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 Worth–Complete or update your net worth statement. This is a great way to measure and
mark your financial progress over the years.
•Investments–Review investments with your Compass Financial advisor. Discuss any changes to
goals or life circumstances, which may impact investment allocation or strategy.
•Tax Loss Harvesting–Consult 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 threshold, the 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
•Charitable Donations–If you are in the giving spirit, consult with your tax professional to see if
donations can be deducted.
•Contribution Limits and Tax Brackets–Heading into 2023 tax brackets and contribution limits
have increased due to inflation. Consult your Compass advisor and tax professional for specific
•Financial Plan–As you move along your financial journey and life changes, it may be time to put
together a financial plan or update your existing plan with your Compass advisor.
•Beneficiaries–Review 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!