Year end financial Checklist Orion Capital Management Coronado

2022 Year-End Financial Checklist

2022 has delivered way more than its fair share of uncertainty and stress for investors.  Taking stock of your complete financial life and putting in place tangible strategies to help you reach your goals can not only improve your financial well-being but also bring you more confidence and happiness.  Here are several year-end financial moves we think investors should consider:

Contribute to a Retirement Account

Perhaps the easiest way to trim your tax bill is to contribute to a tax-deferred retirement account such as an IRA or 401(k).

Tax-Loss Harvesting

See if you have opportunities in your portfolio to realize capital losses to offset any capital gains you may have realized (or that your mutual fund manager has realized).

Review Your Portfolio Allocation

Investors should review their portfolios to make sure they are still positioned to pursue their long-term financial objectives.

Charitable Donations

If you need to make a Required Minimum Distribution (RMD) from your IRA and are charitably inclined, consider making a Qualified Charitable Distribution.  Not only will you help a favored charity, but you will not owe tax on the distribution.

Consider a Roth Conversion

With markets down this year, now might be an opportune time to convert some or all of your Traditional IRA assets to your Roth IRA.

Update Beneficiaries on Your Accounts

It’s a good idea to review the beneficiaries on your accounts each year to make sure they are still consistent with your wishes.

Please contact us at 619-319-0520 or if you would like us to review your financial situation.

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Peter Thoms, CFA, MBA

Peter Thoms, CFA, MBA

Peter Thoms, CFA, founded Orion Capital Management LLC in April 2002. Peter has extensive experience managing investment portfolios for clients pursuing a wide range of financial goals.

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