Year End Strategies 2021

Read the blog written by one of our Lead Advisors, Jerry Yox, CFP® on Year End Strategies for 2021.  Give us a call if you feel you need to schedule a time to explore how these strategies may be applied to your unique situation.  As potential tax law changes and other challenges (or opportunities) evolve a year-end review is more important than ever.

Year End Strategies 2021 by Jerry Yox, CFP®

  • Emergency Fund create a fund for emergency needs and put excess savings to work for you in an investment account. With bank interest rates at all – time lows, you are not earning any interest in bank checking, savings or money market accounts.


  • Refinancing because of historically low interest rates, look to see what rate you are paying on your debt and look to consolidate and/or refinance at a lower rate.


  • Make a Roth IRA or Traditional IRA contribution to give your retirement savings a boost!


  • Be tax-efficient with your financial decisions by looking to:
    • Roth Conversion– Potentially pay lower taxes now to save on taxes later and grow your money tax free for you and your heirs.
    • Tax Loss Harvesting– If you have any losses in your portfolio, you can sell them at a loss and potentially save on your tax bill.
    • Charitable Giving
      • Open and fund a Donor Advised Fund
      • Gift out of your IRA by Qualified Charitable Distributions (QCD) (you must be 70 ½ for this)
      • Gift highly appreciated securities to your favorite charity


  • Review your employer benefits to increase your benefits or lower your cost. Look into a high deductible health plan to lower your premiums and invest in a Health Savings Account (HSA)


  • Fund 529 plans and save tax free for college and potentially get a tax break on your state taxes.


  • Make sure you fulfill your Required Minimum Distribution (RMD) by year end to avoid any penalties.


  • Dust off and review your Estate Planning documents to avoid headaches for your heirs and minimize estate taxes.


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