Financial Focus Consider These Year-end Financial Moves We're nearing the end of 2020 - and for many of us, it will be a relief to turn the calendar page on this challenging year. However, we've still got a few weeks left, which means you have time to make some year-end financial moves that may work in your favor. required minimum distributions, or RMDS - from your traditional IRA and your 401(k) or similar retirement plan. Typically, you must take these RMDS by December 31 every year. However, the lost value, assuming these investments are no longer Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act suspended, or waived, all RMDS due in 2020. If you're in this age group, but you to determine those that may be appropriate for your don't need the money, you can let your retirement accounts continue growing on a tax-deferred basis. investment-related moves. For example, if you sold some investments whose value has increased, you could incur capital gains taxes. To offset these gains, you could sell other investments that have essential to your financial strategy. Your tax advisor can evaluate this type of move, along with others, Here are a few suggestions: situation. Add to your IRA. For the 2020 tax year, you can put in up to $6,000 to your traditional or Roth IRA, or $7,000 if you're 50 or older. If you haven't reached this limit, consider adding some money. You actually have until April 15, 2021, to contribute to your ÍRA for 2020, but the sooner you put the money in, the quicker it can go to work for you. Plus, if you have to pay taxes in April, you'll be less likely to contribute to your IRA Review your investment mix. As you consider your portfolio, think about the events of these past 12 months and how you responded to them. When COVID-19 hit early in the year, and the financial markets plunged, did you find yourself worrying constantly about the losses you were taking, even though they were just on "paper" at that point? Did you even sell investments to "cut your losses" without waiting for a market recovery? Íf so, you might want to consult with a financial Think about the future. Are you saving enough for your children's college education? Are you still on track toward the retirement lifestyle you've envisioned? Or have your retirement plans changed as a result of the pandemic? All of these issues can affect your investment strategies, so you'll want to think carefully about what decisions you may need to make. then. Looking back - and ahead can help you make the moves to end 2020 on a positive note and start Make an extra 401 (k) payment. If it's allowed by professional to determine if your investment mix is your employer, put in a little extra to your 401(k) or still appropriate for your goals and risk tolerance, or 2021 on the right foot. similar retirement plan. And if your salary goes up next year, increase your regular contributions. if you need to make some changes. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. See your tax advisor. It's possible that you could improve your tax situation by making some Evaluate your need for retirement plan withdrawals. If you are 72 or older, you must start taking withdrawals technically called Edward Jones, Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS Edward Jones Pam Covington CFp AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert Edward Jones Karen Rupert Financial Advisor Financial Advisor Financial Advisor Financial Advisor 7030 Poinne inverness Way Sute 125 Fort Wayne, IN 46804 432-3613 Making Sense of Investing Financial Advisor Financial Advisor 14413 linois Rd Ste E Fort Wayne, IN 40814 Financial Advisor 7127 Homestead Rd. Suite C Fort Wayne, IN 46814 karenupert@edwardjones.com 263-4760 Making Sense of Investing Financial Advisor 901 Chestrut Hls Parkway Fort Wayne, IN 48814 7525 West Jetferson Bivd. Fort Wayne, IN 40804 6525 Constitution D. Fort Wayne. IN 40804 7329 West Jetferson Blvd Fort Wayne. IN 46804 414 S. Scom Rd. Fort Wayne, IN 46814 625-3524 Making Sense of Investing 432-0304 625-5700 Making Sense of Investing 478-8038 Making Sense of Investing 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing Making Sense of Investing Financial Focus Consider These Year-end Financial Moves We're nearing the end of 2020 - and for many of us, it will be a relief to turn the calendar page on this challenging year. However, we've still got a few weeks left, which means you have time to make some year-end financial moves that may work in your favor. required minimum distributions, or RMDS - from your traditional IRA and your 401(k) or similar retirement plan. Typically, you must take these RMDS by December 31 every year. However, the lost value, assuming these investments are no longer Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act suspended, or waived, all RMDS due in 2020. If you're in this age group, but you to determine those that may be appropriate for your don't need the money, you can let your retirement accounts continue growing on a tax-deferred basis. investment-related moves. For example, if you sold some investments whose value has increased, you could incur capital gains taxes. To offset these gains, you could sell other investments that have essential to your financial strategy. Your tax advisor can evaluate this type of move, along with others, Here are a few suggestions: situation. Add to your IRA. For the 2020 tax year, you can put in up to $6,000 to your traditional or Roth IRA, or $7,000 if you're 50 or older. If you haven't reached this limit, consider adding some money. You actually have until April 15, 2021, to contribute to your ÍRA for 2020, but the sooner you put the money in, the quicker it can go to work for you. Plus, if you have to pay taxes in April, you'll be less likely to contribute to your IRA Review your investment mix. As you consider your portfolio, think about the events of these past 12 months and how you responded to them. When COVID-19 hit early in the year, and the financial markets plunged, did you find yourself worrying constantly about the losses you were taking, even though they were just on "paper" at that point? Did you even sell investments to "cut your losses" without waiting for a market recovery? Íf so, you might want to consult with a financial Think about the future. Are you saving enough for your children's college education? Are you still on track toward the retirement lifestyle you've envisioned? Or have your retirement plans changed as a result of the pandemic? All of these issues can affect your investment strategies, so you'll want to think carefully about what decisions you may need to make. then. Looking back - and ahead can help you make the moves to end 2020 on a positive note and start Make an extra 401 (k) payment. If it's allowed by professional to determine if your investment mix is your employer, put in a little extra to your 401(k) or still appropriate for your goals and risk tolerance, or 2021 on the right foot. similar retirement plan. And if your salary goes up next year, increase your regular contributions. if you need to make some changes. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. See your tax advisor. It's possible that you could improve your tax situation by making some Evaluate your need for retirement plan withdrawals. If you are 72 or older, you must start taking withdrawals technically called Edward Jones, Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS Edward Jones Pam Covington CFp AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert Edward Jones Karen Rupert Financial Advisor Financial Advisor Financial Advisor Financial Advisor 7030 Poinne inverness Way Sute 125 Fort Wayne, IN 46804 432-3613 Making Sense of Investing Financial Advisor Financial Advisor 14413 linois Rd Ste E Fort Wayne, IN 40814 Financial Advisor 7127 Homestead Rd. Suite C Fort Wayne, IN 46814 karenupert@edwardjones.com 263-4760 Making Sense of Investing Financial Advisor 901 Chestrut Hls Parkway Fort Wayne, IN 48814 7525 West Jetferson Bivd. Fort Wayne, IN 40804 6525 Constitution D. Fort Wayne. IN 40804 7329 West Jetferson Blvd Fort Wayne. IN 46804 414 S. Scom Rd. Fort Wayne, IN 46814 625-3524 Making Sense of Investing 432-0304 625-5700 Making Sense of Investing 478-8038 Making Sense of Investing 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing Making Sense of Investing