CONTACT US
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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
November/December 2022
Make Key Financial Moves Before Year's End
While buying gifts and holiday supplies might seem to be your biggest priority, the end of the year is the right time to make moves that can impact your future finances.
Take Your RMD
Generally, if you’re age 72 or older, you must take required minimum distributions (RMDs) from your tax-deferred retirement accounts before December 31. Failure to take an RMD could result in a 50% penalty on the amount you were supposed to withdraw.*Sell Your Losers
Consider selling shares of stock that have lost value since you acquired them. You can use the loss to offset capital gains on other investments. If your capital losses exceed your capital gains, you can use up to $3,000 to reduce ordinary income. Excess losses can be carried over to future tax years.Add to Retirement Accounts
If you haven’t yet contributed the maximum amount to your 401(k) plan, you may be able to increase your pretax contributions before December 31st. For 2022, you can contribute up to $20,500 ($27,000 if you’re age 50 or older) and lower your tax bill in the process.Take a Qualified Charitable Distribution
You can transfer up to $100,000 from a traditional IRA to a qualified charity. To count as your RMD for the year and avoid being taxed, funds must be transferred directly from your IRA to the charitable organization by your IRA custodian.Give Money
The Annual Gift Tax Exclusion allows you to make tax-free gifts of up to $16,000 each to as many people as you choose. If you have significant assets, making annual gifts can reduce your taxable estate.Rebalance Your Portfolio
Review your asset allocation and your portfolio’s performance with your financial professional. If your investment mix has shifted or if your goals and risk tolerance have changed, rebalancing can bring your portfolio in line with your current thinking.Review Your Beneficiary Designations
Make sure your beneficiary designations on retirement accounts and life insurance policies are up to date.*You have until April 1 of the year following the calendar year that you turn 72 to take your first RMD.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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