Year-End Planning Tips for Retirees and Pre-Retirees

The end of the year can remind us of last-minute things we need to address and the goals we want to pursue. Let’s work on these Together.  Here are a few that made it to the top of our list. 


If you are still working, be sure you are on track to maximize your employer-sponsored plan (401k) and/or IRA contributions if you are able.  Over the next two months, review your taxable accounts to look for tax-loss harvesting opportunities.  Now is also the time to make plans for Roth conversions if you are planning to do them in the near-term.


Check to see if you have maximized your HSA account contributions if you have one.  If you own a small company, consider pre-paying next-year’s business expenses and compile a list of any expenses that you paid for personally but weren’t reimbursed by your company.  If you have any large gains or losses from the sale of real estate or other investments, please inform us and your tax advisor.  Estimate your 2023 tax bill to determine if your withholdings and quarterly payments will be enough.

Required Miminum Distributions (RMDs)

If you are with our firm, we will be contacting you in the next few weeks regarding your RMD amounts.  Be sure that we know if you have any IRAs that are not managed by us, as these will impact our advice. Also, consider making a qualified charitable distribution (QCD) from your IRA if you are gifting money to a charity.

Charitable Gifting

Plan charitable contributions or contributions to education accounts and make any desired cash gifts to family members. The annual federal gift tax exclusion allows you to give away up to $17,000 in 2023, meaning you can gift as much as $17,000 to as many individuals as you like this year. Such gifts do not count against the lifetime estate tax exemption amount as long as they stay beneath the annual federal gift tax exclusion threshold. Besides outright gifts, you can explore creating and funding trusts on behalf of your family.  Review your charitable contributions to determine if you need to gift more money or open a Donor-Advised Fund by year-end.  

Medicare Supplement Open Enrollment

Medicare’s annual open enrollment period begins October 15 and ends December 7. During this time, current Medicare beneficiaries have the option to adjust their coverage for the coming year. Any changes to your plan will go into effect on January 1, 2024. This is an opportunity to reassess your current coverage and identify potential areas for improvement. Maybe you’ve recently changed medication, find yourself underutilizing coverage, or need additional benefits.

Benefits at Work

If you are still working, we can help you choose which benefits are best for you.  Schedule a meeting to talk with us regarding your options and what would fit best for you.

Need help with any of these items?  We can help!  Click below to sign up for our newsletters, schedule a meeting or contact us.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax or legal advice. Please note that individual situations may vary. Therefore, this information should be relied upon when coordinated with individual professional advice.