2020 Beginning of Year Financial Planning Checklist

The start of a new year and decade is a great time to look at your personal finances with fresh eyes – and we have some ideas for how to proceed with your review. While end-of-the-year tasks come with a deadline, these proposed action steps can be completed over the coming months. But in my experience it’s better to sit down and attack them sooner rather than later before time passes and you’re on to tax filing and other duties.

Please keep the following in mind as you read through our beginning-of-2020 checklist:

  • This list is meant to serve as a reminder of suggested actions to consider. Since personal circumstances vary, it is important to consult with your Altair engagement team and personal tax advisers regarding your specific situation.
  • We’ve provided a glossary beginning on page 6 that provides a brief explanation of each task listed. If you have questions that go beyond the information provided, please don’t hesitate to reach out to your Altair engagement team.

Additionally, we want to make you aware of some significant changes to the retirement and estate planning landscape. As of January 1st, lawmakers established the Secure Act (Setting Every Community Up for Retirement Enhancement Act). Some of the key provisions include:

  • An increase to the age individuals are required to begin minimum distributions (RMDs) from qualified retirement accounts (to 72 from 70½)
  • Elimination of age cap for traditional IRA contributions (previously capped at 70½)
  • Elimination of stretch IRA provisions for non-spouse beneficiaries
  • Ability to use $10,000 for 529 plans to repay student loans

We encourage you to discuss the act and its potential impact with your Altair team and attorney to determine the best course of action, if any.

DOWNLOAD THE CHECKLIST


The material shown is for informational purposes only and should not be construed as accounting, legal, or tax advice.  Altair Advisers LLC is a registered investment adviser with the Securities and Exchange Commission; registration does not imply a certain level of skill or training.  While efforts are made to ensure information contained herein is accurate, Altair Advisers cannot guarantee the accuracy of all such information presented.