The end of 2016 will be here before you know it.  Here at Alhambra Investment Partners we want to remind you of some requirements and opportunities to put on your financial to-do list before year end.

 

Take your RMD

If you’re over 70 ½ and have a Traditional IRA, 401(k), 403(b), or 457 plan, the IRS forces you to take a Required Minimum Distribution (RMD).  There are several online calculators that can show what your requirement is for 2016.  If you don’t take an RMD you could be subject to substantial penalties, and you want to stay in the good graces of the IRS.

If you are an Alhambra client you are most likely already set up for automatic calculation and distribution.  But if you have retirement accounts we aren’t managing, or you turned 70 ½ this year, or if you just aren’t sure, call us.

Review your Beneficiaries

Have you had life changes—marriage, divorce, births, deaths, or situations that mean adding or removing beneficiaries?  Year end is a great time to think about making any necessary changes.  Make sure you have a primary and contingent beneficiary listed on your retirement accounts.  Also, review other beneficiary documents to make sure they’re up-to-date with your current wishes—life insurance, annuities, transfer-on-death accounts, wills and trusts.  We can help you with your beneficiary check-list.

Bring Orphaned 401(k)s into your IRA

Do you have old 401(k)s or employer sponsored retirement accounts still housed in your former employer’s plan.  Consider rolling those funds into an IRA at one of Alhambra’s third party custodians.  You’ll have more control and more investment options.  We can help you with the rollover process.

Tax Loss Selling

Check non-retirement accounts for any investment losses that can be taken by December 31st.  However, if you buy a “substantially identical” stock or security within 30 days of the sale, or a contract or option to do so,  the loss cannot be claimed.  If you decide to conduct a tax loss sale, make sure you know all the rules beforehand.  We’re happy to answer your questions about tax loss selling.

 

Direct your questions to info@4kb.d43.myftpupload.com or call us at 786-249-3773.