A Financial Checklist for the Holidays

When you think of holiday planning, you probably think of getting the house ready for the season. But there’s another house you need to get in order—your financial house.

Here are a few tasks to consider before year-end to make sure your financial house is in order for the new year:

• Maximize company retirement plan contributions. Ensure you have taken any required minimum distributions from your retirement accounts by December 31 (or risk facing a penalty).
• Reduce capital gains by selling underperforming investments and gifting assets. Your tax or legal professional can help you navigate these situations if they apply to you.
• Take any required beneficiary distributions from Inherited IRAs or Qualified Plans before December 31.
• Take advantage of any state income tax benefits by contributing to a 529 plan.
• Spend any flexible spending account (FSA) balances by the end of the year. Some plans offer grace periods or carryovers, so make sure to check the terms of your account.

One of the greatest gifts you can give your loved ones is a responsible and well-thought-out financial strategy. If you’d like to discuss your own year-end checklist, please contact the office to schedule a time to talk.

^{This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.}