Why October is Great for Financial Planning

Time to Revisit Your Plan?


October has been designated ‘Financial Planning Month’ because it’s a good time to make adjustments to your plan before year-end. To determine issues you may need to address, ask yourself the following questions:

Have you experienced any recent life changes?
If you’ve gotten married or divorced, lost your spouse, had a child or grandchild or sold a business this year, it’s a good idea to revisit your wealth plan including your estate plan and beneficiary designations.

Has your mindset toward investing changed?
If you’ve had a change in circumstances that may affect your investment parameters, let your Luma Wealth team know so they can help you stay on track toward your goals.

Have you had any market losses?
If any of your investments declined in price this year, there may be an opportunity to reduce your tax burden through tax-loss harvesting, using losses to offset gains. Your Luma Wealth Advisor can help you determine if this strategy works for you and help you navigate the IRS rules to follow.

Are you interested in charitable giving?
Your Luma Wealth Advisor can help you strategize your year-end philanthropic plan, including the ways you can give. Be sure to manage deadlines to ensure you’re eligible for tax deductions this year.

Are you prepared for open enrollment?
Before you update your healthcare benefits, now is the time to estimate your expenses for next year and make updates to your coverage as needed.

Do you have to take RMDs by year end?
If you’re 70 ½, you may be required to withdraw funds from your retirement account before December 31st to avoid significant penalties.
Financial Planning Month also encourages financial literacy, so why not get inspired and sign up for a Luma Wealth event?