Year-End Financial Strategies To Maximize Your Money And Secure Your Retirement

~ By Rick Kelly, CSA ~

The year end is here! Yes, it’s one of your busiest times of year! However, it’s also wise to take a few minutes and implement some year-end financial strategies that can make a huge difference for your finances and financial security!
Call your tax professional to discuss the following:

  • Income taxes you pay on investment earnings and Social Security Benefits
  • Harvesting for tax losses
  • Tax Credits
  • Donations
  • Gifting

IRA Owners 70 ½ and older, take your 2015 RMD before years end! The penalty is 50%!

Calculate what it costs monthly to live your desired lifestyle; do your budget.

Review your monthly income sources (your most important asset). Is your income secured against potential adverse market conditions, low rates and inflation? Moving forward, will your income allow you to live your desired life style regardless of these conditions?

Take inventory of your assets. Reevaluate your risk tolerance levels and identify those assets that no longer meet your acceptable levels of risk/reward. Assign a purpose for the assets in your portfolio-Liquid, Income, Portfolio/Savings, Risk and Estate. Review your returns and the tax efficiency of your assets; identify those assets that are not performing at the required levels. Reposition those assets that cause you worry and lost sleep.

Review your risks: Health care/prescription and the potential costs of long term care confinement. Identify what income and assets you would use to pay for these costs. Consider and compare some care policies if you find a potential shortage in either or both areas.

Make sure your estate documents are up to date (Will, Trust, Living Will, POA, Medical POA). Confirm your assets are registered properly; the correct owners and beneficiaries. If your estate exceeds the $5.43 million level, discuss the trust options with your attorney that can eliminate potential estate taxes.

Yes this exercise can seem like work this time of year, however it can help you reduce taxes, increase returns, increase income, maximize your estate and provide peace of mind!!!

Rick Kelly

Rick Kelly

Rick Kelly is a Certified Senior Advisor with Futurity First-Summit Financial Group in CO. He helps retirees to secure and defend their retirements. To request A FREE COPY of his “Year-End Tool Kit” email him at or call his toll-free 24-hour resource line right now at 1-877-596-8233.