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Plan now for year-end investment moves

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Later sunrises, school traffic, pumpkin-spice everything. They’re all reminders that we’re rounding third and heading into the end of the year.

And while it may be early to start holiday baking, it’s a good time to check in on your investment plans and connect with your advisor about year-end strategies.

“Think about this podcast as planting seeds for conversations down the road,” Kyle Tetting says in a special Money Talk Podcast posted Aug. 5. “It’s critical that we’re always planning ahead for whatever variety of things that life can throw – not only just markets.”

Click here to listen to the Midyear Planning Podcast.

Among the discussions Kyle has with Art Rothschild and Chris Evers is a conversation about considering possible tax consequences from investment gains and losses, retirement account distributions and potential Roth IRA conversions.

They explain that advanced planning – including tax professionals – can help determine whether any transactions might be advised. And even if transactions or paperwork wouldn’t take place until later, at least everyone gets a heads-up.

Learn more
Capital gains distributions, by Tom Pappenfus
Deciding which retirement accounts to tapa Money Talk Video with Dave Sandstrom
IRAs 101: What you need to know, from the Financial Industry Regulatory Authority
When should I …take my required minimum distribution? by Chris Evers
Retirement investing: Consider Roth, by Joel Dresang
FAQ About Taxation for Mutual Fund Investors, Investment Company Institute
IRS Publication 550, Investment Income and Expenses

Some year-end charitable giving also can benefit from not waiting until the last minute, the advisors say. For instance, if you wanted to donate shares of stock to a charity, the organization might need extra lead time to arrange their process.

“You’re giving yourself time to really confirm that that’s what you want to do, that this is the most advantageous way to do it,” Kyle says. “The charities are happy to get the money, and we want to make sure that – along with help from your most trusted tax preparer – we’re getting you the most benefit you can for that gift.”

Learn more
How to optimize your giving
Bigger bang from charitable contributions, a Money Talk Video with Art Rothschild
IRS Publication 526, Charitable Contributions
Charitable Contributions, IRS Tax Topic
An IRS FAQ on qualified charitable distributions from IRAs

In any discussion of planning, it’s good to remind investors to have their estate plans in order, Art says, including legal paperwork and up-to-date designations for beneficiaries.

“You don’t want to wait until it’s too late,” Art says. “It doesn’t hurt to review those. It doesn’t hurt to ask your advisor, ‘Hey, where did I say my money was going when I set this up 20 years ago.’ Maybe something’s changed.”

Learn more
When Should I …check my beneficiaries?
When Should I …check my accounts?
Your Midyear Financial To-Do List, Morningstar
How to use the Morningstar web portala Money Talk Video with Kyle Tetting
Morningstar Client Web Portal
Volatility: Stock market vs. your portfolio, a Money Talk Video with Kyle Tetting
Keeping family in the financial loop, a Money Talk Video with Isabelle Wiemero
(initially posted Sept. 2, 2022)

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