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5 Topics for Your Annual Client Check-In

As 2021 draws to a close, it’s a great time to call your clients for an end-of-year financial ‘checkup.’ Myriad Advisor Solutions has gathered these 5 year-end financial topics to talk about with your clients.

  1. Spend Down Flexible Spending Accounts (FSA). Many Flexible Spending Accounts have a ‘use it or lose it’ provision. Clients can schedule elective procedures, pre-pay ongoing therapy costs, or stock up on FSA-covered medical supplies. They can also check to see if their employer allows a rollover up to a certain amount of their account balance.

  2. Take the Required Minimum Distribution (RMD). The CARES Act suspended RMDs in 2020, and the SECURE Act moved the retirement age to 72. This is a great opportunity to remind your clients about these and other tax considerations like estate planning!

  3. Review Beneficiary Designations. Part of the end of year financial check up is to stay current on the recent events in your client’s life. The stress of big life events, even positive ones like a wedding, often cause people to not properly update their beneficiary designations. You’ll be helping your client’s loved ones avoid beneficiary claim issues down the line!

  4. Make Charitable Donations. The Taxpayer Certainty and Disaster Tax R`elief Act of 2020 expanded the tax benefits of charitable giving in 2021. Clients who normally don’t itemize their taxes can now claim a deduction on their 2021 federal income tax returns for cash contributions made to certain qualifying charitable organizations. Year-end is a great time to give back to an organization your client’s believe in AND reduce their taxable income.

  5. Contribute to Retirement Savings. Clients seeking to max out their 401(k) contributions before 2021 will need to contribute before the New Year. If your client is interested in a Roth IRA but does not qualify, they can consider funding a Traditional IRA before utilizing a Roth Conversion.

Myriad Advisor Solutions does not provide any legal, accounting or tax advice. Client should seek the counsel of a qualified accountant and/or attorney when necessary.