Bob shares the year end financial checklist:
- Over the age of 72, take your RMD.
- Charitable giving. Write a check, gift household goods, etc. But major gifts need to be reviewed with your financial advisor.
- You must do a Roth conversion before the end of the year. Traditional IRA to Roth IRA.
- Tax harvesting – Over 365 days, long term gain; under 364, short term loss.
- Focusing on your income to see if you can make a contribution to your IRA.
- Beneficiary designations – this isn’t time sensitive, but something to keep on the checklist.
- Go over contributions and funds allocated to different plans, and qualified accounts.
- Wealth transfer strategy, who is on accounts.
- Go over credit cards, and find a good credit card for your lifestyle that pays off.
- Review all insurance policies.