{"id":1016,"date":"2023-12-04T22:29:03","date_gmt":"2023-12-04T22:29:03","guid":{"rendered":"https:\/\/normandygroup.com\/?p=1016"},"modified":"2023-12-04T22:29:03","modified_gmt":"2023-12-04T22:29:03","slug":"year-end-checklist","status":"publish","type":"post","link":"https:\/\/normandygroup.com\/financial-planning\/year-end-checklist\/","title":{"rendered":"Year-End Checklist"},"content":{"rendered":"<p>Happy Holidays!<\/p>\n<p>I hope you are well and getting ready for a pleasant holiday season.\u00a0 As we wrap up 2023, here are five year-end financial planning action items that might put you in a better position for 2024:<\/p>\n<ul>\n<li><strong><em>Take your Required Minimum Distributions (RMDs) from Qualified Retirement Accounts<\/em><\/strong><\/li>\n<\/ul>\n<p>RMDs must be taken from qualified retirement plans\/accounts which include profit sharing plans, 401(k) plans, 403(b) plans, 457(b) plans, IRAs, SEP IRAs, SARSEPS, and SIMPLE IRAs prior to 12\/31\/23.\u00a0 If this is your first year taking an RMD, the deadline is 04\/01\/24.\u00a0 Under the SECURE ACT 2.0, the penalty for missing the deadline is 25%, which may be reduced to 10% if corrected within two years.<\/p>\n<ul>\n<li><strong><em>Maximize Contributions to Retirement Accounts<\/em><\/strong><\/li>\n<\/ul>\n<p>If possible, max out contributions to retirement accounts.\u00a0 For 2023, the maximum contribution for 401(k) and 403(b) plans is $22,500 (plus an additional $7,500 for participants age 50 or older), for traditional IRAs and Roth IRAs it is $6,500 (plus an additional $1,000 for account holders age 50 or older).\u00a0 All pretax\/deductible contributions will reduce gross income figures and assist in saving money on taxes.\u00a0 If you have questions regarding your specific retirement account, please reach out to us.<\/p>\n<ul>\n<li><strong><em>Identify a Tax-Loss Harvesting Strategy<\/em><\/strong><\/li>\n<\/ul>\n<p>For non-qualified investment accounts, identify a strategy to potentially reduce capital gain taxes by selling positions which are down in value while also selling positions which have appreciated in value.\u00a0 This will offset capital gains and may lessen capital gain tax liability.\u00a0 For example, a position that was purchased for $5,000 and is now worth $2,000 (a loss of $3,000) can be sold in tandem with a position that was purchased for $5,000 and is now worth $8,000 (a gain of $3,000) to offset any capital gain tax liability.\u00a0 Any of these trades must be completed before 12\/31\/23.\u00a0 It is important to work closely with a financial advisor and CPA to ensure the accuracy of these strategies.<\/p>\n<ul>\n<li><strong><em>Review Annual Expenses<\/em><\/strong><\/li>\n<\/ul>\n<p>With most of 2023 in the rearview mirror, it\u2019s a great time to look at annual lifestyle expenses, both basic and discretionary.\u00a0 Reviewing one\u2019s burn rate for accuracy is an essential part of any cash flow analysis, especially with recent inflation pressures.\u00a0 Identifying precise expense figures may provide peace of mind as these expenditures can be projected with an inflation factor into retirement.<\/p>\n<ul>\n<li><strong><em>Review\/Update Estate Planning<\/em><\/strong><\/li>\n<\/ul>\n<p>Make sure estate planning documents are up to date and accessible to those who need them; this includes powers of attorney (both financial and medical), trust documents, and wills, etc.\u00a0 As life changes, your objectives for these documents may change as well.\u00a0 Reviewing and updating your estate planning documents as needed, will keep them current with your wishes.<\/p>\n<p>This list is not meant to be exhaustive, but rather a starting point to help focus on year-end planning initiatives.\u00a0 If any questions arise, please reach out to the office.\u00a0 The Normandy team is here to be of service.\u00a0 Our CERTIFIED FINANCIAL PLANNER\u2122 professionals are dedicated to being part of your team.\u00a0 From all of us here at The Normandy Group, thank you for your continued confidence and trust.<\/p>\n<p>Best regards,<\/p>\n<p>Charley Partheymuller, CFP\u00ae<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: center;\"><em><a href=\"https:\/\/info.normandygroup.com\/ebook-how-to-design-a-better-future\" target=\"_blank\" rel=\"noopener noreferrer\">Download<\/a> our free eBook &#8220;6 Simple Steps to a More Confident Retirement&#8221;:<\/em><\/h4>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-309 aligncenter\" src=\"https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-233x300.jpg\" alt=\"eBook cover, older adult couple reviewing paperwork making a financial decision\" width=\"233\" height=\"300\" srcset=\"https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-233x300.jpg 233w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-796x1024.jpg 796w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-768x988.jpg 768w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-1194x1536.jpg 1194w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-1591x2048.jpg 1591w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-311x400.jpg 311w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1-1243x1600.jpg 1243w, https:\/\/normandygroup.com\/wp-content\/uploads\/2020\/01\/www.normandygroup.com-eBook-1.jpg 1624w\" sizes=\"(max-width: 233px) 100vw, 233px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Holidays! I hope you are well and getting ready for a pleasant holiday season.\u00a0 As we wrap up 2023, here are five year-end financial planning action items that might put you in a better [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":1018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[13,11,2,4,12],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Year-End Checklist - The Normandy Group<\/title>\n<meta name=\"description\" content=\"As we wrap up 2023, here are five year-end financial planning action items that might put you in a better position for 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/normandygroup.com\/financial-planning\/year-end-checklist\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Year-End Checklist - 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