The Final Four Months: What’s Worth Revisiting Before Year-End?
September has a way of feeling like a second beginning.
Summer begins to wind down. Calendars fill back up. And suddenly, the end of the year doesn’t feel quite so far away.
For your financial life, this can be a useful time to look ahead, not because everything needs to be handled right now, but because some decisions are easier when you have time to consider them.
Before the rush of November and December arrives, here are a few areas worth putting back on your radar.
Revisit your retirement income plan
If you’re taking Required Minimum Distributions (RMDs), now is a good time to make sure you know what still needs to happen before year-end.
Have you taken your full distribution? Is there a tax-withholding strategy to consider? Are charitable gifts part of your plans?
Even if everything is already on track, a quick review can help prevent an unwelcome December surprise.
Take another look at your portfolio
Markets move. So do portfolios.
An investment that represented a reasonable portion of your portfolio at the beginning of the year may look very different today.
That doesn’t automatically mean you need to make a change. But it may be worth asking whether your investments still reflect the amount of risk you intended to take.
This can be especially important when one stock or investment has appreciated significantly and now represents a larger portion of your portfolio.
Think about charitable giving before December
If charitable giving is important to you, there’s no requirement that you wait for Giving Tuesday…or December 30…to start thinking about it.
In fact, starting earlier can give you more options.
Instead of simply writing a check, you may want to explore whether appreciated investments, Qualified Charitable Distributions (QCDs), or a donor-advised fund could fit into your overall giving strategy.
The right approach depends on your individual circumstances, but the conversation is often easier when there’s enough time to plan.
Check your tax picture
You don’t need your final tax return in hand to begin looking at where you may land for the year.
Income, investment gains and losses, retirement distributions, charitable giving, and tax withholding can all affect the picture.
A late-summer or early-fall check-in can provide an opportunity to coordinate with your financial and tax professionals while there is still time to make thoughtful decisions.
Decide what actually needs your attention
Year-end planning doesn’t have to mean creating an enormous financial to-do list.
Start with a few questions:
What has changed since January?
What decisions still need to be made?
What would I rather address now than scramble to handle in December?
Those answers can help determine where your attention belongs during the final months of the year.
A little planning room can make a difference
There are four months left in the year.
That’s plenty of time, but it’s also close enough that some of those “I’ll deal with that later” financial decisions are worth bringing back to the table.
Over the next several weeks, we’ll be looking more closely at one of them: charitable giving - and how thoughtful giving can work alongside the rest of your financial plan.
Because year-end planning doesn’t have to begin with urgency.
Sometimes it simply begins by giving yourself enough time to make a good decision.
Have a year-end financial decision you’ve been putting off? This is a good time to bring it to the table. Let’s look at what deserves your attention before year-end.
Educational content only. Tax laws and individual circumstances vary. Consult your tax professional regarding your specific situation.
Wisdom Financial is a DBA of John Boyer, Inc. Fee‐based advisory services offered through John Boyer, Inc, a Registered Investment Advisor. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
