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End of Year Planning Reminder


End of Year Planning Reminder

By 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?

Do you expect any unusually large bills next year, such as college tuition or a new roof?

Taking the time to address these items now can help make next year a success.

Contact Pence Wealth Management to analyze your situation. www.pencewealthmanagement.com/contact-newport-beach/


This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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