End of Year Planning Reminder

Posted by Team HFM on November 13, 2019

The end of the year is approaching and it's a great time to take steps that can help improve your personal finances. Some items to consider:
  • If you or your spouse is 70 1/2 or older, Required Minimum Distributions (RMD) must be taken before the end of the year, or by April 2020 for first timers.
  • Make charitable contributions
  • If writing checks from your retirement account mail them well in advance of year end. Checks need to be cashed by the organization before December 31st to be counted as 2019 charitable contributions. (Contact HFM once your contributions have been made to arrange to take the remainder of your RMD).
  • If donating securities please contact us as soon as possible, as Charles Schwab's deadlines for this year start as early as December 2nd.
  • If you're not retired, check that you are lined up to make maximum contributions to your retirement accounts.