Evaluating the End of the Year 2020

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The Story:

From COVID numbers to the stock market, we’ve had a lot of volatility this year. What should we do now with our financial planning before the year is over?

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The Show:

As we near the holiday season and end of the year, what’s been happening in our country? How does it impact what we do in our own financial planning? Anything we should do before the year is over?

What does the election mean for planning for 2021, especially when we don’t have official results yet? Even without total clarity on our politicians, the economic results are coming back fairly strong, especially when it comes to consumer spending.

One of the big issues many politicians ran on was handling COVID-19. Unfortunately, COVID numbers are spiking all over. Thankfully, there is news of possible vaccines that seems promising. Ultimately, remember the virus will come to an end, even if it takes months or years. So, be sure to keep your long-term goals and financial plans in mind.

While the Congress may end up being divided, what can we plan on when it comes to taxes? A divided government typically means not a lot of radical changes in policy in the immediate future. Do you have a plan for taxes? Without a well-thought-out plan, the biggest beneficiary to your 401k or your IRA may not be your family but could be the IRS.

With all of that going on, what can and should you do now? Before 2020 comes to an end, are your plans and assets in line for the future? How can you prepare for taxes? What about Social Security? This has certainly been an unusual year, so what unique opportunities can be found from it? Have you thought about doing a Roth conversion? Don talks through a few financial moves to consider in the next month or so.

Regardless of your next steps, we want to wish you a Happy Thanksgiving!

Listen to the entire episode or click on the timestamps below to skip to a particular section.

[1:14] – COVID is spiking sadly.

[3:52] – The election results are not yet finalized.

[5:22] – The stories about possible vaccines are promising.

[7:16] – What does a divided Congress mean for taxes?

[9:10] – What moves should we make before the end of the year?

[10:29] Any changes with Social Security?

[12:46] – What specific financial planning moves should we consider?

[16:19] – What are long-term capital gains and qualified dividends?

 

Links From This Episode

Biden Social Security plan – https://www.marketwatch.com/story/bidens-plan-to-boost-social-security-and-medicare-already-looks-wobbly-2020-11-09

IRMAA Penalty and Appeal – https://www.medicareinteractive.org/get-answers/medicare-denials-and-appeals/premium-appeals/appealing-a-higher-part-b-or-part-d-premium-irmaa

 

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Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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