As we near the end of the year, you might be thinking of all the goals you did or didn’t accomplish. Our Regent Peak Wealth Advisors team believes the end of the year is a great time for reflection. We encourage our clients to sit back and take inventory of what worked when they set their goals for 2021. We believe it is important to then apply those lessons learned to 2022, as you start to reestablish new goals.
Consider New Information.
Our Regent Peak team can work as your accountability partner, to help support you through the process of setting new financial goals and working to achieve them. For example, you may have received new information in Q4 that could play a big role in your financial plan for the next 12 months. This is an opportunity to plan and to essentially create a budget for the following year.
Another important step to take before the end of the year is to make sure you have your ducks in a row. From a tax perspective, almost every financial decision has to be made or initiated by year end. It’s important to plan ahead, to give enough time to process any changes you might be choosing to make.
Be Aware of Potential Tax Changes.
Reflecting on the year also provides you an opportunity to be prepared for possible tax changes from the administration. We encourage our clients to be aware of the potential changes that could take place, but to understand the legislation is still evolving and nothing is set in stone. From a planning perspective, we want to make sure our clients are well prepared.