As we look ahead to 2023, it is essential to mark your calendar with key dates that will affect your retirement planning. Here are some important dates to remember throughout the year:

February 15* 

For those 59½ or older and still working, February 15^th is an important date, as this is the date that you can elect an in-service rollover of your 401(k) or TSP to an IRA, which can help you better prepare for retirement by offering you more investment options and/or tax advantages.

March 31 

General enrollment for traditional Medicare ends, and open enrollment for Medicare Advantage ends. Do note that the window usually opens on January 1^st.

April 1

If you turned 72 in 2022, you will have until April 1, 2023, to take your first required minimum distribution (RMD). The distribution may be taken from a retirement account, such as an IRA or 401(k), and must be done to avoid potential penalties or fees. It’s important to remember that you must take your required minimum distributions each year after the age of 73 (effective with the new Secure Act 2.0), and this amount is based on your age and the balance of your retirement accounts.

April 18

1. April 18^th is tax day—your 2022 federal income tax return is due. Check your state tax deadlines as they are not always aligned with the federal date.
2. You need to file your extension if you cannot meet the deadline.
   1. Keep in mind that you still need to pay any owed taxes, whether estimated or actual, by this date to avoid penalties, regardless if you are filing an extension on your return.
3. April 18^th is also the last chance to contribute to an IRA.
4. Lastly, your first quarter estimated tax payment is due.

May 15* 

Mid-year is a great time to review your investment portfolio and stress-test for hidden risks. Doing this annually helps ensure that your portfolio aligns with your long-term goals.

June 15

Quarterly estimated taxes for the second quarter are due.

August 1* 

Is your estate plan up to date? Are your beneficiaries up to date for all your assets (e.g., IRAs, bank accounts, insurance policies)?

September 15  

Your third quarter estimated tax payment is due. If applicable, you could catch up by withholding taxes from your RMD(s).

September 30 

By this date, you will have received Medicare’s annual notice of changes for 2024 for either Medicare Advantage or Part D.

October 15

Medicare open enrollment begins, with coverage starting in 2024.

October 16  

October 16^th is the last day for individuals who have previously filed an extension to submit their taxes.

November 1 

November 1^st of this year marks the beginning of the period when early retirees can purchase health insurance on the Affordable Care Act (ACA) exchange, with coverage beginning in 2024.

December 1 

You can begin the QCD (qualified charitable distribution) process so that the charity can receive the money in time for the deadline; those ages 70½+ can donate up to $100,000.

December 3 

Review your year-to-date investment gains and losses, and complete year-end tax planning (deduction bunching, gifting, harvesting losses, etc.).

December 7

Medicare open enrollment ends.

December 15

1. ACA open enrollment ends for coverage effective January 1, 2024.
   1. Enrollment continues through January 15, 2024, with later enrollments electing coverage effective February 1, 2024.
2. Roth IRA conversions need to be finished by this date to ensure completion before year-end.

December 31

Happy New Year’s Eve! Is there any last-minute gifting you want to do? Did you take your RMD yet? Have you started to think about your financial and retirement goals for 2024?

 

Make sure you mark these important dates on your calendar to manage your taxes, healthcare, and investments, and ensure your estate plan is current.

*Dates with an asterisk for efficient planning.

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References

Maurer, Scott. (January 19,2023). Important Tax Payment Deadlines and a Retirement Planning Tip for 2023. Advanta|IRA. https://www.advantaira.com/blog/important-tax-payment-deadlines-and-a-retirement-planning-tip-for-2023/