A Quarter by Quarter Plan for Financial Wellbeing: Q4 October - December
If you are an organized person (or if you aspire to be more organized), you may be wondering what you can do each quarter to increase your financial wellbeing and confidence when it comes to money.
First, these things should stay constant in a given year:
A financial advisor should give you a realistic financial plan to use as a framework.
You should be able to call or meet with your advisor anytime you have a question about money, updating your plan if needed.
An experienced advisor can build one or several scenarios using financial modeling software to help you understand the pros and cons of different financial decisions.
Beyond these fundamentals, here are a few things you can do before the end of each calendar year to help you feel more in control of your financial situation:
4th Quarter: October - December
Before you know it, the year will draw to a close. Work in some planning with your advisor before the stress and commitments of the holiday season so you can feel prepared for the coming year.
End of Year Tax Optimization
If the year’s earnings put you in a higher tax backet, talk to your advisor about tax mitigation strategies
Review your required minimum distributions
Plan and budget to maximize retirement contributions before next year’s deadline
You may be eligible for an extra deduction if you pay your January mortgage payment in December
Family related planning
If you visit older family members over the holidays and discover they’ve changed, discuss care options with your advisor including long-term care insurance or scenarios for in-home, assisted, or long-term care
If college students in your life file for early admission, discuss college related costs
Work with advisor to budget if needed for holiday and end of year expenses
Charitable giving
Ensure that donations to charities are documented
You may be able to make qualified charitable distributions from your IRA . Validate if this is an opportunity with your advisor.
Consider donating appreciated securities to help mitigate capital gains
Finalize contributions to donor advised funds or explore setting up a donor-advised fund if one is not in place
And of course, gather your thoughts and paperwork for your Q1 meeting with your financial advisor!
Click here to learn what you might want to consider for Q1 of next year
Or if you’d like to speak with a CERTIFIED FINANCIAL PLANNER® Professional about how you can improve your financial health and wellbeing, click this link to book a 15-minute call with our advisor Brian Sullivan.
Any opinions are those of Primary Financial Advisors and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.
Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® and CERTIFIED FINANCIAL PLANNER® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
