Year-End Checklist
It is important for you to take an active role in your retirement planning. Life changes and events happen that require you to update your tax and estate plans. Use the information below to see how your planning might be affected. As you can see, many items require you to take action now. Call your financial advisor, a member of Ed Slott’s Elite IRA Advisor GroupSM, to update your plan.
Have You Had Any of These Life Events?
▶ Birth, death, marriage, divorce, remarriage, or illness
▶ Began collecting Social Security benefits
▶ Layoff or new job
▶ A child’s marriage or divorce
▶ An inheritance or gift received
▶ Creation of a trust
▶ Moving, change of residence, home sale
▶ Change of the IRA or plan custodian
▶ Roth conversion
Have You Had Any of These Life Events?
▶ Post-death distribution options and required minimum distributions (RMDs)
▶ Tax rules for inherited IRAs, including setting up properly-titled inherited IRAs
▶ Spousal beneficiary options
▶ Estate tax return deadlines
▶ Tax benefits to beneficiaries, including net unrealized appreciation (NUA), 10-year averaging, and income in respect of a
decedent (IRD) deduction
Milestone Ages
▶ 50 – Catch-up contributions to retirement plans and IRAs
▶ 50 (or 25 years of service, if earlier) – Plan exception to 10% penalty for public safety employees
▶ 55 – Plan exception to 10% penalty
▶ 59½ – 10% penalty free withdrawals
▶ 70½ – Qualified charitable distributions from IRAs
▶ 73 – RMDs and required beginning date
▶ 75 – 403(b) exception
Year-End Checklist - 2023
▶ Evaluate the effect of 2023 market volatility.
▶ Be sure to take your 2023 RMD from all applicable accounts.
▶ Consider qualified charitable distributions.
▶ Check that inherited IRAs with multiple beneficiaries are split by the end of the year following the year of the IRA owner’s death.
▶ Check to see if enough money is withheld and/or paid in through estimated tax payments to avoid penalties. If you are
short, consider withholding taxes from IRA distributions and replacing those funds within 60 days. (Watch out for the
once-per-year rollover rule!)
▶ Roll over IRA funds to company plans where the still-working exception applies before year’s end to avoid taking RMDs
on those funds next year.
▶ Estate planning – take advantage of annual exclusion gifts
Advisory services offered through CreativeOne Wealth, LLC a Registered Investment Adviser. CreativeOne Wealth, LLC and Oliver Asset Management are unaffiliated entities.
Licensed Insurance Professional. Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend that you seek professional tax advice for applicability to your personal situation.
*Testimonials are based on unique experiences from current clients and are not representative of all client experiences. Testimonials are unsolicited and clients received no compensation (cash or non-cash). Past performance is no guarantee of future results. Testimonials are encouraged and welcomed from all prospects and clients. Investment advisory services offered through CreativeOne Wealth, LLC, a registered investment advisor. CreativeOne Wealth is not affiliated with Oliver Asset Management. Additional information about CreativeOne Wealth, LLC is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Client Relationship Summary report which are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using CRD #281213.
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