Canon Capital Wealth Management: Three Things to Do Before Year-end

Canon Capital Wealth Management: Three Things to Do Before Year-end

With the end of 2022 quickly approaching, we wanted to remind you of a few actions you might consider taking to make the most of your finances.

  • A down market is a great time to make the maximum contribution to your retirement account. Confirm your limits based on your income and plan type and check with your CPA, then make a one time pay deferral or contribution.
  • Required Minimum Distributions (RMDs) must be out of your account by 12/31/22. With the holidays delaying processing times, be sure you’ve taken enough out early. If you gift to charity, make sure they cash checks prior to year end. Inherited accounts may also have requirements – speak with your advisor and be sure you’re taking what you need.
  • Investment markets are a leading indicator in economics; this means the current recession fears may already be ‘priced in’ allowing a little hope for year-end values to recover.

Looking ahead to 2023

Keep in mind, the annual contribution limits for 401(k)s, IRAs, and ROTH IRAs is going up in 2023. If you have automatic pay withholdings or bank transfers, check the new limits (and your income eligibility) and increase your amount. A slight monthly increase will be less noticeable than catching up at the end of the year.

As always, we are here to help. If you have any questions, please contact us online or call 215-723-4881.


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