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WWW.UPANDCOMINGWEEKLY.COM DECEMBER 16-22, 2020 UCW 15 MONEY Consider these year-end financial moves submitted by DEBBIE BEST We're nearing the end of 2020 — and for many of us, it will be a relief to turn the calen- dar page on this challenging year. However, we've still got a a couple of weeks left, which means you have time to make some year-end financial moves that may work in your favor. Here are a few suggestions: •Add to your IR A. For the 2020 tax year, you can put in up to $6,000 to your traditional or Roth IR A, or $7,000 if you're 50 or older. If you haven't reached this limit, consider adding some money. You actually have until April 15, 2021, to contribute to your IR A for 2020, but the sooner you put the money in, the quicker it can go to work for you. Plus, if you have to pay taxes in April, you'll be less likely to con- tribute to your IR A then. •Make an extra 401(k) payment. If it's all- owed by your employer, put in a little extra to your 401(k) or similar retirement plan. And if your salary goes up next year, increase your regular contributions. •See your tax advisor. It's possible that you could improve your tax situation by making some investment-related moves. For exam- ple, if you sold some investments whose value has increased, you could incur capital gains taxes. To offset these gains, you could sell other investments that have lost value, assuming these investments are no longer essential to your financial strateg y. Your tax advisor can evaluate this type of move, along with others, to determine those that may be appropriate for your situation. •Review your investment mix. As you con- sider your portfolio, think about the events of these past 12 months and how you respon- ded to them. W hen COVID-19 hit early in the year, and the financial markets plunged, did you find yourself worrying constantly about the losses you were taking, even though they were just on "paper" at that point? Did you even sell investments to "cut your losses" wit- hout waiting for a market recovery? If so, you might want to consult with a financial profes- sional to determine if your investment mix is still appropriate for your goals and risk tole- rance, or if you need to make some changes. •Evaluate your need for retirement plan withdrawals. If you are 72 or older, you must start taking withdrawals — technically called required minimum distributions, or RMDs — from your traditional IR A and your 401(k) or similar retirement plan. Typically, you must take these RMDs by December 31 every year. However, the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act suspended, or waived, all RMDs due in 2020. If you're in this age group, but you don't need the money, you can let your retirement accounts conti- nue growing on a tax-deferred basis. •Think about the future. Are you saving enough for your children's college education? Are you still on track toward the retirement lifestyle you've envisioned? Or have your retirement plans changed as a result of the pandemic? All of these issues can affect your investment strategies, so you'll want to think carefully about what decisions you may need to make. Looking back — and ahead — can help you make the moves to end 2020 on a positive note and start 2021 on the right foot. Making smart moves at the end of the year can help start 2021 on the right financial footing. 1-877-351-0391 Visit PittmanDavis.com/MN148 Order Item #MXSP, mention Code PNVH-N148 and Save 33% Only $19.99 (reg. $29.99), plus FREE Shipping. * Satisfaction completely guaranteed. Order by December 17, 2020 for GUARANTEED Christmas delivery. 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