In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the retirement issues to consider as we approach the end of the year. As the year ends and another begins, it’s important to have a checklist to ensure you have things closed out for 2023 and things set up for 2024.

Listen in to learn about tax planning strategies to look at, such as threshold tax brackets, qualified charitable distributions, donor-advised funds, and more. You will also learn the benefits of having a Health Savings Account (HSA) and contributing to 529 accounts at the end of the year.

In this episode, find out:

• Assets and debt issues 
• Required minimum distributions. 
• Tax planning 
• Threshold tax bracket –Why look at your threshold to manage it?
• The qualified charitable distributions tax-free strategy
• Why you should Bunch contributions/donor-advised funds.
• Did you or will you be receiving windfall type of money? 
• Marital status changes – understand where you are going and the advantages and opportunities to take.
• Health Savings Account (HSA) – the tax benefits
• Check if you maxed your 401k and contribute to a Roth account if eligible for future tax benefits.
• How to contribute to a 529 account using your annual gift exclusion amount.
• Insurance – if you have met your deductible
• Estate planning – review your beneficiary destinations to make things easier if anything occurs.

Tweetable Quotes:

• “You want to plan ahead if you’re going to turn sixty-five in a couple of years because whatever you make now affects your Medicare surcharges in the future.”- Radon Stancil
• “If you’re looking to contribute to a 529 account, just realize that you can use some of those annual rules to get money in there for your kids or grandkids.”- Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.