End Of Year Planning

Is Your Financial House in Order?

The end of the year is approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider:

• If you're not retired, review your contributions to retirement accounts such as IRAs, 401Ks or HSAs.

• If you or your spouse is 70½ or older, Required Minimum Distributions (RMD) must be taken before Dec 31st. or you could incur an additional 50% penalty tax.

• Make charitable contributions that you want to be able to claim as a deduction on this year’s tax forms.

• Compare this year's spending against your budget and make any necessary adjustments for next year.

• Do you expect to earn more next year? Consider putting all or part of your expected increase into savings.

• Check your asset allocation and make any necessary changes.

• Take some time to define your family's financial goals and concerns for next year:
     - Do you want to save more for retirement? Or for college?
     - Is a particular budget category consistently over-budget?
     - Do you expect any unusually large bills next year such as college tuition or a new roof?

Taking the time to address these items now can help make next year a success. If you would like to discuss your situation, call us at 720-833-9300 or Eric@GaiaWealthManagement.com to set up an appointment with Julia.