Your Financial Planner-December Your Financial ChecklistDecember 15:This is the last day to enroll or change plans for 2021 federal health coverage.December 31:Required minimum distributions (RMDs) in 2020 are delayed thanks to legislation under the CARES Act, basically meaning you can choose not to take yours this year. Typically, if you turned 70½ in 2019, you'd have until April 1 to take your RMD for 2019 and would need to take another for the year 2020 by December 31, 2020. Here's why that's important: Withdrawing less than your RMD, or missing the deadline, can lead to a tax penalty of up to 50% of the amount you were supposed to withdraw. Just turning 70½ this year? You won't need to take an RMD until the year you turn 72. Be Mindful of Age Milestones.Over 50: You are now eligible to take a “catch-up contribution” to your IRAs and some qualified plans (401K, etc.).Over 55: You are now eligible to take certain types of distributions from your old 401Ks without penalty.Over 59.5: You are now eligible to take an IRA distribution without a 10% penalty.Over 62: You are now eligible for Social Security.Over 65: You are now eligible for Medicare. If you sign up late, you could face a 10% penalty.Over 72: Required minimum distributions (RMDs) on your IRA accounts are waived in 2020 due to the CARES Act. Although, you may still want to take an RMD to lower your IRA balance, which will lower RMDs going forward. In future years, there’s a massive 50% penalty if you fail to take the RMD.Max out contributions. If possible, ensure that you max out contributions to 401Ks, IRAs (not due until April 15th), SEPs (due April 15th or extension deadline), Simple IRAs (April 15th deadline) or other qualified accounts.This is also the last day (December 31st) to make any charitable contributions to impact your 2020 taxes.Contact your Intelligent Investment Management Financial Advisor with any questions you may have at: (970) 403-1234. DECEMBER HAPPENINGS FESTIVAL of TREES in DURANGOThis years' Festival of Trees is scheduled for:December 4-6, 2020, from 12 – 5 pm with a virtual event paralleling the in-person event. This festival benefits Community Connections, a local non-profit organization that provides opportunities and essential services for children and adults with intellectual and developmental disabilities in our Southwest Colorado communities. Because of the level spread of COVID-19 in our communities, Community Connections is planning a Festival of Trees you can enjoy from the safety of your own home. Our local businesses and families are busily transforming the Durango & Silverton Narrow Gauge Railroad Grange Hall into a winter wonderland for your virtual viewing pleasure at Festival of Trees infoIntelligent Investment Management, LLP is sponsoring a tree that will be auctioned off with proceeds benefitting Community Connections. We are happy to be a part of this holiday festival and hope you enjoy the season! Because Durango is such a DOG loving town, we went with a Dog-themed Christmas Tree.This tree features doggie ornaments, scarves, squeaky toys, treats and just about everything needed to make your family's "best friend" feel special.Bidding for this tree will take place online and proceeds will benefit Community Connections. CELEBRATE THE HOLIDAYS!Whether you observe Christmas, Hanukkah, Kwanzaa, or the Winter Solstice...all of us at Intelligent Investment Management, LLP wish you and yoursa Healthy and Safe Holiday season!