Ep #3 – 3rd & 4th Quarter Financial Planning Checklist

The Concept:

As the year begins to wind down, it becomes a great time to run through a financial checklist to make sure your investments all are on track. These six items will help you decrease your taxes, improve your portfolio, and keep your retirement plan moving forward.

Click the timestamps below to skip around to specific topics in the episode.

The Reality of the Matter:

As we move out of summer and into the final part of the year, it’s easy to relax a little and concern yourself more with school, work, and the holidays. But this is a good time to look into your finances and make sure you’re taking advantage of the opportunities available.

That’s why we’ve put together a financial planning checklist for the 3rd and 4th quarter of the year on this episode of the Retirement Reality podcast. The list includes six areas to consider and decide if moves are necessary. From Roth conversions to charitable donations to retirement income, we’ll discuss areas that can make an immediate difference in your retirement portfolio.

We also open up the mailbag for the first time to take two listener questions. Mike will tell you what kind of annual return you should be seeking on retirement investments and whether you should be capturing 401(k) gains from a strong market.

Also, make sure you catch Mike talking about his recent visit to the Minnesota State Fair.

Just The Facts:

[1:21] – Mike talks about his trip to the Minnesota State Fair.

[3:13] – Let’s talk about a 3rd & 4th quarter planning checklist.

[3:53] – Item 1: Evaluating our IRA or Roth contribution options.

[5:31] – Item 2: Taking a look at your charitable donations.

[7:06] – Item 3: Offsetting your gains with losses.

[8:19] – Item 4: Get updated estimates on retirement income streams.

[9:49] – Item 5: Put a plan or schedule in place to get rid of your debt.

[11:12] – Item 6: Evaluate your portfolio and rebalance your investments.

[14:22] – Mailbag question: What kind of annual return should I be seeking on investments in retirement?

[15:54] – Mailbag question: I’ve seen a lot of growth in my 401(k) recently but I feel like I should capture these gains and take risk off the table. On the other hand, what if the market continues to go up?

Additional Resources:

Learn more about Qualified Charitable Distributions

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