As the year winds down, it’s time for a financial tune-up.
Here are some steps to consider:
If you’re 73 or older, you’ll need to take required minimum distributions from traditional retirement accounts to avoid a 25% penalty on any amount you should have withdrawn but didn’t.
And if you’re still working, consider ramping up your pretax retirement contributions.
Not only will this help your future self, but it might reduce your current tax bill.
Now is also a good time to review your investments.
Did they perform as expected?
Do they still match your goals?
You may need to rebalance.
One more thing: If you’ve had major life changes like marriage, divorce, or a new baby, review the beneficiary designations on all bank and brokerage accounts.
These often override what’s written in your will.
Taking care of these and other financial tasks now can help you start the new year on solid ground.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
Edward Jones, its employees, and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
