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A Year-End Wealth Planning Guide By Cody Biggs

Wealth Planning

As the year comes to a close, it’s the perfect time to review your financials and plan for the future. A year-end wealth planning guide, as per Cody Biggs, can help secure your financial future by firming up your financial goals and ensuring your investments and assets align with your long-term objectives.

Cody Biggs Presents A Year-End Wealth Planning Guide

Here are some key areas to focus on as you prepare your year-end wealth plan.

1. Review your portfolio

The end of the year is an opportune moment to take stock of your portfolio, says Cody Biggs. With the volatility in the markets, it’s important to rebalance your portfolio to ensure it matches your risk tolerance and aligns with your investment objectives. The popular rule of thumb is to maintain a diversified portfolio that includes stocks, bonds, and other asset classes such as equities and commodities.

However, this might be the time to reassess and strategically reposition your portfolio for maximum returns with minimal downside risk. It’s important to ensure that your selection of securities is consistent with your time horizon, risk tolerance, and overall investment strategy.

2. Taxes

As the year ends, it’s critical to review and organize your tax situation. Here are some tax-related items to consider:

Maximize contributions to tax-advantaged accounts.

Harvest capital losses to offset any realized capital gains.

Donate to charities to reduce taxable income.

Make sure you have taken all the deductions you’re entitled to.

Plan for next year’s tax filing before the year closes.

It’s never too early to start organizing your tax paperwork in preparation for filing your returns.

3. Estate planning

Estate planning is not just for the wealthy. It’s a critical process for everyone since it can help you preserve your wealth and ensure your heirs have access to it.

Here are some key considerations to take into account for successful estate planning:

Determine an executor in your will and powers of attorney for medical reasons.

Create a charitable trust or gift.

Invest in life insurance.

Create a plan or a trust for beneficiaries.

Consider protecting your assets with trust.

By planning your estate, you’re securing the future of your finances after you’re gone and ensuring that your beneficiaries have a smooth and efficient journey through the legal system.

4. Retirement savings

Retirement planning is critical as it ensures you have enough to retire comfortably. Here are some key points to consider:

Maximize contributions to your 401(k) plan.

Consider adding an IRA to your portfolio.

Review your retirement plan and ensure it aligns with your financial goals.

Plan a distribution strategy that coordinates your needs with your tax situation.

5. Saving

Establishing a saving plan is essential to long-term wealth building, says Cody Biggs. You might not have the time or resources now, but if you can budget even a small saving amount each month, it will add up over time. Here are some suggestions:

Create a budget and track your expenses.

Pay off high-interest debts.

Save for emergencies and unexpected expenses.

Contribute regularly to a savings account.

By consistently saving, you’re building a foundation for future financial stability.

Cody Biggs’s Concluding Thoughts

In conclusion, a comprehensive year-end wealth planning guide can help you set up a roadmap for your financial future. Review your portfolio, calculate tax obligations, plan for retirement and savings, and prepare for estate planning, and you’re setting yourself up for long-term financial success. According to Cody Biggs, it’s never too early, nor too late, to start thinking about your financial future. Start today and secure your wealth with a year-end plan.

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