Five Financial Planning Moves to Review Before Year-End
October is a good time to review your finances before the holiday season and year-end deadlines arrive. You don't have to make major changes. Sometimes, a few thoughtful adjustments can make a real difference.
Here are five areas worth reviewing:
Taxes and investments. Have you realized gains this year? Are there losses that could help offset them? Tax-loss harvesting can be helpful, but investment decisions should still fit your long-term goals.
Retirement accounts. Check any required minimum distributions (RMDs), and consider whether a Roth conversion makes sense in light of your income and future tax picture. A conversion isn't right for everyone.
Charitable giving. If you're planning to donate, consider whether cash, appreciated investments, or a qualified charitable distribution from an IRA may be more effective. Eligibility and tax treatment vary.
Retirement savings. Review your workplace retirement contributions and whether you can make additional contributions before applicable deadlines.
Your overall financial plan. Has anything changed with your family, work, retirement date, insurance, or estate documents? Your plan should reflect where you are today.
The important part is coordinating these decisions. A tax move that looks attractive on its own may have consequences for your investments, Medicare premiums, or retirement income.
At Alpha Wealth Management and Planning, we help individuals and families throughout Marin and Sonoma counties look at the full picture, so decisions feel clearer and easier.
If it's been a while since you reviewed your plan, October is a good time to start.
For educational purposes only. Tax and investment decisions depend on individual circumstances. Consult your tax and financial professionals before taking action.