Looking Ahead to Year-End

The end of the year will soon be upon us! Here’s a quick checklist of items to accomplish before we turn the calendar to 2024:

Take your Required Minimum Distributions (RMDs)

If you’re scheduled to take RMDs, we recommend submitting the paperwork no later than Dec. 1 to allow time for proper processing. Not sure if you need to take them this year or want to set them up for automatic distribution? Contact our office for assistance.

Review your beneficiaries – and update as necessary

We recommend an annual review of your primary and contingent beneficiaries for all life insurance, annuities, retirement accounts, trusts, and, other important documents.

Consider a Roth conversion

The Tax Cuts & Jobs Act is scheduled to expire in 2025. When it does, tax rates will revert to higher 2017 levels unless Congress takes action. Converting to a Roth IRA before Dec. 31 could save you on taxes in the long run.

Look at making a Qualified Charitable Distribution (QCD)

Your RMDs and other IRA distributions can be gifted directly to a qualified charity of your choice. The gift must be made on or before Dec. 31 to qualify as a deduction for 2023 taxes.

Schedule a meeting to review capital gains and potential tax-saving strategies

There may be some steps you can take to offset capital gains and decrease your tax bill for 2023. Call your advisor to schedule a time to review your portfolio for potential tax-reduction opportunities.

 

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services are offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm. Insurance products and services are offered through B.O.S.S. Retirement Solutions. Marketing materials are provided by Infinity Marketing Services. Our fiduciary advisors assist in customized retirement planning and financial services to help today’s retirees get to and through retirement. To see a list of services please visit us at bossretirement.com/services.

This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. We are not affiliated with any government agency including the Social Security Administration.