December 4, 2019

The end of the year will quickly be here upon us. Many people have already started their holiday planning, but you can’t afford to neglect the opportunities that come with the burst of momentum to knock things off your to-do list and plan ahead for a successful 2020.

Yearend financial planning sets you up for success throughout the entire next year. Now is an excellent opportunity to review all of your key beneficiary designation forms and other documents in line with your estate plan. But don’t neglect the opportunity to establish a better and deeper understanding of what’s going on with your retirement contributions.

Now is a great time to evaluate whether or not you’re on track to max out your retirement contributions for the year. Whether you have an SEP IRA, a 401(k) or a 403(b), you might need to change how much you contribute if your plan allows for it. Think about any holiday bonuses that you might receive and these might be put into the plan as well. The contribution limit for your IRA for 2019 is $6000, but this jumps to $7000 if you are aged 50 or older.

This could be a good time to sit down with your financial professional to discuss setting up a Roth IRA by transferring your traditional IRA funds. All qualified withdrawals and future gains would be tax free even though you would pay taxes on the amount that you do convert.

For more information about getting ahead of your planning and tackling your financial goals before the end of the year, don’t neglect the opportunity to sit down with your estate planning attorney.