The year is wrapping up and it's got us thinking about 10 somewhat nerdy, but ultimately important, "end-of-year planning" tasks to put on your radar. Then we're tackling two listener questions about life insurance!
- Year-End Planning Checklist:
- Observe the impacts of sequence of returns, if you're taking income
- Double check your planned retirement date to confirm if it is still realistic
- Calculate your withdrawal rate percentage
- Review CARES Act distributions and repayments
- Have an inherited IRA? You may need to take RMD's
- Understand the changes to FSA spending rules
- Consider bunching your charitable giving
- Review all your various insurance coverages—yes all of them
- Consider a Roth Conversion
- Engage in Tax Loss Harvesting
- Listener Questions:
- "My husband is 13 years older than me and he's retiring next year. The only life insurance that he has is provided by his job, so he will have none when he retires. Should I take out a policy on him since he is older than me?" - Jane
- "I have been seeing conflicting answers so I thought I would ask you. What is the better life insurance—term insurance, universal life or whole life?" - Ted
