Retirement Update (Sept '26) - Christian Cyr, CPA, CFP®

It's getting to be year end.

I realize it's only September 1st, but it's good to start thinking about these things.

As a client, you know that we are proactive.

We like to call you when things need to be done.

We don't wait for you to call us and say, hey, what about this or what about that? The first thing I want to talk to you about is estimated tax payments.

Now, most of you as retirees do not have to make estimated tax payments, but there are some of you who do.

The third installment of your estimated taxes are due on September 15th.

Most likely, you can just continue to make those payments as we have helped you figure out what they're going to be.

But if for some reason something has changed that maybe we're not aware of, maybe something big that your CPA who prepares your tax returns, whether it's Jamie, Connor, Kristen, or now Mackenzie, If something big has changed, it might be worth just double checking with one of them to make sure that what you have scheduled for your third estimated payment is appropriate.

The second thing is required minimum distributions.

Again, this is not going to apply to all of you, but it's very important for some of you.

When we have that IRA or that 401k, once we get to a certain age, Uncle Sam is going to force us, if we haven't done a Roth conversion, to take money out of our IRA, put it in our bank account, put it on our tax return, and yes, pay taxes.

So if you are 73 years or older, part of our year-end process is we look at your accounts.

We make sure that your required minimum distribution has been satisfied.

Have you taken it out? If you haven't, What should you be taking out before you're in? Again, don't worry.

I just want you to be thinking about this.

We're going to be contacting you.

end of October, beginning of November, to be thinking about the required minimum distributions.

Third, this one has come up a lot for myself personally, as well as a lot of our retirees.

You want to start thinking about if you are doing anything charitably inclined or giving gifts to your children.

A lot of misunderstanding about what do I have to do or don't have to do if I'm making a gift If I'm making charitable donations to a not-for-profit agency, how does this impact my taxes? Depending on your age, your income, and the accounts you own, there may be some more tax-efficient ways or a better way to do these types of gifts, whether it's giving directly from your IRA.

Either way, again, start thinking about this as year-end approaches.

Feel free to contact the tax preparer that you have here at the firm because I think it's important that we get these things figured out before two days before December 31st.

Fourth and most importantly, Roth conversions.

If Roth conversions are part of your strategy, we are going to be reaching out to you before the end of the year to review your tax situation.

It's getting to be year end.

I realize it's only September 1st, but it's good to start thinking about these things.

As a client, you know that we are proactive.

We like to call you when things need to be done.

We don't wait for you to call us and say, hey, what about this or what about that? The first thing I want to talk to you about is estimated tax payments.

Now, most of you as retirees do not have to make estimated tax payments, but there are some of you who do.

The third installment of your estimated taxes are due on September 15th.

Most likely, you can just continue to make those payments as we have helped you figure out what they're going to be.

But if for some reason something has changed that maybe we're not aware of, maybe something big that your CPA who prepares your tax returns, whether it's Jamie, Connor, Kristen, or now Mackenzie, If something big has changed, it might be worth just double checking with one of them to make sure that what you have scheduled for your third estimated payment is appropriate.

The second thing is required minimum distributions.

Again, this is not going to apply to all of you, but it's very important for some of you.

When we have that IRA or that 401k, once we get to a certain age, Uncle Sam is going to force us, if we haven't done a Roth conversion, to take money out of our IRA, put it in our bank account, put it on our tax return, and yes, pay taxes.

So if you are 73 years or older, part of our year-end process is we look at your accounts.

We make sure that your required minimum distribution has been satisfied.

Have you taken it out? If you haven't, What should you be taking out before you're in? Again, don't worry.

I just want you to be thinking about this.

We're going to be contacting you.

end of October, beginning of November, to be thinking about the required minimum distributions.

Third, this one has come up a lot for myself personally, as well as a lot of our retirees.

You want to start thinking about if you are doing anything charitably inclined or giving gifts to your children.

A lot of misunderstanding about what do I have to do or don't have to do if I'm making a gift If I'm making charitable donations to a not-for-profit agency, how does this impact my taxes? Depending on your age, your income, and the accounts you own, there may be some more tax-efficient ways or a better way to do these types of gifts, whether it's giving directly from your IRA.

Either way, again, start thinking about this as year-end approaches.

Feel free to contact the tax preparer that you have here at the firm because I think it's important that we get these things figured out before two days before December 31st.

Fourth and most importantly, Roth conversions.

If Roth conversions are part of your strategy, we are going to be reaching out to you before the end of the year to review your tax situation.