Head into the new year with a good idea of where you’ve been and where you want to go with this planning checklist!

Have I maxed out my retirement contributions?

Max out contributions to your retirement accounts like 401(k)s and IRAs, and consider catch-up contributions if you are over age 50.

Am I utilizing tax loss-harvesting?

We can help you identify underperforming assets for potential sale to realize losses. You can then use these losses to offset capital gains and up to $3,000 of ordinary income.*

Did I make my required minimum distributions (RMDs)?

If you are over age 72, ensure you take your RMDs from qualifying retirement accounts to avoid penalties. These include, but are not limited to, employer-sponsored plans such as 401(k)s, as well as traditional IRAs and other IRA-based plans like SEPs and SIMPLE IRAs.

What are my tax deductions and credits?

Review potential deductions like charitable contributions and medical expenses and consider prepaying deductible expenses before year-end.

Have I reviewed my insurance coverage?

Evaluate life, health, and property insurance policies and adjust coverage as necessary based on and changes in your life circumstances. If you are managing policies through our team, please reach out to us!

Did I contribute to a college savings plan?

If you are saving for a child or grandchild, don’t forget to contribute to any 529 plans or educational savings accounts. You may also want to review and adjust any investments made within these accounts.

Have I set financial goals for the coming year?

Reflect on financial achievements and setbacks of the current year. Did you want to save for something big that you didn’t quite hit the mark on? Do you pay something off this year (win!) that freed up some cash for other goals? After your assessment, you can then set realistic and measurable financial goals for the upcoming year.

Have I set a task to meet with my financial and estate team in the coming year?

We will send you a reminder to schedule with us, but it is always a good idea to set a reminder as well. Make sure you write down any questions you have or concerns that will need to be addressed. And if anything comes up before then, never wait to reach out to us. We are always available!

Remember, this checklist provides general information. For personalized guidance, it’s important to consult with qualified financial professionals who can consider your specific situation and goals.

Investment Advisory Services offered through Trek Financial LLC., an (SEC) Registered Investment Advisor.

Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed, and past performance is no guarantee of future results. For specific tax advice on any strategy, consult with a qualified tax professional before implementing any strategy discussed herein. Trek 23-791

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