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YOUR YEAR-END FINANCIAL CHECKLIST

Summit Financial Advisors

Provided by Summit Financial Advisors

Seven aspects of your financial life to review as the year draws to a close.

Investments
eview your investment strategy – make sure it’s in keeping with your current goals. Look over your portfolio positions and revisit your asset allocation.

Retirement
Take a look at your overall retirement strategy. Does it (still) make sense? If applicable, take your RMD (required minimum distribution) from your traditional IRA. Take a look at and/or max out contributions to IRAs, 401(k)s. Consider maxing out catch-up contributions, if applicable. Finally, consider Roth IRA conversion scenarios.

Taxes
Search for possible credits and/or deductions before the year comes to a close. Have a qualified tax professional put together a year-end projection, including Alternative Minimum Tax (AMT). Review appreciated property sales and both realized and unrealized losses and gains. Take a look back at last year’s loss carry-forwards. If you’ve sold securities, gather cost-basis information. Look for any transactions that could potentially enhance your circumstances.

Gifts and/or Contributions
Plan charitable contributions or contributions to education accounts, and make any desired cash gifts to family members. Review and fund trusts, as applicable.

Insurance
Are your policies and beneficiaries up to date? Review costs, beneficiaries, and any and all life changes that may affect your insurance needs.

Personal Changes
This year, did you …
... get married or divorced?
... move or change jobs?
... buy a home or business?
... have (or adopt) a child?
... receive an inheritance or gift?
... see a severe illness or ailment affect a family member?
... lose a family member?
... discover that your parent(s) would need assisted living?

Birthday Milestones

  • Did you turn 70½ this year? If so, you must now take Required Minimum Distributions (RMDs) from your IRA(s).
  • Did you turn 65 this year? If so, you’re now eligible to apply for Medicare.
  • Did you turn 62 this year? If so, you’re now eligible to apply for Social Security benefits.
  • Did you turn 59½ this year? If so, you may take IRA distributions without penalty.
  • Did you turn 55 this year? If so, and you retired during this year, you may now take distributions from your 401(k) account without penalty.
  • Did you turn 50 this year? If so, “catch-up” contributions may now be made to IRAs (and certain qualified retirement plans).

The end of the year is a key time to review your financial “health” and well-being. If you feel you need to address any of the items above, please feel free to give us a call.

Summit Financial Advisors may be reached at 800-236-5560, ext. 4012 or online.

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. 03272015-WR-1238