Page 11 - Jupiter Spotlight - December '19

Jupiter Spotlight, Page 11

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‘Tis The Season To Be Jolly . . .

And Giving!

The end of the year is the best time to assess your You may have a general goal in mind when it comes
financial wellbeing, and to consider your capacity to retirement, but you need a specific plan for effective
for Charitable Giving. As with other aspects of your savings. Reassess your retirement planning goals annually
finances, it’s important for charitable giving to be part and prioritize spending needs based on what will make
of a broader financial plan, this is why we discuss this you happy and comfortable. Create a budget for early,
when applicable during a year-end portfolio review. middle and late retirement, taking into consideration
different expenses for each stage. Don’t fool yourself that
By giving a large amount one year and not the next, life in retirement will be less expensive than now. Did you
you could maximize your itemized deductions in that know that the average cost for health care for a couple in
year and take the new increased standard deduction the retirement is close to $300,000? Don’t you think that health
next year. Some CPAs refer to this as “lumping and care and Long-Term Care is something to plan for? We are
clumping.” Giving appreciated assets in this manner here to help!
is a great way to maximize your charitable giving
deduction, and a donor-advised fund (DAF) could be
used to facilitate that gift.
If you’re 70½ or older, you can donate directly from
your retirement account using a “Qualified Charitable
Distribution.” There are many tools available, designed
for the maximization of charitable giving deductions
that Asset Advisory Services can illuminate, making it
much easier for our clients to understand the benefits
and positive implications of well-timed donations.

As year-end approaches, retirement planning often
becomes a focus for investors. Year-end planning
discussions address other topics as well, such as required Crafting financial solutions with insight and integrity since 1980.
minimum distributions (RMDs), beneficiary reviews,
and Roth IRA conversion strategies. Missing an RMD We look forward to hearing from you at: 561.747.9550
or an aggressive Roth conversion can be quite costly. to schedule your Complimentary Financial Review
This is why we have planning sessions with our clients’
CPAs in order to be pro-active versus reactive.
We work with our Clients to help them Maximize Three Palms Center
their Retirement Savings. 2141 Alt A1A South Suite 310
Contributions to tax-deferred retirement accounts— Jupiter, Florida 33477
such as a 401(k)—reduce your taxable income and
provide tax-deferred growth until retirement. End-of- To learn more about what we can do for you, please visit us at: CC
year is a good time to re-evaluate your overall savings, www.AssetAdvisoryServices.com C
do a portfolio checkup and determine if you can increase Securities and Advisory Services Offered through Commonwealth Financial Network
®
what you’re putting away for retirement. Member FINRA/SIPC, a Registered Investment Adviser. Fixed Insurance products and
services offered through CES Insurance Agency