Broker Check

Financial Planning Checklist for the End of the Year

| November 01, 2018

For many people, the end of the year represents a hectic time. The last thing anyone wants to do is add to an already full plate. Building the following financial moves into your routine before the end of the year will pay off over the long run and give you greater peace of mind for the coming year.

Max out your retirement plan contributions. Even if you make regular contributions to your 401(k) or similar workplace retirement plan, see if you can contribute up to the max by Dec.31. For 2018 that is $18,500, and if you are age 50 or older, you can contribute up to $24,500.

Review your investments. Review your approach to investing and make sure it still suits your objectives and risk tolerance. Look over your portfolio positions, revisit your asset allocation, and rebalance if necessary.

Empty your flexible spending accounts. If you have a flexible spending account (FSA) for health care or other qualifying expenses, remember you can only transfer $500 of your remaining FSA balance over to the next year. Make any appointments or medical purchases you need to now and get the paperwork in fast.

Review your taxable investment accounts for gains or losses. If you have both gains and losses for the year in your investment account, look at using the losses against the gains to minimize your taxable liability.

Review required minimum distributions. If you are retired and at least 70 ½ years old, you must take your required minimum distribution (RMD). If you don’t take it, you will be charged a 50% penalty by the IRS. The same rules apply if you have an inherited IRA if you chose the life time payout option.

Assess your retirement planning strategy. Are you on track with your savings and investment goals to achieve the retirement you want? Life brings changes. Review where you are now and where you want to be and make the necessary changes, if any, to reach your retirement goals. 

Look at your life insurance coverage. Are your policies and beneficiaries up-to-date? Review premium costs, beneficiaries, and any life events that may have altered your coverage needs.

Maximize your gifting. Plan contributions to charities or education accounts and make any desired cash gifts to family members.

The bottom line: Make some smart money and tax moves before the close of 2018. Review, organize, and get the help you need.

Rich Gibson, Global View Capital Advisors


Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM). GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 531988. PH: 262. 650.1030. Richard Gibson is an Investment Adviser Representative (“Adviser”) with GVCM. Additionally information can be found at: Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. GVCI is headquartereed at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, Wisconsin 53188-1126, PH: 262-650-`030. Richard Gibson is an Insurance Agent of GVCI. Securities offered through Purshe Kaplan Sterling Investments (PKS), Member FINRA/SIPC Headquartered at 18 Corporate Wood Boulevard, Albany, NY 12211. Purshe Kaplan Sterling Investments and Global View Capital, RICP Management,LTD. are not affiliated companies. Additional information can be found at: