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5 Things to Do Before December 31

Estimated reading time: 2 minutes, 2 seconds

With only two months left in the year, we are all scrambling to finish our end of the year to-dos. As December 31 barrels toward us, there are a few retirement related tasks you may want to consider adding to your list.

  1. Take your RMD

If you are over 70 ½ and have a Traditional IRA,5-things-to-do-before-december-31
401(k), 403(b) or 457 plan, you’re required by the IRS to take a Required Minimum Distribution (RMD). You will need to work with your financial advisor to determine how much you must take. If you do not take your RMD, you could be subject to penalties. We have a blog post that outlines how you may (and may not) satisfy your RMD here.

  1. Analyze Beneficiaries

Although you should always keep beneficiaries as up-to-date as possible, the end of the year is a good time to make sure your designations are as you want. A primary and contingent beneficiary should be listed on your account. In the event a primary beneficiary dies, this ensures your assets are still distributed to who you choose. An annual, or even more frequent, review of this helps both you and the custodian. For important documents that may be necessary while estate planning, see this blog post.

  1. Provide Fair Market Value to Custodian

To obtain fair market value for your asset(s), you may need to contact your investment sponsor. This may be a good time to get that ball rolling, as most custodians require those updates by mid-January. For more information on the importance of fair market value updates, visit our blog!

  1. Update Personal Info with Custodian

If you have recently moved, married, divorced or changed personal information, it is very important you let your custodian know. To update this information, simply visit our Manage My Account page.

  1. Consider Rolling Old 401(k)s into an IRA

Do you have old 401(k)s or employer-sponsored plans sitting with former employers? If so, you may want to consider rolling those funds over into an IRA. With a Self-Directed IRA at Kingdom Trust, you aren’t limited to traditional investments and you have more control over your retirement. If you would like to roll your old retirement plan into a Self-Directed IRA, schedule a call with a member of our Business Development Team.

Too many of us put our retirement planning and funding on autopilot and seldom revisit it until an issue arises. Oftentimes, if issues arise, it is too late. Don’t set your retirement to the back burner. Keep your information and accounts up-to-date.

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