Recent Posts

Year-End Financial Planning Checklist


Plan Now for a Year-End Investment Review

The end of the year is an excellent time to reexamine your financial situation and to revise your financial plans. There are many important things to consider that might make a difference.

You might not enjoy sitting down to do year-end investment planning, but if you take the time in the next few weeks, you can make plans with greater certainty. Investment planning is trying to anticipate possible changes in tax law for tax year 2015 and beyond. You know how income, capital gains, and qualifying dividends will be taxed. That gives you an opportunity to fine-tune your long-term planning, or to develop a plan if you've postponed doing so. Here are some factors to keep in mind as the year winds down.

INVESTMENTS • Confirm investment goals and strategy • Review asset allocation • Review fundamentals of portfolio positions • Revisit income and savings needs

RETIREMENT • Review overall retirement strategy • Analyze Roth IRA conversion scenarios: full vs. partial vs. none • Max out 401(k) contributions including catch up provisions • Contribute to your IRA’s • Open a retirement plan if newly self-employed • Take required minimum distributions from IRA, if applicable

TAXES • Review sales of an appreciated property including real estate and artwork • Collect cost-basis information on sold securities • Review realized and unrealized gains and losses • Check loss carry-forwards from last year • Identify transaction that could improve tax situation • Have your tax advisor prepare a year-end tax projection, including AMT • Review potential deductions and credits before year-end

INSURANCE • Review life insurance policies • Review costs of current insurance policies • Review health insurance coverage • Identify material changes in life, business, or financial circumstances that may require insurance adjustment

HEALTH • Review Health Savings Accounts contributions (HAS) • Calculate medical insurance deductible. If not met, consider holding off on certain medical treatments until January 1. If met, consider the treatment or procedure. • Spend any remaining balances in Flexible Savings Accounts (FSA) • Review Long-Term Care Insurance options

MILESTONES • Age 50: Now you can make catch-up contributions to your IRA’s and some qualified plans • Age 55: You can take distributions from 401(k) plans without penalty if retired • Age 59 ½: You can take distributions from IRA’s without penalty • Age 62-70: You can apply for Social Security benefits • Age 65: You can apply for Medicare • Age 70 ½: You must being taking Required Minimum Distributions from IRA’s

CHANGES • Did you move? • Did you sell a major assets like your home, business , or other real estate • Did you transfer any major financial assets? • Did you refinance your home? • Change jobs? • Did you get married or end a marriage? • Do you have a parent or other family member in need of assisted living? • Is there a severe illness in your family? • Did you receive an inheritance?

Financial Plan | Personalized Report | Financial Advisor - Minneapolis

Barrington's Financial Blog

INVESTMENT RISK SCORE.png

 About    |    Our Services    |    Financial Planning    |    Employer Retirement Plans    |    Contact

Litigation Support    |    Expert Witness    |    Pro Bono Services    |    Careers       

Barrington Capital Management, Inc.  |  3800 American Boulevard West  |  Suite 1110  |  Bloomington, MN  55431

952-835-1000   800-944-2419  |   Fax: 952-835-1504  |  Info@BarringtonCap.com

 

Barrington Capital Management, Inc. only conducts business in states and jurisdictions where it is registered or where an exemption from registration exists. This site and its contents do not constitute investment advice or a solicitation to sell securities. Past performance is not indicative of future results. This website is for informational purposes only and Barrington Capital Management, Inc. reserves the right to modify it at any time without notice. Copies of Barrington Capital Management Inc.’s Form ADV Part 2 are available upon request. Images and photographs are included for the sole purpose of visually enhancing the website. No photographs are of current or former clients and they should not be construed as an endorsement or testimonial from any of the persons in the photograph.

All materials used on this site, including all images, are copyrighted and are protected worldwide by copyright laws and treaty provisions. They may not be copied, reproduced, modified, published, uploaded, posted, transmitted, or distributed in any way, without Barrington Capital Management Inc.'s prior written permission.

Neither Barrington Capital Management, Inc., nor any of their Investment Adviser Representatives, provide tax or legal advice. Tax and legal advice should only be obtained from a qualified professional. All written content on this site is for informational purposes only. All information and ideas should be discussed in detail with an advisor prior to implementation. Examples from our news feeds, blogs or articles do not take into consideration commissions, investment management fees, miscellaneous transaction fees, tax considerations, or margin requirements, which are factors that may significantly affect the economic consequences of a given strategy. Investors should review transaction costs, margin requirements and tax considerations with their financial or tax advisor before entering into any investment or financial planning strategy. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.

Investment Advisory services are offered by Barrington Capital Management, Inc., a Registered Investment Adviser in the states of Minnesota and Texas. Barrington Capital Management, Inc. may utilize the services of First Ascent Asset Management, LLC for certain investment portfolios. Insurance products and services are also offered through Barrington Capital Management, Inc. 

 

Disclosure: Barrington Capital Management, Inc. is not a law firm. Robert D. Lawson and his associates are not practicing attorneys. The scope of any activities performed by Robert D. Lawson, subcontractors or employees of Barrington Capital Management, Inc. is limited to litigation consulting and litigation support.​

By using this website, you agree to our Terms of Service and Privacy Policy.

Business Continuity Plan

Copyright © 2020 Barrington Capital Management, Inc.  |  A Registered Investment Adviser  |  All Rights Reserved