If stocks are taking a dive, for example, you may consider adding real estate investments into your portfolio mix to offset some of the volatility.”1

Insurance

  • “Take a look at your home, auto, and life insurance policies to ensure they still meet your needs. Check to see if you have enough coverage or if you need to adjust your deductibles.”3

Charitable Donations

  • “If you plan to donate the same amount of money each year, consider “bunching,” or consolidating tax-deductible charitable contributions, into a single year. This bulk donation could increase your potential itemized deduction for that year.”4

The sooner you begin planning your financial future, the more time you can have enjoying financial freedom. Take time to access your current situation to help make sure you are on track for a successful retirement. As always, you can contact our office by clicking the link below to ask any questions or schedule a complimentary consultation.

We look forward to helping you!

1. https://www.investopedia.com/articles/personal-finance/your-annual-financial-planning-check-list.asp

2. https://www.fidelity.com/building-savings/learn-about-iras/required-minimum-distributions/overview

3. https://www.bankrate.com/personal-finance/end-of-year-financial-checklist/

4. https://www.thebalancemoney.com/year-end-financial-checklist-1289739

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