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Coach Pete's End of Year Financial Advice

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December 28, 2011 | 12 Views

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Below is a financial checklist for 2011. Pete D'Arruda suggests folks should use this at the end of the year to start on the right financial foot in 2012.

Here's part one

1.Taxes

Review the following before preparing your taxes:

sale of any appreciated property
gains and losses
potential deductions and credits

Have your tax advisor prepare year-end tax projection.

Check loss carry-forwards from last year.

Collect cost basis info on sold securities.

Identify any transactions that can improve tax situation.

2.Retirement

Fund what you can before the end of the year

Analyze Roth conversion scenarios
Max out 401K contributions
Max out IRA contributions
Open a retirement plan (if newly employed)
Take required minimum IRA distribution if over 72
Review overall retirement income strategy

3.Investments

Confirm your goals and strategies

Review the following:

asset allocation
fundamentals of portfolio positions
income and savings needs

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