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Retirement Financial Reminders for December

Retirement Financial Reminders for December

December 06, 2022

The year is coming to an end which means it’s time for a financial check-in, especially when it comes to your retirement account(s). Failing to pay attention to end-of-year deadlines for your retirement accounts can result in missed tax savings opportunities. If you have an IRA, there are deadlines you need to be aware of at the end of the year. Read on for U-Vest® Financial’s retirement financial reminders for December!

RMDs Due by End of December 

For those who have traditional, SEP, or SIMPLE IRAs and are currently withdrawing RMDs annually, your required minimum distribution (RMD) is due by the end of December to avoid IRS penalties. If you have not already completed this with your Financial Advisor, please work with them to do so. 

If you have turned or will turn 72 in 2022 and have retirement accounts, RMDs are due by April 2023. HOWEVER, we highly recommend completing them by the end of December 2022 as well to avoid having two RMDs in the 2023 calendar year. Please consult with your advisor on this if you turned 72 this year. 

Remember, missing the RMD deadline means you will owe the IRS an excise tax of 50% of any shortfall. Inherited IRAs may also need RMD withdrawals, so be sure to check with your advisor before the year ends. 

Don’t let deadlines for retirement accounts go unnoticed, or you’ll have consequences from the IRS. Know that U-Vest is here for you, and your financial advisor is more than happy to walk you through your end-of-year financial deadlines. Contact your advisor or visit our website to learn more and make sure you go into 2023 with a strong financial plan!

This article is meant to be general in nature and is not intended, and should not be construed as personal advice of any kind. Please consult your financial advisor prior to making financial decisions. Michael P. Davino, CFP® is a Financial Advisor with U-Vest Financial®, a separate entity from LPL Financial and can be reached at 850.300.7055. Securities and advisory services are offered through LPL Financial, a registered investment advisor, Member FINRA/ SIPC.