End of Year Financial Planning

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Today’s Question:

Any key financial moves you should make before the end of the year? Find out on today’s podcast.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Are you ready to end 2020 and reset in 2021? It’s important to set proper expectations for the end of this year and the beginning of next. What should we be thinking about when it comes to financial planning as the year ends?

Should you max out your retirement contributions? Depending on your plan, this might be a wise move before the year ends. Don’t forget about your retirement in the hustle and bustle of the holidays. (Plus, this year’s holidays are a little different, so your travel and holiday expenses might be reduced!)

Depending on how the year went for you, do you need to take advantage of the possibilities offered through the CARES Act? From no RMDs to taking money out of 401(k)s without a penalty, what should you take advantage of or what is better to leave be? Make sure to talk with your advisor to get the resources you need.

Are you making charitable contributions before the end of the year? The standard deduction may offset these tax benefits, but there are still benefits to your heart and community if you are able to give. Are there other purchases that could give you tax credits?

Should you do a Roth conversion? This next year may be the last year to take advantage of these tax rates. Biden’s tax plan will bring some changes. Make sure to have a conversation about this with both your financial advisor and your accountant to see if it makes sense. As always, review your accounts with your advisor as you would normally to ensure you are on track with your goals.

Listen to the full episode or click on the timestamps below to skip to a particular end-of-year strategy.

[2:35] – Should we max out retirement contributions? 

[4:10] – What do you need to pay attention to with the CARES Act?

[5:46] – What might the CARES Act or SECURE Act 2.0 look like?

[7:34] – Have you explored the possibilities for tax loss harvesting?

[9:08] – What kind of charitable contributions should you make?

[10:43] – Are there any purchases that could give you a tax credit?

[11:43] – Does it make sense to do a Roth conversion?


A Point Of Wisdom:

There’s a lot to be said for the benefits it puts on your heart, it’s not necessarily about the money. Give those charitable contributions here at the end of the year if you’ve been blessed and have extra that you can give.

-Nathan O’Bryant



Related Content:

PODCAST: A 2020 Election Conversation

PODCAST: Unreasonable Requests to Financial Advisors


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