7 Smart Moves Before Year-End

As the leaves change and the year winds down, fall is the perfect time to give your finances a seasonal checkup. With just a few months left before the new year, now is the time to review your accounts, prepare for tax season, and make sure your money is working as efficiently as possible.

Here are seven steps to consider:

1. Review Retirement Contributions

Look at your 401k, 403b, or IRA contributions. Are you on track to max out your contributions this year, or at least take full advantage of your employer match? Increasing your contributions before December 31 can provide a boost to both your retirement savings and your potential tax advantages.

2. Plan for Year End Taxes

Review your withholding and estimated payments. If you have had changes in income, bonuses, or investment gains, it may make sense to adjust before year end. Some people also explore Roth conversions in the fall since you know more about your taxable income by this time of year you can better determine how much to convert.

3. Check Your Investment Allocation

Markets move throughout the year and your portfolio may need rebalancing. A quick check can make sure your investments still align with your risk tolerance and long term goals.

4. Consider Charitable Giving

If charitable giving is part of your plan, fall is a good time to review strategies. For some households, donating appreciated securities or making qualified charitable distributions from IRAs can provide tax benefits while supporting causes you care about.

5. Take Required Minimum Distributions

If you are age 73 or older or inherited an IRA subject to RMDs, be sure you have scheduled your distribution before year end. Missing an RMD deadline can result in costly penalties.

6. Review Insurance and Benefits

Open enrollment season is right around the corner for many employers. Compare health insurance options, review life and disability coverage, and make sure beneficiaries are up to date.

7. Organize for the New Year

Use fall to tidy up your financial life. Update your budget, confirm account logins, and review estate planning documents. Small organizational steps now can save stress in January and beyond.

Final Thought: Just like scheduling your annual checkup with the doctor, a financial review helps ensure your financial health stays on track. Following our 7 Smart Moves Before Year End can make a big difference in reaching your long term goals.

If you would like help reviewing your accounts or planning year end strategies, schedule a fall review with us today.