Weekend Reading: 7 Year-End Wealth Moves

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Weekend reading year end wealth moves Weekend reading year end wealth moves
Weekend Reading

A New Year is upon us, but before 2021 comes to a close, there are some ways to set yourself up for financial success into 2022 and beyond, especially in the realm of tax planning.


This article highlights several areas to focus on within your overall financial and retirement plan, some of which include:

📌Harvest your tax losses – This is your opportunity to make lemonade out of lemons. Pinpoint the unrealized gains and losses in your brokerage statement, then replace down investments to offset a capital gains tax liability.

📌Roth conversions – Our low tax rate environment is scheduled to sunset in 2026, and tax policy could change as early as 2022. Now is the time to consider doing a Roth conversion, especially if you think your tax bracket might be higher in the future.

📌Plan your RMDs – If you’re age 72 or older, don’t forget to satisfy your Required Minimum Distributions (RMDs), as the penalty can be as steep as 50 percent.

📌Plan your charitable donations – The Tax Cuts and Jobs Act (TCJA) made any tax advantages that come along with charitable donations more complicated, so pay attention to the standard deduction limit, and determine if bundling donations might reap the biggest benefit.

Keep in mind: This is a unique year with equally unique financial opportunities, as the door quickly closes on Roth conversions and tax law changes increase in velocity.