#048: Steps To Take Before The End of The Year
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 27 November 2017
⏱️ 23 minutes
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Summary
Things You Should Do Before The End Of The Year:
- Charitable contributions
- Harvest Investment Gains and Losses
- Required Minimum Distributions
- Sit Down And Review This Stuff With Your Tax Advisor
There are a number of things you could do in the next few weeks to properly wrap up 2017. How do you decide which items to prioritize?
Devin and John cover things they think you need to do before the end of the year.
For more details, visit http://www.bigpictureretirement.net/048
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:13.0 | Hello everyone and welcome to the Big Picture Retirement Show, where we deliver insight on what you need to know for a meaningful and successful retirement. |
| 0:21.8 | If you are planning for or living in retirement, this is the show for you. |
| 0:26.4 | I'm Evan. |
| 0:27.3 | Yeah, and I'm John Ross here. |
| 0:28.8 | Hey, John. Welcome to the show. |
| 0:30.2 | Yeah, it's good to be here. |
| 0:32.9 | All right, John, we're getting close to the end of the year. |
| 0:35.1 | It's hard to believe we have just a little over a month left, right? |
| 0:40.4 | It's time to take some year-end steps. So we can help to set ourselves up for a great 2018 if we take a few steps now. |
| 0:49.7 | Sure, yeah, it's like anything else. When you get to the end of the year, it's a hard, fast sort of deal, right? |
| 0:54.8 | That's right. |
| 0:55.1 | Yeah, whatever you were trying to do in 2017 is going to be over on January 1. The curtain's about to close on what we're doing, right? That's right. So there may be some tax steps. There may be some financial steps that you need to take now. And look, I get it. It's a busy month. You have Christmas parties, you have all the stuff going on. |
| 1:11.9 | If you have kids, there's all kinds of stuff at the school. |
| 1:14.3 | There's a lot month. You have Christmas parties. You have all |
| 1:10.9 | the stuff going on. If you have kids, there's all kinds of stuff at the school. There's a lot going on in December. Right. But there's still some things that you have to set apart and say, I'm going to get these things done. And then there's a few things that you don't have to get done. And if you go out online and you look at some of these list of things that you have to complete by the end of the |
| 1:28.1 | year. There's a bunch of nonsense out there. Some of it is nonsense. That is |
| 1:31.8 | certainly true. So things like review your estate plan. Yeah, you see that one pretty regular out there, |
| 1:38.0 | and it's actually pretty funny. We've been in the practice of estate planning now for a long time. |
| 1:43.7 | And as you go from year to year, you can see |
| 1:46.0 | trends. And for the most part, you can break our practice down into the pre-planning folks and the |
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