Year End Financial Checklist


The New Year is right around the bend and we are on the cusp of the busiest time of the year. With the hustle-bustle of the Holiday Season upon us, we at WT Wealth Management want to help you wrap up the year complete with bells on and bows tied. Therefore we compiled a list of the top 10 year-end personal finance reminders. Even checking just a few of these points off the list will leave you financially prepared for the year ahead. Have a look. Take action where you can. Relax and smile at your neighbor. And as always, we are here to help at any time so give us a call!

Year End Personal Finance Reminder Checklist
Start the new year on solid ground!

  1. Fund tax-advantaged retirement savings accounts. 401(k), 403(b), 457, SIMPLE IRA and the employee portion of Solo 401(k) plans must be funded by December 31st to be deductible for 2018 taxes. Traditional/Roth/SEP IRAs can be delayed until the earlier of April 15th, 2019 or the date you file your 2018 return. Further, SEP IRAs and the employer portion of Solo 401(k)s can be delayed until September 15th, if an extension has been filed. This technique works well for tax savings and pension plan funding for the prior year. Remembering always, the earlier you fund, the earlier your savings are working for you. (529 education plans, like Roth IRAs, are not deductible. 529 plan annual contribution limits disappear if contributions are not made prior to year-end.)

  2. Consider tax-loss harvesting. Examine realized capital gains for the year and seek to offset those gains with losses.

  3. Required Minimum Distributions. If you're over 70 ½ years of age, RMDs on retirement accounts must be taken annually by December 31st. Missing this deadline may result in a 50% penalty on the required RMD levied by the IRS.

  4. Consider a Roth Conversion. Converting a Traditional IRA or a legacy 401(k) to a Roth IRA may be a wise move, especially considering recent market struggles. You will have to pay taxes on the converted amount now (which can be handled through the IRA account), but the amount converted will then grow tax free and never be taxed again.

  5. Make a charitable contribution. Talk to your WT Tax Advisor to understand how charitable donations might have been impacted this year. In light of the recent tax reform, while you're at it ask about state-specific tax credits available for individual tax payers.

  6. Health check your budget. Assess the year. It's not what you make, it's what you keep that builds wealth. Micro manage your service providers. They expect no one will call to question their slow and steady rate increases. Call and see if you're getting the best deal possible.

  7. Health check yourself. Nothing hits a budget like unexpected or preventable medical expenses. More smiling helps here too!

  8. Check your credit score. It's always good to know where you stand. Equifax, Experian and TransUnion all offer free one-time annual credit score checks. The free service is available on AnnualCreditReport.com.

  9. Put your extra money to work. If you've got extra money lying around, put it to work for you by adding it to your investment portfolio. Let us know and we can help with the transfer.

  10. Pay something forward. Because, building good karma….PRICELESS.

For help or questions about any of the above please contact us. This checklist will remain featured on our website. All reminders will also be re-posted in more detail on our FaceBook and LinkedIn pages. Our team at WT Wealth Management is here to help you put your best foot forward in the new year!

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There are no warranties implied.
Any opinions expressed on this website are the opinions of WT Wealth Management and its associates only. Material listed on this website is neither an offer to buy or sell securities nor should it be interpreted as personal financial advice. You should always seek out the advice of a qualified investment professional before deciding to invest. Investing in stocks, bonds, mutual funds and ETF’s carry certain specific risks and part or all of your account value can be lost.

At WT Wealth Management we strongly suggest having a personal financial plan in place before making any investment decisions including understanding your personal risk tolerance and having clearly outlined investment objectives.

View Disclosure
WT Wealth Management is an SEC registered investment adviser, with in excess of $100 million in assets under management (AUM) with offices in Flagstaff, Scottsdale, Sedona and Tucson, AZ along with Jackson Hole, WY and Las Vegas, NV. WT Wealth Management is a manager of Separately Managed Accounts (SMAs). With SMAs, performance can vary widely from investor to investor as each portfolio is individually constructed and managed. Asset allocation weightings are determined based on a wide array of economic and market conditions the day the funds are invested. In an SMA, each investor may own individual Exchange Traded Funds (ETFs), individual equities or mutual funds. As the manager we have the freedom and flexibility to tailor the portfolio to address an individual investor's personal risk tolerance and investment objectives – thus making the account “separate” and distinct from all others we manage. An investment with WT Wealth Management is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Any opinions expressed are the opinions of WT Wealth Management and its associates only. Information offered is neither an offer to buy or sell securities nor should it be interpreted as personal financial advice. Always seek out the advice of a qualified investment professional before deciding to invest. Investing in stocks, bonds, mutual funds and ETFs carries certain specific risks and part or all of an account's value can be lost. In addition to the normal risks associated with investing, narrowly focused investments, investments in smaller companies, sector and/or thematic ETFs and investments in single countries typically exhibit higher volatility. International, Emerging Market and Frontier Market ETFs, mutual funds and individual securities may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability that other nations experience. Individual bonds, bond mutual funds and bond ETFs will typically decrease in value as interest rates rise. A portion of a municipal bond fund's income may be subject to federal or state income taxes or the alternative minimum tax. Capital gains (short and long-term), if any, are subject to capital gains tax. Diversification and asset allocation may not protect against market risk or investment losses. At WT Wealth Management, we strongly suggest having a personal financial plan in place before making any investment decisions including understanding personal risk tolerance, having clearly outlined investment objectives and a clearly defined investment time horizon. WT Wealth Management may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Individualized responses to persons that involve either the effecting of transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption. WT Wealth Management's website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of WT Wealth Management's website should not be construed by any consumer and/or prospective client as WT Wealth Management's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the internet. Any subsequent, direct communication by WT Wealth Management with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. A copy of WT Wealth Management's current written disclosure statement discussing WT Wealth Management's registrations, business operations, services, and fees is available at the SEC's investment adviser public information website (www. adviserinfo.sec.gov) or from WT Wealth Management directly. WT Wealth Management does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to WT Wealth Management's web site or incorporated therein, and takes no responsibility therefor. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

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