Retirement Answer Man

It’s almost time for that year end tax planning. 2017 is going to be here before you know it! Over the past few weeks, I’ve been talking with quite a few of my clients about their year end financial planning and realized that the things I’ve been talking about week after week these days could also be of help to YOU! So on this episode, I’m going to walk you through some of the most common things I suggest to my clients at the end of the year that can put them in a better tax and financial position as the end of the year approaches. I hope you find it helpful!

The year ends with some BIG NEWS from John Hancock insurance.

Did you hear the latest news from John Hancock insurance? The company announced just this month that they will no longer be offering long-term care insurance. That may not sound like such a big deal to you but with the rising cost of healthcare, and especially the type of care that’s often needed in the later years of life, this is a big deal - because John Hancock is one of the biggest players in the insurance industry. Does this indicate a move that other insurance carriers will be making in the future? You can hear my thoughts on the subject on this episode of The Retirement Answer Man.

Are embedded capital gains going to mess up your year end financial planning?

You have those investments that you never think about - they’re often part of a retirement or investment package that you have in your company plan. Part of the perk you get from those kinds of investments is that they accrue investment profits (hopefully) without you even having to give them a second thought. BUT, when it comes to your year end planning and trying to offset your tax liability you can often get a bite from those plans because the gains you've accrued through them are more than you expect - or you forget about them altogether. On this episode, I explain what embedded capital gains are and how you can take them into account for better year end planning.

Don’t forget about managing your gains and losses to minimize your liability.

It happens every year. I see it again and again. Someone comes to me eager to reduce their tax liability just before taxes are due and they did nothing before the previous year ended to effectively manage their losses and gains to offset their tax liability. Folks, you’ve got to start thinking about those things now, before the year ends to ensure you’ll be able to do the smartest things you can before you have to pay your taxes. That’s just one example of a handful of things you can keep in mind as you do your planning for the next year. Be sure to listen, I share the most common ways you can make better year end decisions, on this episode.

Do you have a flexible savings account with cash in it? Use it up before you lose it!

Many people don’t realize that flexible savings accounts - though a great financial tool to use - are typically set up in a way that you have to use the cash in it before the calendar year ends. So if you don’t use it - that’s right - you lose it! On this episode, I give you some suggestions (not advice mind you) about the kinds of things you could do to make the best use of those funds before your time runs out.


  • [0:34] My welcome to this episode!


  • [3:36] Big economic news: John Hancock will no longer be selling traditional long term care insurance.
  • [6:15] The rise of hybrid policies and what it means for you and me.
  • [7:31] Why traditional policies have plummeted in popularity.
  • [9:45] How I typically deal with long term care issues with clients in my practice.


  • [11:26] Today’s term: Embedded Capital Gains


  • [13:52] Items you should think about when you do year-end planning.
  • [14:30] Charity giving before the end of the year.
  • [15:40] Managing gains and losses to reduce your capital portfolio.
  • [17:00] Required Minimum Distributions and inherited IRA issues.
  • [18 :05] Giving to individuals is a significant way to reduce tax liability.
  • [20:53] Prepaying items you’ll need to pay eventually anyway.
  • [20:53] You might want to use up your flexible savings account cash.
  • [21:51] Health savings account contributions can be a big deal.
  • [22:52] Reviewing your 401 K and considering an increased contribution amount.
  • [23:32] How would a Roth IRA transfer impact your situation?


  • [24:06] The mean video my wife sent me.


  • [25:24] Determine which of the things I’ve mentioned apply to you and get started with your year end planning.


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Direct download: RAM145.mp3
Category:general -- posted at: 6:00am CDT