It’s been a year like no other. A global pandemic. A sudden shift to a bear market. Unexpected oil price drama. A race for a vaccine. Or better testing. Or a nationwide database to trace outbreaks.
It all has an impact on your personal finances. As we head into the second half of the year, let’s take stock of what you may want to consider before year-end.
Do you remember what your short- and long-term goals were going into 2020? Remember we were coming off of a spectacular year in the stock market.
Sometimes you need to reassess your goals. This might be that year.
The bad guys aren’t taking a holiday.
Lots of people just refused to look at their accounts during the first half of the year. Try to be brave and ask yourself some questions.
It’s an election year. That could have a big impact on where tax rates go in the future.
Spring break extended a lot further than in most years.
2020 was an RMD holiday! The IRS decided mid-year that you can re-contribute any RMDs taken in this calendar year if you do it by August 31st. Not everyone will want to do that if they need that money to live on. But for anybody that doesn’t really need it, you can save a bundle on taxes if you put it back. (Put the tax portion back too. You may get a refund next April when taxes are due.)
Charitable planning is a little different this year.
We had a rapid drop in the stock market in March followed by a rapid recovery in subsequent months. Where we go from here is anyone’s guess.
2020 has been a year of devastating loss of life. And this pandemic is not over.
I’ll admit, that’s one heck of a checklist. Life has been hard enough this year without adding more pressure now. But if you find one or two things that stand out for you, try to get those done. And don’t forget your financial advisors are here, ready to help. We’re in this together.
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