Link to Owner Dr. Robert B. Pamplin Jr.



This article brought to you courtesy of Matthew Stutes, Certified Financial Planner of Cornerstone Wealth Management, Canby Herald Financial Planning Expert.

Matthew Stutes. CFP

1) Donate to your Favorite Charity

December is a great time to make a donation to your church, charity or any other non-profit organization of your choosing. Not only will your donation be impactful to the charity, the donations will also be impactful come tax time by lowing your current tax bill. Be sure to keep your donation receipts and report all donations when filing your tax return.

2) Max out your 401K

If you didn't put the maximum amount allowed under Federal

Law into your 401(k) or 403(b), December is your last chance to

add more, if possible. The contribution limit for 2019 is $19,000, an additional $6,000 may be contributed for those 50 and older. If your budget doesn't allow you to contribute more now, consider increasing your monthly contribution for next year. In 2020 the contribution limit is increasing to $19,500 with a $6,500 catch-up for those 50 and older.

3) Review your Investment Allocations

With a year of market gains in the rearview, now may be a good time to rebalance your portfolio back to its original allocations or make allocation adjustments for the year ahead. Work with your financial advisor to help determine your most appropriate portfolio allocations.

4) Take your Required Minimum Distribution (RMD)

If you are 70 ½ or older you must take your annual RMD from your IRA, 403(b) or 401(k) before year end. Roth IRA's and Roth 401(k)'s are exempt from having to take this annual distribution.

5) Update your Estate Documents and Beneficiary Information

Did you have any major life events in the past year? Now would be a good time to revisit your estate documents and beneficiaries

to make sure they are all up to date and accurate.

Cornerstone Wealth Management

486 N.W. 2nd Avenue

Canby, OR 97013


Securities and advisory services offered through

LPL Financial, a registered investment advisor.


This information is not intended to be a substitute

for specific individualized tax advice. We

suggest that you discuss your specific tax issues

with a qualified tax advisor.

Rebalancing a portfolio may cause investors to

incur tax liabilities and/or transaction costs and

does not assure a profit or protect against a loss.

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