Ep 78: End of the Year Financial Moves

What should you do before the ball drops on New Year’s Eve? Sean talks through key financial moves to make before the 2021 year ends.

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Thing’s You’ll Learn Along Today’s Journey

As the year draws to a close, this might be a good opportunity to tie up some loose ends and set yourself up well for the future. Sean talks through what things to consider doing at the end of the year from a financial standpoint.

Have you maxed out your retirement contributions for 2021? It’s not too late to contribute. Consider what you’ve saved so far and where you should invest. What vehicles give you the best advantage from a tax perspective? Reach out to an advisor or CPA to see what makes the most sense for you.

If you are 72 or older, be sure to take out your RMDs. You have to get this done by December 31 or face the repercussions with a hefty penalty. Make sure it’s taken care of in time.

Are you exploring tax-loss harvesting possibilities? This is when you strategically look at various holdings that you have that have lost and that have gained. You offset your gains with your losses, but you incur those gains and losses together in the same year.

If you plan to give during the holiday season to charity, give! The standard deduction has made this less of a tax benefit, but that shouldn’t stop you from giving. If you are over 72 however you may want to consider a qualified charitable contribution.

Should you do a Roth conversion? Sean makes a mathematical decision with his clients to determine if now is a good time to do a Roth conversion. There’s a strategic and responsible way to do it that allows you to stay within your current tax brackets. Remember to watch your income to see how it affects things like your Medicare or taxes.

Listen to the entire episode or skip ahead using the timestamps below.

1:06 – Is it too late to max out retirement contributions?

2:48 – Have you taken out your RMDs?   

4:04 – Explore tax-loss harvesting possibilities.

5:30 – Are you giving to charity?

6:55 – Will purchases give you a tax credit?

7:49 – Is a Roth conversion right for you?

Looking Back From The Mountaintop

“Now’s a good time to say, “Alright, I have extra cash or I’m looking for tax deductions. I’d rather save money in my own retirement accounts rather than pay it to the government.”

-Sean Lee

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Ep 87: Retirement Pain Points

We all want to be able to enjoy peace of mind in our retirement but there are some common pain points that we all have to work through. Let’s look at the areas of retirement planning that can cause you the most worry if you haven’t done the proper planning.

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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slee@erg-slc.com

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