A Plan for All Seasons Fall 2019


After a successful year, it’s great to relax a bit and enjoy the holiday season. But you also want to finish strong. It’s a good idea to work with your advisor to identify opportunities for tax-deferred growth, as well as tax-advantaged investment and charitable giving options, as the year comes to a close.



☐ Tuesday, October 1: Last day to establish a SIMPLE IRA plan or a Safe Harbor 401(k) to be effective for 2019.

☐ Tuesday, October 15: Open enrollment for Medicare Parts C and D begins. Make any changes to your coverage by December 7.

☐ Tuesday, October 15: The final day to file a 2018 income tax return for those issued an extension.

☐ Tuesday, December 31: New Year’s Eve is the year-end charitable gift deadline for check and wire transfers.

☐ Tuesday, December 31: Last day to take 2019 required minimum distributions for those who turned 70½ in or before 2018



☐ Confirm cost of living: Next year’s Social Security adjustment is typically announced in October.

☐ Adjust your coverage: Prepare your documents for Medicare open enrollment, if eligible.

☐ Get in sync: Ask your advisor to coordinate with your tax advisor and attorney on year-end financial and tax planning.

☐ Check your limits: New retirement plan contribution limits come from the IRS. Adjust your contributions appropriately.

☐ Optimize benefits: Research your company’s open enrollment schedule and decide on any changes to your benefits.

☐ Size up your portfolio: If you’re invested in mutual funds, don’t forget about capital gains distributions dates that typically fall in December. Consider balancing your realized capital gains with losses where appropriate.

☐ Give wisely: Remember deadlines for year-end gift and charitable contributions if you itemize. Allow enough time to complete donations, keeping tax limitations in mind. Consult your advisor if you’re interested in opening a donor advised fund as a way to optimize the ability to itemize and deduct your charitable gifts.

☐ Prepare to tax-loss harvest: Consult with your advisor on year- end tax planning decisions and rebalancing for tax efficiency.

☐ Get a second opinion: You’re likely to pick up investment tips around the holiday party punchbowl. No matter the source, take the cautious path: Consult your advisor before acting.

☐ Visualize financial goals for 2020: Reassess retirement savings and work with your advisor to make adjustments, if needed.