Year End Investment Checklist for Retirees

Year End Investment Checklist for Retirees

November 10, 2020

At the end of every year it’s crucial that you are safeguarding your retirement accounts against the unknown. As wealth managers and investment strategists to clients all over the country, the Atlanta-based financial advisors at Ty J. Young Wealth Management have developed a simple Q4 checklist to help you close out 2020 the right way.

October Year-End Financial Checklist

  1. Check your IRA status: This year there were major changes to the Secure Act and the Cares Act which govern how IRA’s can be accessed. If you have an IRA as part of your portfolio read up on the changes here.
  2. Address Healthcare Changes: If you made changes to your health coverage this year for any reason, it’s possible that you affected your retirement accounts. Check how your healthcare changes can affect your long-term investment strategies here.
  3. Don’t Wait-And-See With Your Investments: Don’t let a big election paralyze your investment strategy! We believe that what could happen in the future should not stop you from acting in your own best interest now. There are ways to protect your hard-earned money against chaotic markets, while still positioning yourself for increases during times of growth.

November Year-End Financial Checklist:

  1. Capitalize on Market Value Adjustments: Do you have annuities in your portfolio? Work with an informed financial strategist on your Market Value Adjustments to ensure you are maximizing your returns and minimizing your withdrawal fees.
  2. Take Penalty Free Withdrawals: A second reminder for annuity holders, have you taken your Penalty-Free Withdrawals yet?

December Year-End Financial Checklist

  1. Balance Your Self Serve Investments: Make sure your self serve investments are organized. If you use a trading platform and have many trades, you could be setting yourself up for a potential tax disadvantage if your gains and losses are incorrectly matched.
  2. Max Out Your Year End Donations: December is a great month to be altruistic. If you have any room left for your tax deductible, year end gifting, pick a cause you are passionate about and save money on taxes while directly contributing to something you care about.
  3. Lose Financial Baggage: Don’t spend big on unnecessary expenses or unused subscriptions. They can add up to a huge burden that is easily avoided, try collecting all your expenses on a platform like TrueBill. Many types of investments even penalize you for using their service or accessing your money. Call one of our financial advisors today to learn more about fee-free investing.

Preparing for 2021 is as simple as that. This is just a small taste of the hands-on advice and experience you get with Ty J. Young Wealth Management.

Unsure if your investments are structured for the opportunities 2021 could present? Schedule a call with one of our strategists today.