Retirement Ready with David Kopyc-Getting Ready for the End of the Year!

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Episode Transcript

(00:00):
I love Friday because it means thatI get the chance to talk to my
friend David Kopeg, who is presidentof the Retirement Planning Group. Now David
also has his own show on oursister station. Don't forget that. It
happens every Saturday morning from seven tonine on eight ten and one oh three
one WGY. Good morning, David. How are you, my brother,

(00:20):
Jamie. I'm doing fantastic. It'sFriday, and I've got a laundry list
of things. My honeydew is allfilled out for the week. Aft.
I bet it is Thanksgiving less thana week away. Get on it now,
brother, it is. It cameout of nowhere, boom and there

(00:42):
it is. But speaking of thatis truly speaking of that. I mean
here we are. It is.It's the end of the year and we
have to start planning and certain thingsneed to be done by the end of
the year. So let's talk aboutit. What are the most important financial
decisions we need to make before theend of the year. Not qualified accounts,

(01:03):
Jamie, monies that you have andbrokerage accounts that are not iras.
If you have losses, you haveto realize them before years end. In
order to basically take that tax benefit. So the thing is is that if
you're working with a team of advisors, they will probably reach out to you.

(01:25):
If they don't, you want toreach out to them to make sure
that you're going to take advantage ofthe tax benefits that are associated with selling
securities that might not have done aswell as you would have liked in twenty
and twenty three. And you canoffset gains by doing that. So it's
a great way for you to basicallyget some gains, offset it by the

(01:48):
losses, and it's kind of alike a wash sale. You don't have
to worry about the tax consequences.The other thing is this is the time
of year where people are trying tofigure out have I maxed out enough with
my contributions for my four O oneK program? Right? Yeah, yeah,
because the employers, of course formost of us are matching. So

(02:10):
call your HR department, have achat with them. You got to what
maybe a couple more two or threemore payroll possibilities a lot of people.
I know that my son just wentonline this past week and increased his percentage
of what he's putting in his fourO one K, so he can maximize
the dollars for twenty and twenty three. So don't forget. If you don't

(02:31):
use it, you lose it becauseyou can't go back, right, God,
make sure you do that. That'sso important. And so those are
the things we need to do beforethe end of the year. What can
we do after January first? Nota lot. Not a lot. The
old saying the horse is out ofthe barn. You've waited too late.
So the only thing that really isallowed is if you qualify because it's based

(02:55):
off of income, is to getthe IRA contract, which is a tax
deductible event, in order to helpyou offset some of your tax liability.
Okay, So what I would dois, you know, have a chat
with your CPA, your tax advisor, whoever you using, and see if

(03:15):
that's something that would be valid fortwo thousand and twenty four. Because you're
taking the benefit for twenty and twentythree, you have up until April when
you follow your taxes to make thatcontribution. So you know, I'm not
a big believer that you know,if you're working with the CPA, you
should be in contact with them throughoutthe year. Don't take your stuff and

(03:37):
walk to them. In January andFebruary and say here's my stuff, because
you've lost opportunities, right, soyou want to have chats with them now.
So if they say, hey,listen, there's certain things that you
qualify for, have to do itbefore year's end, all right, And
that's so important. And whoever yourCPA, your financial advisor is, listen,

(03:58):
if they're not getting in touch withyou, maybe that's not the financial
advisor or CPA for you because theyneed to be on top of those things
for you as well. You're goingto be talking more about this tomorrow morning.
I'm guessing on the Retirement Planning Show. You better believe it, Buster,
I love it. Listen, I'llbe listening. I learned so much
from you, David. Really it'sso important, so please make sure you

(04:21):
listen tomorrow morning seven and nine,on eight, ten and one on three
one WGY. It really is importantinformation that you need to have. You
want to make sure that you areready when you are ready to hang things
up and retire, So listen toJami show. Yeah, I want to
say one thing to you before Isay goodbye, please, because I won't

(04:42):
talk to you throughout the week.You have an absolutely fantastic holiday with your
family and friends for Thanksgiving and Godbless you. Oh, thank you so
much, David. And the sameto you and Julie and the whole family.
Happy Thanksgiving, brother, enjoy yourtime with family and friends. All
right, sweetheart, God bless you, God bless you. Take care.