Top-Off Retirement Savings
If you have a goal to max out your contributions to an employer retirement plan, double check and make sure you will hit the limit. Good news for maximizers; limits are set to go up by $500 next year for 401(k) plan participants.
Give the Gift of Education
December is a great time to add to or start a college savings account for a child/grandchild. The maximum gift for each recipient is capped at $15k ($30k for a married couple) annually unless you want to do some extra tax planning.
Meet Required Minimum Distributions (RMDs)
If you are 70 ½ or older, you will need to take RMDs from most retirement accounts by December 31st or face a stiff IRS penalty (50% of the amount not distributed). If you turned 70 ½ this year, you will have until April 1, 2019 to take your first RMD, noting another would be needed by December 31, 2019.
Spread Some Holiday Cheer
Consider making charitable gifts or gifts to loved ones. If you have investments with unrealized capital gains or some room left to meet your RMD, these (along with their tax burdens) can be passed onto most charities who don’t pay taxes.
It’s likely that with some holiday spending you may have tapped into reserve accounts. Try to backfill as much as possible to get yourself on track heading into the new year.
Reflect and Celebrate
Consider giving you / your family a financial “grade” for the year. Identify where you can improve, but more importantly celebrate all the successes you’ve had over a long-year. Maybe even splurge a little if your plan allows for it!
Founded in 1979, Strategic is a leading investment and wealth management firm managing and advising on client assets over $1.2 billion.Overview
Strategic Financial Services, Inc. is a SEC-registered investment advisor. The term “registered” does not imply a certain level of skill or training. “Registered” means the company has filed the necessary documentation to maintain registration as an investment advisor with the Securities and Exchange Commission.
The information contained on this site is for informational purposes and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Every client situation is different. Strategic manages customized portfolios that seek to properly reflect the particular risk and return objectives of each individual client. The discussion of any investments is for illustrative purposes only and there is no assurance that the adviser will make any investments with the same or similar characteristics as any investments presented. The investments identified and described do not represent all of the investments purchased or sold for client accounts. Any representative investments discussed were selected based on a number of factors including recent company news or earnings release. The reader should not assume that an investment identified was or will be profitable. All investments contain risk and may lose value. There is no assurance that any investments identified will remain in client accounts at the time you receive this document.
Some of the material presented is based upon forward-looking statements, information and opinions, including descriptions of anticipated market changes and expectations of future activity. Strategic Financial Services believes that such statements, information, and opinions are based upon reasonable estimates and assumptions. However, forward-looking statements, information and opinions are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, undue reliance should not be placed on such forward-looking statements, information and opinions.
No content on this website is intended to provide tax or legal advice. You are advised to seek advice on these matters from separately retained professionals.
All index returns, unless otherwise noted, are presented as price returns and have been obtained from Bloomberg. Indices are unmanaged and cannot be purchased directly by investors.
Advisory Services offered through Strategic Financial Services, Inc. Strategic Financial Services, Inc. and Cadaret, Grant & Co., Inc. are not affiliated.