October 18th, 2021 | Miller Advisors

A plan for all seasons; a bountiful harvest



Oct. 1: Last day to establish a SIMPLE IRA plan or a Safe Harbor 401(k) to be effective for 2021.
Oct. 15: Open enrollment for Medicare Parts C and D begins. Make any changes to your coverage by Dec. 7.
Oct. 15: The final day to file a 2020 income tax return for those issued an extension.
Nov. 25: Thanksgiving Day, Market is closed
Dec. 24: Christmas Day is observed, Market is closed
Dec. 30: Day before New Year’s Eve is the year-end charitable gift deadline for check and wire transfers.
Dec. 30: Last day to take 2021 required minimum distributions for those who turned 72 in or before 2020.
Dec. 31: New Year’s Eve, Market is closed to observe New Year’s Day


☐ Check on cost of living: Next year’s Social Security adjustment is typically announced in October.

☐ Prepare for open enrollment: Ready your documents for Medicare open enrollment, if eligible. If you’re working and your employer offers benefits, take the time to understand them.

☐ Spruce up your plan: It’s important to monitor your retirement and investment accounts regularly and make adjustments to insurance and estate plans as needed. The holidays can be a good time to do this if you want to discuss what you’re planning with close friends or relatives.

☐ Fight fraud: Start by tracking and reviewing all of your bank and credit card statements for irregular activity. You can also request a copy of your consumer credit profile and stay on the lookout for scams asking you to confirm or update your account information via email.

☐ Analyze your portfolio: If you’re invested in mutual funds, don’t forget about capital gains distribution dates that typically fall in December. Consider balancing your realized capital gains with losses where appropriate. Talk to your advisor about whether this strategy might help lower your tax liability.

☐ Give wisely: As deadlines for year-end gift and charitable contributions approach, make a strategy for your philanthropic goals. Consult with your advisor if you’re interested in bunching, which means donating a few years’ worth of contributions in one year, usually to a donor advised fund, to help you meet the threshold for itemizing on your tax returns.

☐ Reflect on resolutions: Before beginning your New Year’s celebrations, review the financial planning you did for the past year. Did you make progress toward your goals?

Commit acts of kindness: This Nov. 30, celebrate Giving Tuesday. It’s a tradition that began in 2012 as a way to encourage generosity around the world. Whether it’s buying a stranger coffee, helping a neighbor or donating to charity, every kind act counts.

Withdrawals from tax-deferred accounts may be subject to income taxes, and prior to age 59 1/2 a 10% federal penalty tax may apply. Please consult a qualified professional regarding legal or tax advice.


Article Sources: Raymond James
Photo Source: iStock