Jeffrey Settle, CFP

We’ve changed our clocks for Daylight Saving Time, and year-end is approaching. It’s a good time to check a few financial details that can be easy to overlook.

If you receive retirement distributions, make sure your withdrawals are on track and your Required Minimum Distributions will be completed by December 31. It’s also worth reviewing automatic transfers between bank and investment accounts and confirming your account security alerts are up to date.

A few small checks now could help you avoid last-minute surprises in December.

🎃 Tricks and treats may be part of Halloween, but financial scams are a year-round concern.

Scammers use familiar tactics to get your money or personal information, from fake account alerts to urgent payment requests and messages that appear to come from someone you trust.

Learn to recognize the warning signs and take steps to protect yourself. Slow down. Verify the source. Think before you click or send money.

When you retire, where will your paycheck come from? Retirement income often comes from several sources, including Social Security, pensions, retirement accounts and personal savings.
Knowing when each source will be available, how much it may provide and how it will be taxed can help you plan for your expenses.

A good place to start: list your expected income sources and compare them with what you anticipate spending.

How much cash should you keep in retirement?

Having cash available for everyday expenses and emergencies can provide peace of mind. But holding too much can have trade-offs, including lost purchasing power over time and fewer opportunities for long-term growth.

The right balance depends on your expenses, other sources of income and future needs. A good place to start: look at how much cash you have, what it's earning and what you expect it to cover.

If you couldn't manage your finances tomorrow, who could step in?

A spouse or family member may not automatically have access to every account.

Here a few things to review:

▪️Your power of attorney
▪️Account ownership and beneficiaries
▪️Who has access to your online financial accounts

A little preparation now can make things easier for someone who may need to step in later.

Should you pay off your mortgage before retirement?

For many people, entering retirement without a mortgage sounds appealing. But paying it off isn't automatically the right move.

A few things to consider:
🔹What interest rate are you paying?
🔹Where would the payoff money come from?
🔹How would it affect your retirement income?
🔹How much cash would you have left for other expenses?

The goal is to look at the mortgage as part of your overall financial picture.

The Federal Reserve raised its benchmark interest rate by 0.25% last week, bringing its target range to 3.75%–4%. What does that mean for you? Higher rates can make some borrowing more expensive, while potentially increasing what you earn on savings accounts, money market accounts and CDs.

It’s also worth remembering that a Fed rate change doesn’t automatically mean you need to change your investments, move your cash or pay off debt differently.

A good place to start: take a look at what you’re currently paying to borrow and what you’re earning on your cash.

Open enrollment season is coming — and the right moves depend on where you are in life.

If you're still working, take a fresh look at your health plan fit, HSA/FSA contributions, employer retirement match, and beneficiary designations.

If you're retired, focus on your Medicare Advantage/Part D elections (the Annual Election Period runs Oct 15–Dec 7), your Required Minimum Distributions, how year-end income moves might affect future Medicare premiums (IRMAA), and beneficiary designations.

A few minutes of review now can save real money and headaches later. Don't let the deadline sneak up on you. Reach out if you'd like to discuss.

Money in retirement may come from several different sources. Social Security, pensions, traditional IRAs, 401(k)s, and investment accounts can all have different tax implications, and the timing and combination of those income sources can affect your overall tax picture. If you’re planning to retire soon, don't wait until your first retirement withdrawal to think about taxes.