From the Blog

Tie Up Any Loose Ends Before the Year Ends

Posted on September 15, 2019

As autumn begins, take some time to reflect on your financial progress and tackle year-end planning deadlines.

After a successful year, it’s great to relax a bit and enjoy the holiday season. But you also want to finish strong. It’s a good idea to work with your advisor to identify opportunities for tax-deferred growth, as well as tax-advantaged investment and charitable giving options, as the year comes to a close.

Fall 2019 Market Closures

Thursday, November 28: Thanksgiving Day Wednesday, December 25: Christmas Day

Mark Your Calendar

  • Tuesday, October 1: Last day to establish a SIMPLE IRA plan or a Safe Harbor 401(k) to be effective for 2019.
  • Tuesday, October 15: Open enrollment for Medicare Parts C and D begins. Make any changes to your coverage by December 7.
  • Tuesday, October 15: The final day to file a 2018 income tax return for those issued an extension.
  • Tuesday, December 31: New Year’s Eve is the year-end charitable gift deadline for check and wire transfers.
  • Tuesday, December 31: Last day to take 2019 required minimum distributions for those who turned 70½ in or before 2018

Planning To-Do's

  • Confirm cost of living: Next year’s Social Security adjustment is typically announced in October.
  • Adjust your coverage: Prepare your documents for Medicare open enrollment, if eligible.
  • Get in sync: Ask your advisor to coordinate with your tax advisor and attorney on year-end financial and tax planning.
  • Check your limits: New retirement plan contribution limits come from the IRS. Adjust your contributions appropriately.
  • Optimize benefits: Research your company’s open enrollment schedule and decide on any changes to your benefits.
  • Size up your portfolio: If you’re invested in mutual funds, don’t forget about capital gains distributions dates that typically fall in December. Consider balancing your realized capital gains with losses where appropriate.
  • Give wisely: Remember deadlines for year-end gift and charitable contributions if you itemize. Allow enough time to complete donations, keeping tax limitations in mind. Consult your advisor if you’re interested in opening a donor advised fund as a way to optimize the ability to itemize and deduct your charitable gifts.
  • Prepare to tax-loss harvest: Consult with your advisor on yearend tax planning decisions and rebalancing for tax efficiency.
  • Get a second opinion: You’re likely to pick up investment tips around the holiday party punchbowl. No matter the source, take the cautious path: Consult your advisor before acting.
  • Visualize financial goals for 2020: Reassess retirement savings and work with your advisor to make adjustments, if needed.

Talk with your advisor to help ensure you don't miss any important financial planning dates this fall.