Broker Check

Year-end Ideas from Gary P--2023 edition

| November 13, 2023

It’s your financial advisor here with some year-end ideas:


  1. Max-out contributions to IRA and Roth IRA, SEP-IRA, SIMPLE IRA and/or i401k.
    1. Check with me for how much you’ve contributed.
    2. Check with your tax pro for how much you’re allowed to contribute.
    3. If you have an owner-only (or owner+spouse) business, let’s look at opening an i401k before year-end.


  1. Take your IRS-Required Minimum Distribution (RMD).  If you’re age 70+ or if you have an inherited-IRA, let’s talk to check your requirements.  Let’s do this by early-December to avoid year-end scrambles.


  1. Review your Schwab accounts with me.  Let’s make sure you’re in the right portfolios heading into the new year.


  1. Check your long-term plan.  Let’s make sure you’re on track for retirement and other major needs.
    1. Send me your latest 401k/403b/TSP and Social Security statements.  I’ll update the info and run latest scenarios.


  1. Employer-provided benefits…  maybe too numerous to cover here, but key items include:
    1. Retirement plan—contribute as much as you can, but at least enough to get max of any matching.
    2. Healthcare/dental/vision—don’t miss deadline to make selections for next year.
    3. FSA and HSA accounts—review your options and let me know if you need help deciding.
    4. Life insurance—get as much as your employer offers for free; consider more at your own cost if offered, and I can help you decide.


  1. Home and Auto insurance—make sure you know what you have and ask your agent for any new recommendations.  And consider “umbrella” liability coverage.  If you have valuables (art, jewelry, watches, etc.) consider “special articles” coverage.  Ask me about these things if you aren’t sure.


That’s all for now.  Contact me and I’ll help directly or point you in the right direction.