As the end of the year approaches, now is the time to take stock of your finances and look for ways to reduce your 2025 tax liability. Smart, proactive tax planning before December 31 can help you retain more of your earnings, accelerate your long-term goals, and ensure your financial plan operates efficiently. Whether your income comes from salary, self-employment, or investments, here are key strategies to consider as you wrap up the year.
The IRS Clock Is Ticking: What You Need to Know (and Do) Before RMDs Kick In
You've saved diligently for decades—building up balances in your traditional IRAs, 401(k)s, and other retirement accounts. But eventually, Uncle Sam comes calling. Those tax-deferred dollars can't stay sheltered forever, and at a certain age, you must start taking money out—whether you need it or not. These withdrawals are called Required Minimum Distributions (RMDs), and how you handle them can have ripple effects across your entire tax picture, retirement income strategy, and even your estate plan.
What Really Matters
After fifteen years of guiding clients through market volatility, retirement planning, and financial milestones, I was offered an opportunity to take a sabbatical. HIGHLAND is the only company I’ve worked for to offer such a benefit. So first, a thank you, HIGHLAND, for affording me this time to step away from the numbers and reconnect with what matters most.