End of Year Planning ReminderBy Anne Godfrey
Is your financial house in order?The end of the year is approaching and it’s a great time to take steps that can help improve your personal finances. Some items to consider:
- If you’re not retired, contribute as much as you can afford to your IRA.
- If you or your spouse is 70½ or older, Required Minimum Distributions (RMD) must be taken before Dec 31. Otherwise, you could incur an additional 50% penalty tax.
- Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.
- Compare this year’s spending against your budget and make any necessary adjustments for next year.
- Do you expect to earn more next year? Consider putting all or part of your expected increase in savings.
- Check your asset allocation and make any necessary changes.
- Take some time to define your family’s financial goals and concerns for next year:
- Do you want to save more for retirement? Or for college?
- Is a particular budget category consistently over-budget?
Contact Pence Wealth Management to analyze your situation. www.pencewealthmanagement.com/contact-newport-beach/
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