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Don’t Make Moves You Might Regret

December 5, 2023 By E.J. Smith - Your Survival Guy

By PKpix @ Shutterstock.com

The pressures of the holidays are building. Don’t let this infiltrate your investments by making moves you may regret. Don’t buy mutual funds right before a distribution you may owe taxes on next year.

But do consider making moves where you might benefit from spreading tax obligations over several years.

It’s also a good time to consider topping up contributions to tax-deferred accounts. Morningstar’s Julie Virta reminds readers:

Is Your Family Prepared for the Next Disaster? Click Here to Survive and Thrive

For many workers, access to a 401(k) or similar account is one of the easiest ways to save for the future, while also getting a break on current- or future-year taxes. Most plans allow for tax-deferred contributions, while some also allow for after-tax contributions through a Roth account. The earnings on the former accrue on a tax-deferred basis, while the latter compounds tax-free.

Of note, withdrawals from a Roth account are tax-free only if you’re over age 59½ and have held the account for at least five years. You’ll owe taxes on withdrawals from a tax-deferred account and a potential penalty if you are under age 59½.

Contribute at least enough to capture an employer’s match if one is offered. You don’t want to leave any free money on the table. Additionally, you can continue to contribute up to $22,500 for 2023, or up to $30,000 for those age 50 or older. Workers who haven’t hit that max limit — and who want to — may be able to boost contribution amounts in the last few weeks of the calendar year.

Action Line: If you need help reviewing where you stand, I’m here. Finish the year strong by subscribing to my free monthly Survive & Thrive letter by clicking here.

Originally posted on Your Survival Guy. 

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

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E.J. Smith - Your Survival Guy
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
E.J. Smith - Your Survival Guy
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