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5 Year-End Financial Planning Reminders

By LouAnn Schulfer,  AWMA®, AIF®
Accredited Wealth Management Advisor®
Accredited Investment Fiduciary

The last couple of months in a given year always go fast for me. Halloween, Thanksgiving, Christmas, then it’s Happy New Year! Hopefully you’ve accomplished your financial resolutions and goals by year end.  Here are a few financial reminders that, if you don’t get them done by December 31st, you’ve missed out.

  1. Retirement plan contributions.  If you wish to contribute extra to your employer sponsored retirement plan, such as a 401(k), get your money in because contributions are based on calendar year.  Different from your IRA or ROTH IRA, where you may contribute up to tax day (usually April 15th) of the following year, your employer sponsored retirement plans have different rules, this being one of them.
  2. ROTH IRA conversions.  Do you wish to take advantage of the tax bracket or income threshold you are in for a ROTH IRA conversion?  Conversions must be done by the end of the calendar year to be counted for that particular year.
  3. Required Minimum Distributions.  2020 is the exception, as the CARES Act waived the requirement to take RMDs.  However, mark your calendars for future years, because if you are subject to RMD’s, you must take them by December 31st of each year.
  4. Qualified Charitable Distributions made from your retirement accounts must be done by year end.  This can be tax advantageous to you while gifting to the charity of your choice.
  5. Tax harvesting.  Assess your gains and losses to determine whether you wish to make any transactional sales in your investments or other assts.  Gains or losses are realized in the year the assets are sold, so if you wish to strategically take advantage of your positions, get your transactions completed by 12/31.

LouAnn Schulfer is co-owner of Schulfer & Associates, LLC Wealth Management and can be reached at (715) 343-9600 or

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.