It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast

This week the theme was: 2021 Year-End Tax Planning Checklist

In case you missed any episodes, here are a few essential tax-planning todos to check off your list before the end of the year:

• Gifting
• Maxing out your 401k
• How to handle capital gains and tax loss harvesting
• Roth conversions

Here’s the bottom line: No one knows what the future tax climate will look like, but if it makes sense for your situation, I think there’s an opportunity for gifting, roth conversions, realizing capital gains, and maxing out your 401k that may not be present in future years to take advantage of. All of these strategies for lowering your tax bill have been targeted by lawmakers for change and that may impact your ability to take advantage of these strategies in future years. 

Tomorrow, come on back, because we’re starting a brand new theme: penalty free early withdrawals for retirement. If you retire in your late 50s you have a problem. You can’t start taking withdrawals from your IRA and 401k accounts until age 59 ½. So next week, I’ll talk about ways you can access your retirement accounts penalty free as well as some other considerations if you’re planning to retire in your 50s that you’ll want to think through prior to an early retirement. 

Thank you so much for listening this week! If this podcast is valuable for you (and hopefully it is otherwise you wouldn’t be listening), please share the show with a friend or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to a friend and say, “I love this podcast and thought you might enjoy a listen.”

Thanks for sharing the love and spreading the word. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast and lastly, I hope you have a blessed Sunday.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance