Investment Management | Financial Planning

4 Financial Moves to Make Before the end of 2019

As 2019 comes to an end, here are four financial moves DBS Investment Advisers suggests you can take to best position yourself for a successful 2020 and beyond: Make sure you are on track to fully fund retirement accounts. Pay deferrals into 401(k) and SIMPLE-IRA plans need to be deposited by Dec. 31.

1. Make sure you are contributing as much as possible this year to capture the largest possible tax deduction. If you turned 50 this year, take advantage of year-end catch-up contributions.

2. Review the suitability of your retirement plan. Make sure the retirement plan used in your practice is still suitable for your needs. This is a great time to explore alternatives and implement a different plan to be effective in early 2020.

3. Take advantage of tax-loss harvesting in taxable investment accounts. If you have a taxable portfolio, consider reviewing your positions to determine losses that could offset taxable gains. Take this opportunity to rebalance to a target allocation.

4. Review your debt reduction strategy. If you have or will finish paying off loans in 2019, review how that extra cash will be used, either to pay more on other outstanding debt, or increase savings or investments.

DBS Investment Advisers, LLC, is endorsed by the MDA for investment management and financial planning. Call DBSIA at 800-327-2377 or email ted.schumann@dbsia.net.


One goal of every MDA member is to build and preserve personal wealth.

Attaining this goal should start on the first day of your professional career and continue throughout your years of active practice and into retirement. Most people need a bit of guidance along the way. The MDA endorses DBS Investment Advisers (DBSIA) to provide wealth management and retirement planning services for our members because it specializes in working with dentists. They serve dentists at every stage in their professional lifecycle to help them attain their financial goals. DBSIA was formed in 2000 as an arm of Dental Business Services (DBS), from Bay City, Michigan. They know your challenges and have the ability to provide the financial advice necessary to put and keep you on the path to financial success. DBSIA has two certified financial planners to assist you: Ted C. Schumann and Ted Schumann II.

As a result of this endorsement, DBSIA provides MDA members with a fee discount on dollars under advisement. As your portfolio grows, your fee discount also grows.

DBSIA offers assistance with:

  • Individual portfolio management
  • personal individual retirement account (IRA)
  • Roth IRAs
  • Simplified Employee Pension (SEP) IRA,
  • Savings Incentive Match Plan for Employees (SIMPLE) IRAs,
  • cash balance plans
  • 401(k) plans

Take advantage of this exceptional, new benefit of your MDA membership and call DBSIA at 800-327-2377 or email Ted Schumann II at ted.schumann@dbsia.net.

Disclosure

Participation in the DBS Investment Adviser program is solely the decision of the Michigan Dental Association Member. Neither the Michigan Dental Association nor MDA Insurance & Financial Group provide investment advice, and they are not responsible for any investment decision or performance All investments have potential for profit or loss.  Past performance does not guarantee future success.

The MDA receives royalties when members use the product or services described above.