‘Tis the Season for – year end reminders
As we close out 2023 and look forward (with optimism!) to 2024, we would like to remind you of several “housekeeping things” regarding your finances:
The clock is running out on a couple of items that need to be taken care of by 31 December:
1) ROTH Conversions – if this makes sense for your 2023 tax situation.
2) Required Minimum Distributions (RMD’s) from your IRA’s - for those 73 or older OR if you’re the beneficiary of an Inherited IRA.
3) End of year contributions to IRA’s (ROTH or Tax Deferred) – while you have until 15 April 2023 to make these contributions for 2023, it’s time to start thinking about your 2023 contributions (if you’re eligible).
If you have questions about any of the above, please give us a call or shoot us an email. We’d be happy to help you figure out what makes sense for you.
‘Tis the season for – hucksters and scams
Not a very festive topic for a holiday newsletter, but we feel the need to remind you of something you’re well aware of: nefarious folks don’t take the holidays off!
The ever-changing world of technology creates ever-changing opportunities to get ripped off. For example, AI (Artificial Intelligence) now makes it possible to mimic a person’s voice after capturing a very short audio clip (3 seconds?). So, if you get a phone call from a sobbing relative (or an earnest investment advisor) asking you to wire them money – and it sounds exactly like your sobbing relative (or your earnest investment advisor) – let them know you will call them back. Be sure you’re talking to someone you know by initiating a call with a trusted phone number. If you’re unsure, verify these types of requests by calling someone else related to the “original” caller – e.g. another relative, a supervisor, etc.
Here is a list of the more common scams out there – take time to familiarize yourself with these and be careful out there!
https://www.experian.com/blogs/ask-experian/the-latest-scams-you-need-to-aware-of/
As always, we’re here to help in any way we can. Please give us a call or shoot us an email with your questions or concerns.
Merry Christmas and Happy New Year
Joel & Troy
Joel Nance, CFP® Troy Williamson, RICP®/Financial Planner