Year-End Money Moves for 2019
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 5 December 2019
⏱️ 28 minutes
🧾️ Download transcript
Summary
December is upon us, which means I basically have your attention for about two more weeks max.
So while I have you, and as the year comes to an end, it's a perfect time to review some year-end financial planning tips.
For such an occasion there's no better person than Michael Goodman from Wealthstream Advisors. And in the interest of full disclosure, not only is Michael a dear friend of mine, he's also my advisor.
We discussed a variety of financial planning topics to ponder before you shut down for the holidays, including:
- Selling assets in your portfolio now versus waiting until next year: Losses offset gains that you have taken previously in the year; if you have more losses than gains, you can deduct up to $3,000 of losses against ordinary income.
- Take Required Minimum Distributions: Generally, once you turn 70 1/2, you must begin withdrawing a specific amount of money from your retirement assets (there are some exceptions). The penalty for not taking your RMD is steep at 50 percent on the shortfall!
- Consider a Qualified Charitable Distribution (QCD): One way to sidestep the taxation on your RMD is to make a Qualified Charitable Distribution, which allows you to gift directly from your IRA to a charity without having to include the distribution in your taxable income.
- Making last minute 529 plan contributions: Money saved in these programs grows tax-free and withdrawals used to pay for college sidestep taxes, too.
So before you completely shut it down for the rest of 2019, you’ll want to listen to this episode to make sure there’s nothing you’re forgetting.
Have a money question? Email me here.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Hi, it's Jill Schleslesinger. On this episode of the program, we are doing some year-end financial |
| 0:08.5 | and tax planning. |
| 0:09.8 | I'm a huge fan of automatic savings plans. Everybody should be saving something. I like to |
| 0:15.2 | set up those auto savings plans and at the end of the year I like to increase them even if it's a |
| 0:18.4 | modest amount. The psychological, you know, happiness you get from saving war would be really powerful so set your |
| 0:24.1 | auto savings plans. Welcome to the Jill on Money Podcast we are presented by |
| 0:28.8 | Marcus by Goldman Sachs. Okay tick-talk tickock. It is time for you to take advantage of the calendar |
| 0:36.1 | and pounce on your year-end financial and tax planning. We have an expert. |
| 0:42.1 | He is my friend, he's my investment advisor, he's Michael Goodman. |
| 0:46.3 | He's also a CPA and a CFP. He is the founder and president of a company called Wealthstream Advisors here in New York City. |
| 0:55.2 | So here's my pal Michael Goodman. |
| 0:57.1 | We're going to drill down so pay attention. |
| 0:59.2 | This is going to go quickly. |
| 1:01.9 | You're listening to Jill on Money with Jill Schlesinger. |
| 1:05.0 | Michael Goodman, welcome to the pod. |
| 1:07.0 | Welcome back to the pod. |
| 1:08.0 | How are you? |
| 1:09.0 | I'm fantastic. |
| 1:10.0 | Thanks for having me back. |
| 1:11.0 | Why do you think that Year End presents some unique opportunities when it comes to not the actual |
| 1:17.4 | advice, but even capturing people's imagination around financial planning? |
| 1:21.4 | We're sort of a fourth quarter, two minutes left in the game type of society it seems. |
... |
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