Broker Check

Year in Review

December 15, 2022

As another year comes to a close there is a lot to be thankful for. Professionally the thing I am most
thankful for is the special relationships we have with our clients.

The end of one year and the beginning of another is the perfect time to review your financial picture.
It’s a great time to get together with your Compass Financial advisor for a checkup. It’s also an excellent
time to consult with your tax professional.

Below are areas to review and consider as we wrap up 2022 and head into 2023.

          •Net WorthComplete or update your net worth statement. This is a great way to measure and
            mark your financial progress over the years.

          •InvestmentsReview investments with your Compass Financial advisor. Discuss any changes to
            goals or life circumstanceswhich may impact investment allocation or strategy.
          •Tax Loss HarvestingConsult with your tax professional. In taxable accounts losses are not fun,
            but they can potentially offset capital gains.
          •Required Minimum Distributions (RMD’s)If you have a tax deferred retirement account and
            have reached the IRS age thresholdthe IRS requires you take a required minimum distribution.
            Your Compass advisors are here to help if you have questions.  Link to IRS website: IRS Required
            Minimum Distributions

          •Charitable DonationsIf you are in the giving spiritconsult with your tax professional to see if
            donations can be deducted.

          •Contribution Limits and Tax BracketsHeading into 2023 tax brackets and contribution limits
            have increased due to inflation. Consult your Compass advisor and tax professional for specific

          •Financial PlanAs you move along your financial journey and life changesit may be time to put
            together a financial plan or update your existing plan with your Compass advisor.
          •BeneficiariesReview beneficiaries to make sure they are up to date.

Finally, I have some exciting news to share. Our Compass Financial team is growing! Hannah Mason
joined us recently in December as my administrative assistant. Hannah is already proving to be a
valuable addition to our team! Next time you are in the office say hello to Hannah!

Thank you for sharing 2022 with us. Thank you for including us on your financial journey. Thank you for
your business. We look forward to serving you in 2023 and beyond! Happy Holidays!