6 TIPS FOR YEAR-END FINANCIAL PLANNING

Lucas Swatzell, based out of Franklin and Columbia, is Executive Vice President at Southwestern Investment Group and an Investment Management Consultant with Raymond James Financial Services. Swatzell was recently named to Forbes’ 2022 list of Top Next-Gen Wealth Advisors Best-In-State**. This list recognizes a select group of individuals who are 40 years of age or younger, encompassing the highest standards of best practices, and other selective criteria.

With a passion for financial planning and over 10 years of experience, Swatzell enjoys being an active participant in his clients’ lives, working closely with them to identify their goals, implementing a plan of action, and helping them achieve their unique personal milestones. With the holidays around the corner, we asked Swatzell to provide some quick financial planning tips to consider as the year-end approaches:

1. Check on your Flexible Spending Account (FSA) balance.

If you have opted for a flex spending account to accompany your health insurance, review your account’s terms to determine by what date you should spend those funds. In general, participants must use the money within the plan year. However, some plans offer a “grace period” to use your funds, or offer a carryover feature.

2. If applicable, take your required minimum distribution from your retirement account.

If you are 72 years old or older, you will need to take your RMD by the end of the year. However, it is important to note that during the year that you turn 72, you have until April 1st of the following year to take your first distribution.

3. Assess your Charitable Giving Strategy.

In addition to making the world a better place, giving to charity may help come tax season. Rather than writing a check, there are several options to maximize your tax benefits by gifting strategically.

4. Make your year-end retirement account contributions.

Have you maxed out your retirement accounts? Contributing to retirement is an investment in your future. And, as an added bonus, your contributions may lower your taxable income.

5. Contribute to your Health Savings Account (HSA).

HSA contributions are unique in that they can provide numerous tax benefits! They lower your taxable income, grow tax free once invested, and distributions are tax free for medical expenses. This can be a great way to save for future copays, operations, and other medical-related costs, while also receiving an added benefit today.

6. Review any changes in tax law for the year in which you are filing.

Every year comes with a handful of changes that may or may not affect your year-end planning. Do your research to see what may have changed for your financial situation.*

Contact the Swatzell Wealth Team to find out more about these important year-end planning items and further ways to achieve your financial goals!

801 CRESCENT CENTRE DR., SUITE 600 FRANKLIN, TN 37067 (615) 861-3518

816 S MAIN STREET COLUMBIA, TN 38401 (931) 388-3090

Investment advisory services offered through Southwestern Investment Advisory Services, Inc., an independent registered investment adviser. Southwestern Investment Group and Swatzell Wealth Team are not registered broker dealers are independent of Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Representatives may not be registered to offer securities and advisory services in all states. The Investment Management Consultant title is awarded to those who complete the Raymond James Institute of Investment Management Consulting program.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Lucas Swatzell and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. RMD's are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation.

*Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

**Forbes Top Next-Gen Wealth Advisors Best-In-State - 2022

The Forbes Next-Gen Wealth Advisors Best-In-State rankings, developed by SHOOK Research, is based on an algorithm of qualitative criterion, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered are under 40, have a minimum of four years' experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass the highest standards of best practices. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings. The Research Summary (as of August 2022) included: 35,465 nominations for all rankings, based on thresholds, 19,986 invited to complete online survey, 14,892 telephone interviews, 3,038 in-person interviews at advisors' location, 1,357 virtual interviews and 3,513 individuals considered and 1,000 individuals won the Next-Gen ranking. This ranking is not indicative of an advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. For more information and complete details on methodology, go to www.shookresearch.com