Year End Retirement Checklist

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Year End Retirement Checklist

Before 2018 closes out, don’t forget these must-do’s…

It’s that time of the year again when we not only start counting down toward 2019, but also begin crossing items off our (financial) to-do lists. So, if you’d like to end this year on a financial high, here are a few steps to start working on today:

1.     Take required minimum distributions (RMDs): If you’re 70 and a half or older, you’re required by the IRS to take RMDs from certain retirement accounts by December31—or face a penalty equal to 50% of the sum you failed to withdraw. If you turned 70 and a half in 2018, you have until April 1, 2019, to take your first RMD.

2.     Still working? Max out your401K: The benefit of working for a company with a 401(k) is the opportunity to save far more for retirement than you can with an IRA alone. Unfortunately, most workers don’t take full advantage of this option. According to Schwab, only 15% of participants max out their 401(k)s. If you aren’t one of them, then now’s the time to get moving.

3.      Contribute to a 529: Such contributions must be made before the end of the year in order to take advantage of any state-income-tax benefits or to be eligible for the federal gift-tax exclusion.

4.      Diversify your investments: Lots has changed this year. The financial markets have seen record highs this year even if they are unpredictable at this year’s end. By re-balancing your investments,you can effectively minimize risk. If you’re unsure of how to do this, then consider…

5.      Hiring a financial advisor: As you review your retirement finances, you may find that you could benefit from the help of a financial advisor. Benefits of doing so include getting confidence and peace of mind about your finances, achieving safe, healthy growth of your savings and preservation of your principal balance,and construct and maintain the optimal asset allocation strategy which is specifically structured to limit downside stock market risk.


When it comes to retirement planning, everyone’s goal is pretty much the same: create a plan so that you may live happily and comfortably in your golden years. Following a checklist of financial milestones can help set you up for success.

Have you considered your lifestyle goals as well as your financial goals? The moves you make next year could affect your retirement for the better. So set up your complimentary strategy session with CKS Summit Group and experience the new evolution of retirement income planning.