Did you sell a major asset like your home, business, or other real estate?
Did you transfer any major financial assets?
Did you refinance your house?
Did you receive a gift or inheritance?
Did you lose a loved one?
Did you change jobs?
Milestones
50: Now you can make catch-up contributions to IRAs and some qualified retirement plans.
55: If retired, you can take distributions from 401(k) plans without penalty.
59 ½: You can take distributions from IRAs without penalty.
62-70: You can apply for Social Security benefits.
65: You can apply for Medicare.
70 ½: You must begin taking Required Minimum Distributions (RMDs) from IRAs.
Investments
Call me to schedule a complimentary financial review (734) 667-5581.
Consider if the 3.8% Medicare surtax on unearned income applies to you.
Confirm investment goals, strategies and review asset allocation.
Revisit income and savings needs.
Review life insurance policies and costs.
Retirement
Take Required Minimum Distribution from IRA.
Review overall retirement income strategy.
Analyze Roth IRA conversion scenarios: full vs. partial vs. none.
Max out 401(k) or IRA contributions including catch-up contributions.
Open a retirement plan if newly self-employed.
Family
Is there a severe illness in the family?
Do you have a family member in need of assisted living?
Estate planning review - get estate documents in place. Review advanced year-end gifting strategies.
Make any cash gifts to family members and/or plan charitable contributions.
Health
Review Health Savings Account contributions.
Spend down your Flexible Spending Accounts for healthcare and/or childcare.
Calculate medical insurance deductible, and, if not met, consider holding off on certain medical treatments until Jan. 1. If met, consider the opposite.
Evaluate your family’s benefit needs during your employer’s open enrollment period.
Review Medicare enrollment options.
Taxes
Review sales of any appreciated property including, but not limited to, real estate and artwork.
Collect cost-basis information on sold securities.
Review realized and unrealized gains and losses.
Check loss carry-forwards from last year.
Identify transactions that could improve tax situation.
Have a tax advisor prepare a year-end tax projection, including AMT.
Review potential deductions and credits before the end of the year.
