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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 2023
Year-end Moves Can Benefit Investors
November through December is typically a busy season, so you may not be focusing on your current investments. But, before you carve the turkey and bring out the noisemakers, take some time to review year-end strategies that may improve your finances.
Contribute to Your Retirement Fund
Contributing to your retirement account can build savings and lower your tax bill. For 2023, you can contribute up to $22,500 to a 401(k), 403(b), or 457 retirement plan. If you’re 50 or older, you can make a catch-up contribution of $7,500.If you haven’t contributed the maximum, consider adding to your retirement account before December 31.
Open an Individual Retirement Account
You may be able to contribute up to $6,500 to a traditional IRA. Account holders ages 50 or older can also make a $1,000 catch-up contribution. If eligible, you have until the April 15, 2024, tax filing deadline to make the contribution and claim the deduction on your 2023 tax return.Fund an HSA
Members of High Deductible Health Insurance Plans (HDHP) can set money aside in a Health Savings Account, (HSA). In 2023, the limits are $3,850 for individuals, and $7,750 for families covered under the plan. Members ages 50 and older can contribute an additional $1,000. You can withdraw contributions tax-free to pay out-of-pocket healthcare expenses.Sell Those Losers
Selling stocks in a brokerage account that have declined in value allows you to deduct the loss to offset capital gains on stocks you sold during the year. You can use losses to offset up to $3,000 of ordinary income. You can carry over excess losses to future tax years.Donate to Charity
With the higher standard deduction, fewer people are itemizing their taxes. If you itemize, donating to a charity whose mission is important to you could reduce your tax bill. The charity must be a qualified tax-exempt organization for contributions to be deductible.Schedule a Meeting
Meet with your financial professional to review your investment strategy and assess your progress. Then consider additional end-of-year moves that make sense for you.478298
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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