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New Years planning
Old 12-22-2015, 12:54 PM   #1
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New Years planning

Happy holidays everyone!

As we head into the new year, I thought I would post a few things I have been working on with the idea that it may help others:

1) tax loss harvesting

2) review and update trust, will, health directives, insurance coverage, and beneficiaries for all financial accounts.

3) review and update written financial and retirement spreadsheet

4) update goals for 2016

5) schedule free retirement plan reviews at schwab and vanguard

6) new 401k provider at work
Good news is the new plan allows for after tax contributions, but only allows for 10% of comp (no writing checks to fund it). My first after tax contribution was made almost two weeks ago. I'll be converting this to a mega back door Roth. Since I plan on retiring in 2016, I plan to contribute the max for the year by the day I retire.

7) jan 1- fund our traditional iras and do a Roth conversion shortly after.

8) jan 1- fund the kids 529s for the year

9) run a free credit check with one of the 3 companies

10) prelim tax estimate

11) rebalance accounts to target asset allocation

Wishing you all the best!



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Old 12-22-2015, 01:58 PM   #2
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Quote:
Originally Posted by Rdub View Post
6) new 401k provider at work
Good news is the new plan allows for after tax contributions, but only allows for 10% of comp (no writing checks to fund it).
nice - I used to go after tax after I maxed out the 401k pre-tax piece
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Old 12-22-2015, 02:20 PM   #3
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Being RE, mine are a bit shifted.
Quote:
Originally Posted by Rdub View Post
Happy holidays everyone!

As we head into the new year, I thought I would post a few things I have been working on with the idea that it may help others:

1) tax loss harvesting I do this throughout the year, not just @ year end

2) review and update trust, will, health directives, insurance coverage, and beneficiaries for all financial accounts. Still trying to figure out the changes we want to do with the trust

3) review and update written financial and retirement spreadsheet don't have these

4) update goals for 2016

5) schedule free retirement plan reviews at schwab and vanguard

6) new 401k provider at work no work NA
Good news is the new plan allows for after tax contributions, but only allows for 10% of comp (no writing checks to fund it). My first after tax contribution was made almost two weeks ago. I'll be converting this to a mega back door Roth. Since I plan on retiring in 2016, I plan to contribute the max for the year by the day I retire.

7) jan 1- fund our traditional iras and do a Roth conversion shortly after. doing my conversion at end of year. That way I will have a clue of income (distributions)

8) jan 1- fund the kids 529s for the year NA - grown, educated and gone

9) run a free credit check with one of the 3 companies not sure if that is necessary, credit frozen

10) prelim tax estimate 2015 - done, 2016 -first pass done

11) rebalance accounts to target asset allocation Figuring how I'm going to change my investment approach. Don't have a rigid allocation target

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Old 12-22-2015, 02:53 PM   #4
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Here is something else that I used to do every year during Christmas and New Year....replace the battery on every smoke detector in the house. Test the CO2 detectors. Had one in each bedroom and in other common areas.

Now that we are in a condo with detectors and sprinklers I only have to test our one CO2 detector.
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Old 12-22-2015, 04:48 PM   #5
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The only significant change will be applying for SS. That will make a nice addition to our budget.
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Old 12-22-2015, 04:57 PM   #6
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I do it a little different:

Draft 2015 tax return, determine amount of 2015 Roth conversion and do the Roth conversion (done)

Make 2015 estimated tax payments, federal and state (scheduled for federal)

Since I recently bought a new car, this year I will make my 2015 state estimated tax payment in early January and then make my 2016 state estimated tax payment in December 2016 so I'll have two estimated tax payment deductions in 2016 and deduct the sales tax on the car in 2015... that way, a $1,150 deduction will not go to waste.

Rebalance (to be done)
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Old 12-22-2015, 05:29 PM   #7
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Contribute to your HSA if you have one.
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Old 12-22-2015, 06:48 PM   #8
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I have also been doing a preliminary 2015 tax return, and using it to determine how much I could sell to maximize my 0% taxable LTCG. Have been selling (and in most cases re-buying) stocks the last couple of days based on that tax estimate.
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