[Nov. 11, 2020 – Alpharetta, GA] – Recently, the team of financial planning experts from Merit Financial Advisors offered some important tips when it comes to retirement plan services and financial planning for retirement. They emphasized the importance of proper planning when it comes to retirement and said that a successful future is based upon working with a wealth management provider that understands their needs.

They also offered some year-end tips to help those close to retirement make the most out of their IRAs, retirement plans, and investments, such as:

• Maxing Out Retirement Plans: Those with IRAs and 401ks can take advantage of them by contributing the maximum allowed under their plan before filing for income taxes. Even better if their employer is matching these investments. It will enable them to qualify for the maximum contribution at the lowest possible tax rate.

• Making Charitable Gifts: By making donations via investment types like appreciated stocks, people can receive credit for the market value of the donation and avoid paying capital gains taxes on any of the gains. Of course, they’ll need to ensure that the place they want to donate can receive such contributions.

• Taking Required Minimum Distributions: Before the year is out, those required to take minimum distributions from their 401k or IRA accounts need to make sure to do so, otherwise, they could receive additional tax penalties on top of the taxes already due.

• Sitting Down with a Financial Advisor: The year-end is always a good time to sit down with a certified financial advisor and review finances and investments. Take into consideration things like family status, dependents, and other things. People should also go over any of their real estate investments to determine if these are things that will continue appreciating in the future.

About Merit Financial Advisors

For years, the team from Merit Financial Advisors has been helping people plan for retirement. They also specialize in divorce services, financial wellness, and wealth management solutions. For more about their retirement plan services, contact them online or call (866) 628-3508 today.