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Year-End Planning Reminders

It's hard to believe that 2023 is almost over. The end of the year is a very busy time for everyone. It's especially busy for us as we're wrapping up year-end tax and planning items. With only 6 weeks left in 2023, we wanted to send you a list of things to think about as we near year-end:

Required Minimum Distributions (RMDs)

If you are required to take a distribution this year and haven't already, you will need to do so by the end of the year. If you are required to take a distribution from an account with us and haven't already, we'll be contacting you shortly. Remember, the new required RMD starting age is 73 for 2023. If you turned 73 in 2023, you'll need to take a RMD from any tax-deferred retirement account (IRAs, 401k, 403b, etc.)

Gifts and Charitable Donations

Are you thinking about making additional gifts to family or charitable organizations in 2023?

If so, please let us know as soon as possible. Once we have the paperwork in hand, transfers are typically completed within 2-3 business days. Given the high volume of gifts around the holidays, we need to have the paperwork by December 21st at the latest to ensure that the transfers happen before year end. If you are having to take RMDs, you should also consider ways to make charitable donations directly from your retirement accounts.

Capital Gains and Tax-Loss Harvesting

Do you have large gains or losses outside of your accounts with Adams Financial?

If not, there is nothing you need to do. If you do, please let us know because this might be a good time to take some additional gains or perhaps harvest/take some losses.

Tax Loss Carryforwards

Have you let us know about any tax loss carryforwards?

If not, please let us know so we can note them and take these into consideration when we review your accounts.

Income Planning

Have you reviewed your budget and/or thought about spending for 2023?

The end of the year is a great time to review your spending and create a budget for the upcoming year. Oftentimes reviewing your spending can bring to light ways to save. If you’re retired, it's also helpful to review your withdrawal rate to make sure it is in line with your long-term goals. Creating a budget for the upcoming year can also help us design an income plan for you in the most tax efficient way possible.

Beneficiary Designations

Have you reviewed your beneficiary designations this year?

Make sure your current designations are still in line with your estate plan and give us a call if we can help you make any related changes.

Roth Conversions

The Tax Cuts and Jobs Act (TCJA) with its lower tax brackets and larger standard deduction, will go away in 2025 unless new legislation is passed to extend it. Because of this, we are having lots of conversations about Roth conversions. December 31st is the deadline to complete a Roth conversion so let us know if you would like to discuss whether or not this makes sense for your situation.

Medicare Open Enrollment

Do you need to review or make changes to your existing coverage?

The 2023 Open Enrollment Period runs from October 15th to December 7th.

Bottom Line: If you have questions or would like to talk about any of the items above, give us a call. We're here and happy to help as you prepare for the end of 2023.


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