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Created: December 11, 2023
Modified: May 14, 2024

What Should I Do Before the End of the Year?

Today’s question is all about year-end financial planning checklist items. What should you be doing before the end of the year to make sure that you’re putting yourself in the best position for the road ahead?

Take Advantage of Benefits

There are really two things I want to talk about, the first being just making sure that you’re taking advantage of all your employer provided benefits. That might mean maxing out your 401(k), taking advantage of 401(k) company matching. Of course, the IRAs, the Roth, those self-directed account contributions, you can throw money into those accounts up until your tax filing day the following year. Retroactive contributions.

The same cannot be said for 401(k)s or HSAs or dependent care accounts that you might be eligible for. So, take advantage of that stuff.

Charitable Contributions

The other thing is some employers out there, Johnson Brunetti being one of them, contribute on our behalf. If we make charitable contributions, they’ll actually match those up to a certain amount during a calendar year. So, if you’re making contributions to charities or gifting, don’t forget to reach out to your employer and say, “Hey, is this something you guys are willing to match?” You might be surprised, most companies are. Make sure you get that stuff taken care of before the end of the year.

Roth Conversions

The other thing I cannot stress enough: Roth conversion planning. Like we said, you can always contribute to an IRA or to a Roth IRA in the following tax year for the previous tax year, but conversions must be done by the end of the year.

So, if you’re talking with your advisor about Roth conversions or if you haven’t yet had that conversation, I certainly encourage you to do so. Any dollars converted, you got to get it in there before the end of the year.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.

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