2022 Year-End Financial Checklist
Fall is an ideal time to examine your financial health and update your financial plans. Here is a list of important things that we will be proactively reviewing for you over the next couple of months. That being said, if you have any questions or want to learn more about any of these specific items, please let us know and we’d be happy to discuss it with you. 
o Should you consider a ROTH IRA conversion for 2022?
o Have you taken all of your 2022 required minimum distribution? Reminder – there is a 50% penalty if you don’t! Please remember the IRS updated their distributions tables which can be found here!
o Did you maximize your 401(k) contributions? The limits are $20,500 for those under 50 years old and $27,000 for those over 50.
o If you have a Health Savings Account (HSA), did you maximize your contribution? The limits for 2022 are $3,650 for an individual and $7,300 for a family. Those 55 and older can contribute an additional $1,000.
o Should you revisit if pre-tax or ROTH 401(k) contributions make more sense in light of current tax rates?
o Have you made any charitable gifts and kept track?
o Did you consider gifting appreciated stock or mutual funds instead of cash?
o If you are 70 ½, did you consider a Qualified Charitable Distribution (QCD) from your IRA?
o Review any family gifting plans. Individuals can give $16,000 per year to an individual under annual exclusion gifting.
o Review current in-the-money stock options. Should you exercise this year or wait until 2023?
o Take advantage of tax-loss harvesting opportunities in non-retirement investment portfolio (especially with the next item!).
o Be aware of year-end capital gain distributions from mutual funds you own and the potential tax impact in your non-IRA investment accounts. We are beginning to see significant distributions being announced for December.
o Is it time to revisit your bond allocations with yields and rates rising dramatically this year?
o Medicare enrollment ends December 7. Did you review and shop your plan to ensure best fit?
o Have you reviewed your benefits package to make sure your selections for 2023 make sense?
Important Milestones:• Age 50 and over – eligible for retirement plan catch-up contributions• Age 55 – eligible for penalty free 401(k) distributions if separated from service • Age 59 ½ - penalty free distributions from IRAs • Age 62 – first eligible for reduced Social Security • Age 65 – Medicare enrollment • Age 72 – Required minimum distributions (RMDs) begin |
• Did you receive a gift or inheritance this year? |
